How did the Columbus Ohio Real Estate Market Perform in March, 2021?

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 April of 2021. 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

After two consecutive months of new listing declines, homes added to the market in March jumped 51.1 percent from the previous month. The 3,094 homes listed last month showed a marked improvement from the 2,047 new listings in February and 2,187 in January.

Buyers moved quickly on the added inventory putting 3,289 homes in contract, up 36.2 percent from February and 8.2 percent from last year.

This left the number of homes available for sale at the end of March at 1,639, down 51.9 percent from March of 2020, according to the Columbus REALTORS® Multiple Listing Service

As a result, months supply remains at 0.6 which means that, if no more homes were listed for sale, it would take just a couple weeks to sell the available inventory at the current sales pace.

Columbus, Ohio home inventory levels are still at record lows becasuse of significant increased in demand for homes. This demand has increased markedly over the past ten years. Meeting that demand, therefore, will take time. 

With each Columbus, Ohio seller creating a new opportunity, we are hopeful more homeowners will enter the market as things open up this spring and summer.

Despite the drop in pending contracts reported in February, home sales increased almost 30 percent last month putting the first quarter of 2021 about three percent ahead of last year.

The average home sale price rose to $272,723 during first quarter 2021, an increase of 13.1 percent from one year ago. At $233,500, the median sale price reflected a gain of 11.2 percent.

The benchmark for affordable housing was raised from $180,000 to $215,000 to more accurately reflect how much home the ‘typical’ central Ohio family can purchase today if they make 80 percent of the area median income.

The benchmark is calculated using the typical family size (2.47), area median income ($60,650), an FHA loan at 3.25 interest and qualifying front ration of 31 percent.

Although homes have been selling in about 25 days this year, the time it takes a home to sell is based on several factors such as location, condition, and price. 

Homes under $350,000 sold in an average of 20 days. Homes sold between $350,000 and $500,000 took about 33 days to sell. Homes sold between $500,000 and $700,000 sold in an average of 52 days and homes over $700,000 took an average of 64 days to sell.

Central Ohio Homes for Sale & Listings

🏘 There were 3,405 homes for sale in March 2021 🏘

The Average Price per Square Foot in Columbus

💲 The Average Price per square foot in Marc 2021 was $158.46  💲

💲 This is a  14.5% increase from the same time last year. 💲

Columbus, Ohio: Days on Market

🏡  The average real estate listing stayed on the market for just 24 days in March 2021 🏡

💲 Columbus Ohio Home Prices 💲

💲 The average sale price for these listings was  $284,817 (up 11.5% from last year) 

💲  The median sale price for these listings was  $245,700 (up 11.7% 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

Percentage of Original List Price Received

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

Condo Sales in Central Ohio

The Columbus, OH March 2021 Housing Report: At a Glance

Homes sales are up 2.6% 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 significant since last year. By all measures, the Columbus real estate market in March has remained red hot.

How to Sell Your Home Safely in Columbus

If you are planning to sell your home in Columbus, Ohio this year, we recommend watching this short video here, which has some quick tips for selling your home safely in 2021.

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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