Columbus, OH Real Estate Market Update for February 2024

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 a Quick Overview of the Market

Welcome to our Columbus real estate market update for February of 2024. 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

The first month of 2024 saw gains across the board compared to January 2023, marking positive signs for what could follow in the new year.

There were 1,558 closed sales in the Columbus & Central Ohio Regional MLS in January, a 2.8 percent increase over the previous year. Eighty-six percent of the sales in January were single-family homes, and the remaining 14 percent (208) were condominiums.

Inventory gains were another bright spot. There were 2,066 new listings entered into the MLS, a 10.3 percent increase over the previous year. There are currently 2,890 homes for sale in the region, a 17 percent increase over the 2,471 homes listed in January 2023.

We’re seeing great signs of an increasing supply of homes on the market for sale here in Columbus. 

The average home takes just over a month to sell. Though, we still regularly see homes sell un less than a way, especially in high demand areas. With interest rates stabilizing and more homes available for sale, now may be a good time to start looking for your next home. The market won’t be stable like this forever.

Just like sales and new listings, prices are also on the rise. The median sales price in January was $286,098, an 8.9 percent year-over-year increase. Five years ago, the median sales price sat at $181,500.

The average 30-year fixed rate mortgage, according to Freddie Mac on Jan. 25, was 6.69 percent. Fifty-five percent of closed sales this month were conventional loans. Cash sales accounted for 21 percent of purchases and 17 percent of all sales were VA or FHA loans.

Columbus City Schools and Columbus (Corp.) accounted for 950 of the 1,558 closed sales this month. There are an additional 1,279 homes in these two districts currently in contract.

In South-Western City School District (Grove City) there were 86 closed sales at a median sales price of $269,150. In Union County, Marysville saw its median sales price creep up 15 percent year over year to $402,450.

Central Ohio Homes for Sale & Listings

🏘 There were 2,890 homes for sale in January 2024 🏘

This is up 17% from 2,471 homes for sale during the same time last year.

columbus ohio inventory of homes for sale february 2024

The Average Price per Square Foot in Columbus

💲 The Average Price / Square Foot in January 2024 was $188.94 💲

💲 This price is 6.7% more expensive compared to the $177.07 Price / Square foot the same time last year  💲

Columbus, Ohio: Days on Market

🏡  The average real estate listing stayed on the market  for 35 days in January 2024  🏡

This is 9.4% longer than the 32 day period of the same time last year

💲 Columbus Ohio Home Prices 💲

💲 The average sale price for these listings was  $331,001 (up 9.4% from last year) 

💲  The median sale price for these listings was  $286,098 (up 8.9% from last year)

See the graph below to see how the median sale price has changed, year over year, since 2013 in Columbus 👇

columbus ohio february 2024 median sales price

Closed Home Sales vs Homes in Contract in Columbus

columbus ohio closed sales and in contracts february 2024

New Listings & Single Family Sales in Columbus

columbus ohio february 2024 new listings and single family sales

Percentage of Original List Price Received

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

columbus ohio february 2024 percent of original list price received

Condo Sales in Central Ohio

columbus ohio february 2024 condo sales

The Columbus, OH February 2024 Housing Report: At a Glance

columbus ohio february 2024 real estate market at a glance

Home sales are up 2.8% this year in Columbus compared to the same period last year. The Columbus, Ohio real estate market continues to be one of the hottest and most popular. If you’re planning to buy or sell a home in Columbus, check out some of our free guides 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.

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

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