Columbus, OH Real Estate Market Update for November 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 November 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

There were 2,360 closed sales in the central Ohio Regional MLS in October, resulting in a 7.7% decline year over year. The median sales price in the region sits at $305,000, which is 7% higher than October 2022, when homes were selling for a median price of $284,945.

Homes in central Ohio are selling briskly, lasting an average of just 22 days, similar to last year when homes were on the market for an average of 21 days.

With 2023 almost over, we have a good amount of data to compare this year’s Columbus, Ohio real estate market to 2022’s. The market is about 15% off the pace set in 2022, and the median sales price for homes in the city has increased by 5%.

The primary factors at play here are mortgage rates and rising prices, both of which affect each other in their own economic cycle. Rates are around two points lower than this period last year. Inventory has increased, but the median sales price still increased by 7% despite the increase in supply. 

Year to date, there have been 23,568 sales in the central Ohio regional MLS for a total sales volume of $8.2 billion. At this time last year, 27,605 sales were recorded in the MLS for a volume of $9.1 billion.

In the local market spotlight, 63 sales in the Worthington City School District resulted in a 57.5% increase year over year. The median sale price in Worthington was $367,000 in October. Hilliard City School District saw a 19 percent increase year over year thanks to 125 sales this month. Their median sale price rose 15.6 percent to $382,000.

The National Association of Realtors (NAR) released its annual Home Buyers and Sellers Profile this month. Below are some bullet points of the comprehensive study compiled by and issued by the Association annually since 1981. It is important to note that the numbers provided encompass the national housing picture, and those numbers do not always correspond to what is happening in central Ohio.

  • First-time buyers made up 32%, up from last year’s 26%. While an increase, it is well under the 38 percent average seen since 1981.
  • The typical first-time buyer was 35 years old this year, declining slightly from the high of 36 last year.
  • 13% of buyers purchased a new home, and 87 percent of buyers purchased a previously-owned home.
  • Buyers typically searched for 10 weeks and looked at a median of seven homes, and viewed four homes only online. The number of weeks searching is unchanged from the 2022 report.
  • 90% of recent buyers found their real estate agent to be a very or somewhat useful information source.
  • 87% said they would definitely (73%) or probably (14%) recommend their agent for future services.
  • Only 7% of home sales were For Sale By Owner (FSBO) this year. This is an all-time low and matches the share seen in the 2021 report.
  • FSBOs typically sell for less than the selling price of other homes…FSBO homes sold at a median of $310,000 last year, significantly lower than the median of agent-assisted homes at $405,000.

Central Ohio Homes for Sale & Listings

🏘 There were 2,887 homes for sale in June 2023 🏘

This is down 8.4% from 3,150 homes for sale during the same time last year.

columbus ohio inventory homes for sale june 2023

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

new listings vs single family sales columbus ohio june 2023

Percentage of Original List Price Received

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

percent or original list price received columbus ohio june 2023

Condo Sales in Central Ohio

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

The Columbus, OH June 2023 Housing Report At a Glance

Home sales are up 5.8% 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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