Columbus, OH Real Estate Market Update for August 2023

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 August of 2023. 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 three consecutive months of record-breaking median sales prices, the region saw a 2.2 percent decrease from June to July. Combine that with an 8.7% increase over last month’s inventory, and potential buyers have a little more selection to go along with some potential relief at the signing table, according to July 2023 housing statistics provided by Columbus REALTORS®.

In June, the median sales price topped out at a record-setting $322,205, and in July, it scaled back slightly to $315,000, still a 4.8% increase year-over-year.

Central Ohio’s inventory challenges have been well documented, but July’s nearly 9 percent bump in total homes for sale is a welcome change.

The central Ohio real estate market is drawing significant attention. With the rise in industrial and manufacturing opportunities announced regularly, now is a great time to find a forever home in Columbus.

Last month, inventory sat at 2,887 homes; this month, that number jumped to 3,137, still about 12% off of where the inventory sat during July of 2022.

A year ago, the market was breaking records with more inventory, largely due to mortgage rates being below 5%. However, last month saw rates nearing 7%, potentially affecting individuals’ inclination to relocate.

There were 2,505 closed sales in July, marking a 21.7 percent decrease year-over-year, further proving Brown-Wright’s theory.

Homes last just over two weeks on the market. In July, the average home took 17 days to sell. In June, it took 20 days for a home to sell. Total inventory sits at 1.3 months’ supply, an 8.3 percent increase over last July. A balanced market, where there is an equal number of buyers and sellers, has five to seven months of supply.

Central Ohio continues to favor sellers. It has stood as one of the nation’s most active housing markets for years, presenting challenges for potential buyers. Relying on a REALTOR®’s knowledge of this specific market can lead to significant savings during negotiations.Grove City posted an 11.3% increase in closings in the local market spotlight, with 69 at a median sales price of $339,900. Reynoldsburg posted a 6.9% jump in closed sales with 62, resulting in a median sale price of $305,000.

New Albany (Corp.) boasted a median sale price of over $1 million for the second-straight month. After 25 closed sales in July, the median sales price was $1,125,650.

Central Ohio Homes for Sale & Listings

🏘 There were 2,505 homes for sale in July 2023 🏘

This is down 21.7% from 3,198 homes for sale during the same time last year.

The Average Price per Square Foot in Columbus

💲 The Average Price / Square Foot in July 2023 was $197.80  💲

💲 This price is 4.2% more expensive compared to the $189.91 Price / Square foot the same time last year  💲

Columbus, Ohio: Days on Market

🏡  The average real estate listing stayed on the market for 17 days in July 2023 🏡

This is 30.8% longer than the 13 day period of the same time last year

💲 Columbus Ohio Home Prices 💲

💲 The average sale price for these listings was  $360,814 (up 4.2% from last year) 

💲  The median sale price for these listings was  $315,000 (up 4.8% 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 July Housing Report: At a Glance

Home sales are down 21.7% this year in Columbus compared to the same period last year. 

The average sale price and median sale price both increased. Though, the percentage of people receiving their expected price for their home decreased by 1.4%. This may signal a gradual transition from a strong sellers market to more opportunities for buyers.

If you have any questions about how to succeed in the Columbus real estate market by selling your home for top dollar or getting a great deal on the home of your dreams, simply contact us via the form below. You can also get a free buyer’s guide or seller’s guide via the two buttons below.

How to Sell a Home in Columbus

Click the link below to get our buyer’s guide on how to sell your home for top dollar in Columbus, Ohio.

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.

Any Questions?

Contact Us

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

We’ll be happy to be of service.


Address: 450 W Wilson Bridge Rd, Worthington, OH 43085

Get Your Free Guide

Simply complete the form below, and we'll send you your free guide ASAP. 👇

Send us a message, and we'll be happy to help in any way we can.

Any Questions?

Send us a message, and we'll be happy to help in any way we can.