Columbus, OH Real Estate Market Update for December 2023

How did the  real estate market perform here in Columbus? We did the research! Find out below. 👇

If you have any questions, you can contact us via the contact form below | Call us at 614-596-2934 | email us at [email protected] | or contact us via FB Messenger

Watch Below for the Summary Video:

Welcome to our Columbus real estate market update for July of 2023. Each month, we analyze the sales data on how the real estate market here performed during the last month. Then, we put the data into a readable and easily understandable format for both our clients and the general public.

If you have any questions about the data in this month’s report, please don’t hesitate to reach out to us. We are always happy to help. You can find our contact information at the bottom of this page

Table of Contents

As the central Ohio housing market embarks on a new year, we look back at the final month of 2023. In December, there were 1,917 closed sales in the Columbus & Central Ohio Regional MLS, a 5.7 percent decrease over December 2022. The median sale price grew to $295,000, a 7.3 percent increase year-over-year.

In the peak of summer sales, homes in the region were spending about 17-18 days on the market. In December, that number rose to 30 days, the highest number since March.

The total inventory of homes for sale surpassed 3,000, marking a 9.7% rise over last December. Supply sits at 1.4 months, which is a 27.3 percent increase year-over-year. New listings in December were typical for a month that is traditionally sluggish in this category.  There were 1,434 new listings entered into the MLS in December 2023, which was just a 1.6 percent decrease year-over-year.

Homes sold for 1.1 percent under the asking price, setting the state up for potential negotiation at the offer table.

“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,” said 2023 Columbus REALTORS® President Patti Brown-Wright. “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.”

The National Association of REALTORS predicts 4.71 million existing home sales in 2024, a 13.5 percent increase over the 4.1 million sales in 2023.

Industry leaders seem to agree. Zillow named Columbus, Ohio, the No. 3 hottest housing market for 2024. In fact, three Ohio metros landed in the top 10 as Cincinnati (No. 2) and Cleveland (No. 8) joined the Capital City. Buffalo, N.Y., was ranked No. 1.

At the local level, there were 25 closed sales in Pickerington at a median sale price of $449,900, which was a 45% increase over last December. Total sales were up 9.5% year-over-year in Marion. There were 12 closings in Obetz as the median sale price jumped 33.8% to $356,425. For the year, Obetz topped the region with a 27.2 percent increase in new listings year-over-year. The village also saw a 118 percent increase in the inventory of homes for sale, ranking it fourth in the region.

When comparing 2023 against 2022, the number of homes available for sale was up 9.7 percent; however, due to factors such as higher mortgage rates and rising prices, new listings decreased by 11.9 percent to finish the year at 32,022.

The median sold price for the year was $302,000, a 4.1 percent increase over 2022 and the percent of sold price to last list price was 100.4 percent, a slight 1.5 percent decrease year over year. Single-family home prices were up 4.6 percent compared to last year, and Condo home prices were up 6.7 percent. Of the 27,592 sales this year, 3,814 (13.8%) were condominiums.

Columbus REALTORS® is composed of almost 10,000 real estate professionals engaged in residential and commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development, and more.

Central Ohio Homes for Sale & Listings

🏘 There were 3,156 homes for sale in December 2023 🏘

This is up 9.7% from 2,878 homes for sale during the same time last year.

columbus-ohio-december-2023-inventory-homes-for-sale

The Average Price per Square Foot in Columbus

💲 The Average Price / Square Foot in June 2023 was $201.01  💲

💲 This price is 3.2% more expensive compared to the $194.77 Price / Square foot the same time last year  💲

Columbus, Ohio: Days on Market

🏡  The average real estate listing stayed on the market  for just 20 days in June 2023 🏡

This is 66.7% longer than the 12 day period of the same time last year

💲 Columbus Ohio Home Prices 💲

💲 The average sale price for these listings was  $370,552 (up 4.6% from last year) 

💲  The median sale price for these listings was  $322,205 (up 2.3% from last year)

See the graph below to see how the median sale price has changed, year over year, since 2013 in Columbus 👇

Closed Home Sales vs Homes in Contract in Columbus

New Listings & Single Family Sales in Columbus

Percentage of Original List Price Received

This graph represents what percentage of homes sell for their original list prie

Condo Sales in Central Ohio

The Columbus, OH December 2023 Housing Report: At a Glance

Closed home sales are down 5.7% this year in Columbus compared to the same period last year. 

Further, the average sale price, median sale price, and the percentage of people receiving their expected price for their homes during a sale have all increased since last year. By all measures, the Columbus real estate market in September of 2021 has continued its “hot streak.” It will be worth paying significant attention to see the long term effects such a (relatively) long hot streak might have.

How to Sell a Home in Columbus

Click the link below to get our buyer’s guide on how to sell your home for top dollar in Columbus, Ohio.

How to Buy a Home in Columbus

Click the link below to get our buyer’s guide on how to buy your home in Columbus by getting mortgage ready

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Van Steyn Partners does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Van Steyn Partners will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

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Address: 450 W Wilson Bridge Rd, Worthington, OH 43085

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