March signifies the start of Spring, and the central Ohio housing market saw a significant uptick month over month. There were 2,304 closings in March as the average sale price increased to $328,769. In February, there were 1,728 closed sales marking a 33 percent increase month to month.

Columbus moved up one spot on the Realtor.com Top 20 Hottest Housing Market list, jumping from fifth place in February to fourth in March. The Hottest Housing Markets are based on market demand, as measured by unique views per property on Realtor.com, and the pace of the market, as measured by the number of days a listing remains active on Realtor.com.

In March of 2022, there were 2,430 closed sales, which equates to a 5.2 percent decrease yearly. The average sale price one year ago sat at $318,826. With the average increasing by over $10,000, the average sale price is up 3.1 percent over last year.

Home prices are continuing to increase in Columbus. This may mean new buyers may face challenges. However, it’s important to keep in mind that Columbus is one of the most affordable metros in the United States. 

According to the Bankrate.com Cost of Living Comparison Calculator, living in Columbus is 40 percent lower than in Seattle, 19 percent lower than in Denver, 41 percent lower than in Washington, D.C., and 3 percent lower than nearby Indianapolis.

For the better part of two years (2020-22), central Ohio homebuyers became accustomed to homes selling for slightly over the asking price. Last year the percentage of the last list price received sat at 103.5%, and this month the average is back over asking at 100.3%.

Home sales are rising, and days on the market are dropping. 72.6 percent of homes sold in 30 days or less in March. On average, homes last 34 days on the market, but that isn’t the case in some of central Ohio’s hottest suburbs.

There were 82 closed sales in Westerville City School District in March, and homes were on the market an average of 16 days. Dublin (Corp.) saw 33 closings, and homes were sold in 10 days last month.

There is a lot of competition on the market. Mortgage rates are around 7%, and there are not as many listings coming onto market as the same time last year, so buyers should act fast. 

There were 2,630 new listings in March, a 20 percent drop over 2022 when rates were 3-4 percent lower.  The decreasing number of new listings has the total inventory at 2,322 homes in central Ohio.

For the second-straight month, South-Western Consolidated School District in Grove City has remained hot with 151 closed sales at an average sales price of $310,138, up 13.4 percent year over year. Olentangy Local School District in Delaware County has kept up its torrid pace with 111 closings with an average sale price of $584,123, a 10.1 percent increase over March 2022.

We’re about to head into the busy season for buying and selling homes in Columbus. As professional Columbus, Ohio real estate agents, we’re here to help potential buyers and sellers more easily navigate this challenging market. You are always welcome to contact us for a free consultation or any real estate question you might have. 

Like last month, Ohio boasts five metros in the Realtor.com Top 20. Columbus (4^th) leads the way, followed by Dayton (11^th), Akron (15^th), Canton-Massillon (16^th), and Toledo (17^th).

There were 2,322 homes for sale in March 2023