Colonial Hills Real Estate- Worthington Ohio

Colonial Hills is an area bordering the southern edge of the City of Worthington that was annexed by Worthington in 1954 and Worthington soon after built the Colonial Hills elementary school. The community consists of over 800 single family homes. The homes were pre-fabricated (some of the first to be built using ‘sheetrock’ instead of plaster – to speed up construction) and shipped into the area by railroad and trucked to the site of the community. These homes were ordered by the Defense Homes Corporation to house wartime executives in the area. Some were sold to returning veterans after the war and many were rented well in the 1950’s.

 

 

 

 

The average sales price of sold homes in Colonial Hills over the last year (September 2010) was $180,000 with prices ranging from $125,000 to $325,000. The average list price of the 17 homes for sale in Colonial Hills currently is $172,000. Colonial Hills has felt the pinch of the drop in home prices over the last few years with a high of an average sales price in 2006 at $184,225 and a low over the last 5 years of 174,353 in 2008. Most likely due to the tax credit in 2009 Colonial Hills saw a spike in average sales price up to $187,434 (actually even higher than 2006). So far this year (2010) the average sales price has dropped significantly to $172,325 and this is mostly likely due to an increase in short sales and foreclosures that the area has seen. These sales have pushed the prices down on homes that are still in very good condition. Distressed sales along with a slowdown in the market since the expiration of the first time homebuyer tax credit has really hurt the average sales price in Colonial Hills in 2010.

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