Central Ohio concluded a robust 2024 in residential real estate sales by recording 2,169 closings in December. This marks a 13.1% increase from the 1,917 closed sales in December 2023.

As projected in last month’s report, 2024 surpassed 2023 in nearly every statistical category. Closed sales increased by 4.2% for the year, with 28,754 sales recorded in the Columbus & Central Ohio Regional Multiple Listing Service (MLS), up from 27,592 sales in 2023.

The market in 2024 saw an increase in new listings, providing more options for consumers. A price increase of approximately 5% resulted in homes staying on the market about four days longer than the previous year.

The market appears to be returning to pre-pandemic norms reminiscent of 2019 and earlier.

The data supports this assertion. During the peak of the COVID-19 pandemic, closed sales in December—usually one of the slowest months for real estate—were 2,715 in 2020 and 2,897 in 2021. In the past three Decembers, sales have returned to more statistically typical levels (see chart).

The median sales price in central Ohio rose 8.5% year over year, reaching $320,000. Sellers receive 98.5% of the final listing price, indicating that buyers save an average of 1.5% at closing.

In November, there were 4,600 homes for sale in the MLS. That number fell to 3,889 in December, as only 1,600 new homes came online. However, that total still exceeded December 2023, when 1,434 new listings were added to the housing supply.

In the local spotlight, sales increased by 40% year over year in the South-Western City School District, with 139 closings. Grove City proper recorded 59 sales, representing a 60% increase year over year. In Union County, Marysville saw a 48% uptick with 46 closings.

The Central Ohio housing market showed healthy growth in 2024, with both sales and prices climbing steadily from 2023. The increased number of homes for sale and longer selling times point to a more balanced market that may create more opportunities for buyers.