Columbus Real Estate: Two-Month Supply Milestone

September 2024 marked a significant shift in the Columbus real estate landscape, with closed sales rising 2.6% and inventory reaching a noteworthy milestone. The Columbus & Central Ohio Regional MLS reported 2,508 closed sales, with inventory climbing to 4,804 homes – representing a two-month supply for the first time since August 2018. This inventory surge reflects a 32.6% increase from the previous year and a 4.7% rise from August.

Market Dynamics: More Choices for Buyers

The market has evolved significantly over the past two years, with a noticeable shift in homeowner behavior. As mortgage rates moderated and inventory expanded, the market has found a more balanced footing. The stabilization is evident in the numbers, with sellers receiving slightly below asking price – a 0.7% average discount at closing. Properties are now spending an average of 25 days on the market.

The Numbers Game: Price Growth Continues September’s median sale price reached $324,000, showing steady growth with a 4% year-over-year increase and a modest 0.5% uptick from August. The market continues to show strength in 2024, with year-to-date sales reaching 21,844 – a 3.1% improvement over 2023. The year’s median sales price stands at $320,000, reflecting sustained market stability.

Suburb Spotlight: Lancaster Leads, Gahanna Shines

Lancaster emerged as a standout performer with 75 sales, marking a remarkable 47.1% increase from the previous year and achieving a median sales price of $277,400 – up 26.1% year-over-year. Gahanna continued to justify its “Hottest Zip Code in America” reputation with 48 closed sales and a median sales price of $365,000. The Teays Valley Local School District, encompassing South Bloomfield, Ashville, and Amanda communities, demonstrated impressive growth with 39 sales – a 95% year-over-year increase – and a median sales price of $368,150.