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Columbus Ohio Real Estate Market BUBBLE 2024 | Moving to Columbus Ohio
- By Marc Van Steyn
- February 27, 2024
Table of Contents
What to Know About the Columbus, Ohio Real Estate Market This Year
Video summary by Gemini Advanced AI
Are you thinking about buying a home in Columbus, Ohio? Before you start browsing listings, here’s a breakdown of where the Columbus real estate market stands and what you need to know for 2024.
2023: A Year of Change for the Columbus, Ohio Real Estate Market
- Red Hot Start, Cooler Finish: The market was blazing strong in early 2023, with bidding wars and fast sales. Rising interest rates slowed things down, but due to limited inventory, prices continued to climb.
- Lack of Inventory: Homeowners with low-interest mortgages were reluctant to sell, and new construction couldn’t keep up with demand. This created a bottleneck in available homes for sale.
2023 Highlights: Where Did Prices Surge Most in Columbus?
While Columbus overall saw increased prices, some suburbs (and their school districts) had particularly strong appreciation:
- Upper Arlington: Prices up 5.7% ($660,000 average)
- Olentangy: Prices up 10% ($587,000 average)
- New Albany: Prices up 13% ($930,000 average – over $1 million in New Albany proper!)
Still Some Affordable Options for Real Estate in Columbus
Not every suburb has broken the $400K barrier. Check out these areas:
- Hilliard
- Worthington
- Marysville
- Delaware City
So, What’s the Prediction for Columbus, Ohio Real Estate 2024?
- No Crash Expected: With strong demand and limited inventory, a major price collapse seems unlikely.
- Intel’s Impact: The new Intel development will bring even more buyers to the market, potentially tightening inventory further.
- Interest Rates: Rates are likely to come down slightly, but a return to super-low rates is unlikely.
- Key Takeaway: If you’re planning to buy, do it sooner rather than later – especially before Intel’s hiring surge fully hits. You may be able to refinance later if rates improve.
Need Help Navigating the Columbus Market?
I’m a Columbus real estate expert with over 20 years of experience. If you’re relocating or buying locally, I can guide you through this unique market. Reach out to me at 614-596-2934 or [email protected], and I will be happy to assist you with any of your real estate needs.
Marc Van Steyn
Marc Van Steyn is a graduate of The Ohio State University and represents the third generation in his family’s real estate business. Their family co-owned company, RE/MAX Premier Choice, has been the #1 ranked RE/MAX Brokerage (based on sales volume) in Central Ohio for 18 of the last 20 years. His business philosophy is centered on what he learned from his mother and grandfather “who put the needs of their clients first and built business on trust, dedication and uncompromised service."
