![]() Land, multi-unit, and other property types are excluded. The following housing market trends are based on single-family, condo, and townhome properties listed for sale in Columbus on. Is Columbus Ohio a Seller's Real Estate Market? Out of the 27,592 sales in the year, 13.8 percent comprised condominiums. While the percentage of sold price to the last list price experienced a slight 1.5 percent decrease year over year, single-family home prices rose by 4.6 percent, and condo prices saw a notable increase of 6.7 percent. The median sold price for the year reached $302,000, reflecting a 4.1 percent increase over 2022. However, factors such as higher mortgage rates and rising prices contributed to an 11.9 percent decrease in new listings, culminating in a year-end total of 32,022. Yearly Comparison and Market TrendsĬomparing 2023 against 2022, the housing market saw a 9.7 percent increase in the number of homes available for sale. Obetz also emerged as a standout performer with a 27.2 percent increase in new listings year-over-year and a remarkable 118 percent increase in the inventory of homes for sale, securing the fourth position in the region. Obetz witnessed 12 closings with a notable 33.8% increase in the median sale price, reaching $356,425. Marion experienced a 9.5% year-over-year increase in total sales. For instance, Pickerington saw 25 closed sales at a median price of $449,900, marking a substantial 45% increase over the previous December. Buffalo, N.Y., secured the top spot on Zillow's list.Īt the local level, specific areas within Central Ohio demonstrated distinct performances. This recognition is reinforced by the inclusion of two other Ohio metros, Cincinnati (No. 3 hottest housing market for 2024 according to Zillow. We’re a long way from being a buyers' market, but if you’re shopping, I would recommend getting in the game quickly because we’re expecting a very busy spring.”Ĭolumbus, Ohio, earned the accolade of being the No. Brown-Wright notes, “The Columbus housing market is as competitive as ever, but if you’re in the market for a home, buying now is a great idea. ![]() Market Insightsĭespite the competitive nature of the Columbus housing market, Patti Brown-Wright, the 2023 Columbus REALTORS® President, encourages prospective buyers to act promptly. Homes were observed to sell for 1.1 percent under the asking price, potentially setting the stage for negotiations at the offer table. New listings in December were in line with the traditional sluggishness of this period, with 1,434 new listings entered into the MLS, only a 1.6 percent decrease from the previous year. Notably, the supply stood at 1.4 months, reflecting a significant 27.3 percent increase year-over-year. The total inventory of homes for sale surpassed 3,000, indicating a 9.7% rise over the previous December. However, in December, this figure rose to 30 days, marking the highest since March. During the peak of summer sales, homes were spending approximately 17-18 days on the market. The market dynamics underwent a notable change in December. Despite a slight dip in closed sales, the median sale price experienced a robust 7.3 percent year-over-year increase, reaching $295,000. In December, the Columbus & Central Ohio Regional MLS recorded 1,917 closed sales, reflecting a 5.7 percent decrease compared to December 2022, according to Columbus REALTORS®. As of the latest data, home prices in Columbus have experienced an increase over the past year, indicating a trend of appreciation rather than a decline. Given the swift pace of home sales, competitive pricing, and a notable percentage of sales over list price, the Columbus housing market leans towards being a seller's market. Financial Crisis 2008 Explained: Causes and Effects.Housing Bubble Meaning: Causes, Signs, and Impact.Why Housing Prices Are So High in Today’s Market?.FSOC Addresses Vulnerabilities in CRE and Residential Real Estate.Will the Commercial Real Estate Market Crash in 2024?.10 Affordable Places to Live in Colorado in 2024.Baton Rouge Housing Market Trends and Forecast for 2024.Myrtle Beach Housing Market Trends and Forecast 2024.Historical Home Sales Data in the United States.Can You Start Your Own Real Estate Company?.How Much Do Real Estate Agents Make Per Sale?.How Much Do Real Estate Agents Make in California?.Homes Under 50k in California: Where to Find Them?.Fort Myers Housing Market Trends and Forecast for 2024.10 Reasons Why Texas is the Future of America.Utah, Idaho Among Top 10 States With Most ‘severe’ Housing Underproduction.What is the Property Tax Deduction Limit in 2024?.Passive Income Tax Rate: How Much Tax Do You Need to Pay.Homebuyers Are Leaving San Francisco, New York, and Los Angeles.
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