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.