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.