How did the Columbus Ohio Real Estate Market Perform in March, 2022?

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 mvansteyn@premier-choice.com | or contact us via FB Messenger

Watch Below for the Summary Video:

Welcome to our Columbus real estate market update for April of 2022. 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

Double digit home price increases combined with rising interest rates did not bode well for first quarter 2022 home sales in central Ohio.

During the last couple years, home buyers were quickly purchasing nine out of every ten homes listed. However, fewer buyers took advantage of the increased inventory last month.  

In 2021, 91.3 percent of the homes listed were sold. In 2020, 92.8 percent of listed homes sold. During the first quarter of 2022, that average dropped to 82.1 percent ending at 73.8 percent in March.

The decrease in sales occurred despite a 6.4 percent increase in new listings last month and a five percent bump in February.

We’ve seen significant price increases over the past few years, and we’re now seeing buyers that are more cautious and discerning when it comes to how much they’re willing to pay for a home.”

With job security and how long one planes to stay in a home are two key factors. Unless you’re planning on paying down your principle soon, it is often prudent “Job security and how long you plan to stay in a home are two key considerations. Unless you plan to pay down your principal sooner, keeping your eye on the horizon of seven to ten years is prudent in today’s market.”

The average price of a home sold in central Ohio this year ($303,306) marks a 11.2 percent gain compared to first quarter of 2021. At $260,000, the median sale price increased 11.3 percent year over year. The average sales price is the total volume divided by the number of homes sold. The median is the midpoint — half the homes sell for less, while half sell for more.

The share of homes selling in the more affordable price ranges has dropped while homes over $350,000 have seen healthy gains in market share.

Although it took an average of 21 days to sell a home during the first quarter of 2022, it may not feel that way to buyers due to multiple offers and homes that go in contract their first day on the market. 

Homes between $215,000 and $350,00 were selling very quickly – an average of 14 days. Homes priced under $215,000 sold in an average of 22 days, homes between $35,000 and $500,000 took 23 days and homes between $500,000 and $700,000 took 26 days while homes over $700,000 spent about a month and a half on the market.

“With higher home prices in central Ohio as well as across the nation, mortgage rate increases will be a challenge for many buyers,” added Van Woerkom.

“Although the inventory shortage won’t remedy itself this year, price appreciation is expected to taper off towards the end of the year and we anticipate an active homebuying season this spring.”

Central Ohio Homes for Sale & Listings

🏘 There were 1,816 homes for sale in March 2022 🏘

columbus ohio real estate market inventory of homes for sale april 2022

The Average Price per Square Foot in Columbus

💲 The Average Price per square foot in March 2022 was $181.04  💲

💲 This price is $22.58 per square feet more expensive compared to the same time last year  💲

Columbus, Ohio: Days on Market

🏡  The average real estate listing stayed on the market  for just 18 days in March 2022 🏡

💲 Columbus Ohio Home Prices 💲

💲 The average sale price for these listings was  $318,826 (up 11.9% from last year) 

💲  The median sale price for these listings was  $279,000 (up 13.6% 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

columbus ohio closed home sales and in contacts marc 2022

New Listings & Single Family Sales in Columbus

columbus ohio new listings and single family sales in mar 2022

Percentage of Original List Price Received

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

Condo Sales in Central Ohio

condos for sale in columbus ohio in mar 2022

The Columbus, OH March 2022 Housing Report: At a Glance

Median home prices are up 13.6% this year in Columbus compared to the same period last year. 

Further, the average 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 March of 2022 continued its strong performance. The number of closed sales did decrease by a small percentage, however. We will be playing close attention to see whether closed sales will continue to grow, and how it will affect our clients and fellow neighbors in Columbus. Check out our real estate blog in late May to keep updated with high quality information to help you further boost your chances of real estate success. If you have any additional questions, you are always welcome to reach out to us via phone (614-596-2934) or email( mvansteyn@premier-choice.com).

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.
columbus oh share listings sold in april 2022
columbus ohio real estate days on market april 2022

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