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.