Home Supply Is Increasing, but Home Prices are Also Still Increaseing

The Columbus housing market is changing in early 2025. Home prices are still going up, but not as fast as before. In January, the average home sold for $299,900. This is 4.8% higher than last year. By February, prices rose a bit more to $305,000. This is good news for sellers. But fewer people are buying homes right now. Sales dropped by 3.3% in January compared to last year. This means buyers are being more careful about which homes they choose to buy.

More Homes For Sale in Central Ohio Than We’ve Seen in Years

The biggest change in Columbus real estate is how many homes are for sale now. At the end of February, there were 3,716 houses and condos on the market. That’s 32% more than last year! In fact, we haven’t seen this many homes for sale in February since 2017. This is great news for buyers who now have more choices. But with only 1.5 months of homes available, Columbus is still a seller’s market. A balanced market would have five to six months of homes for sale.

Columbus Homes Selling at All Price Points from Affordable to Luxury

Homes are selling at many different price points across Columbus. In February, 22% of homes sold between $300,000 and $399,999. But a large chunk – 19% – sold for under $200,000. This shows there are still options for buyers with smaller budgets. On the higher end, 16% of homes sold for over $500,000. Mortgage rates are holding steady at 6.65%. For the average $305,000 home with 20% down payment, this means a monthly payment of about $1,566 (not counting taxes and insurance).

Real Estate Agents Expect a Busy Spring Home Buying Season

We’re already feeling the hints of spring with warmer weather arriving in Central Ohio. Based on past patterns, we expect home sales to pick up as the seasons change. Looking at the data, we’re well positioned for a busy spring in the Columbus real estate market. Last year, sales jumped by nearly 16% from February to March. With about 1,000 more homes on the market this year, we might see even more sales this spring. Buyers should know that homes are taking longer to sell now – about 43 days on average.

Columbus Housing Market Finding Better Balance Between Buyers and Sellers

The Columbus real estate market is becoming more stable and fair for everyone. While sellers still have an edge with only 1.5 months of homes available, the big increase in inventory is good for buyers. Homes are taking longer to sell, and prices aren’t rising as quickly as before. This doesn’t mean the market is crashing – it’s just becoming more normal. For people who’ve been waiting to buy, there are more choices now. We believe buyers should enter the housing market with an open mind. There are opportunities at different price points, and working with a REALTOR® can help find options that fit your budget. The number of new listings dropped by 5% compared to last year. If more people decide to sell their homes in coming months, we might see an even better balance between buyers and sellers.