Columbus, OH Real Estate Market Update for July 2023
How did the real estate market perform here in Columbus? We did the research! Find out below. 👇
Watch Below for the Summary Video:
Welcome to our Columbus real estate market update for July 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
Inventory is up 8.1% when compared to last month, and the median sales price for homes in central Ohio set a new all-time high for the second consecutive month, according to June 2023 housing statistics provided by Columbus REALTORS®.
The total inventory of homes for sale in central Ohio was 2,887, down 8.3 percent year over year, but the 8.1% uptick over last month’s number is a positive sign for the market.
The median sales price has steadily increased since January when it entered the new year at $262,750. Since then, the median sales price has experienced a 22.6% increase from January 2023 to June 2023, topping out at $322,205 this month.
Homes averaged 20 days on the market for the second consecutive month, and the percentage of the last list price received sat at 102.1%, meaning, on average, buyers were paying 2.1% over the asking price in June.
The average rate for a 30-year fixed mortgage was around 5.7% on June 30, 2022, according to Freddie Mac. As of July 3, 2023, the average rate was 6.96%, the highest rate in eight months. The good news is that inflation is down to 3% in June, the lowest increase since March 2021, according to the U.S. Department of Labor’s Bureau of Labor Statistics.
What does that mean for potential home buyers and sellers in central Ohio?
In about the past six months, buyers have become more comfortable with 6-7% mortgage rates. However, the sellers with 3-4% mortgage rates have naturally been more hesitant to enter the market.
The market here in Central Ohio is hot. This can be confusing to buyers
The Central Ohio housing market stands out as one of the most active in the United States. This can be perplexing for potential buyers hearing about slowdowns or price declines elsewhere. But in Columbus, the situation is different. It’s crucial to collaborate with a REALTOR® knowledgeable about the specific area you’re interested in. Now is an excellent time to either buy or sell in Central Ohio, as we don’t anticipate a market cool-down soon.
Dr. Jessica Lautz, the Deputy Chief Economist & Vice President at the National Association of REALTORS®, puts the recent 30-year fixed rate hike into perspective: “For home buyers, the rate jump means a monthly payment of $2,126 for the typical single-family home,” said Lautz. “The typical payment is up more than $280 since July 2022.”
Lautz sees some light at the end of the tunnel: “For those saving for a down payment, yesterday’s inflation numbers show a positive story, which hopefully translates to lower mortgage interest rates this year. It may be easier today to save and pay down existing debt than it has been in the last year.”
In the local market spotlight, Newark saw a 91% increase in sales year over year, with 63 homes sold in June at a median sales price of $243,500, a 44.9% increase over the $168,000 median sales price in June 2022. Newark, which is located 40 miles east of downtown Columbus in Licking County, is less than 20 miles from the new Intel chip manufacturing plant just outside of Johnstown and New Albany.
For the second consecutive month, Columbus, Ohio, ranked No. 7 on the Realtor.com Top 20 Hottest Housing Markets list. Dayton was the only other Ohio metro to land on the list, checking in at No. 18.
Central Ohio Homes for Sale & Listings
🏘 There were 2,887 homes for sale in June 2023 🏘
This is down 8.4% from 3,150 homes for sale during the same time last year.
The Average Price per Square Foot in Columbus
💲 The Average Price / Square Foot in June 2023 was $201.01 💲
💲 This price is 3.2% more expensive compared to the $194.77 Price / Square foot the same time last year 💲
Columbus, Ohio: Days on Market
🏡 The average real estate listing stayed on the market for just 20 days in June 2023 🏡
This is 66.7% longer than the 12 day period of the same time last year
💲 Columbus Ohio Home Prices 💲
💲 The average sale price for these listings was $370,552 (up 4.6% from last year)
💲 The median sale price for these listings was $322,205 (up 2.3% 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 June 2023 Housing Report: At a Glance
Home sales are up 5.8% this year in Columbus compared to the same period last year.
Further, the average sale price, median sale price, and the percentage of people receiving their expected price for their homes during a sale have all increased since last year. By all measures, the Columbus real estate market in September of 2021 has continued its “hot streak.” It will be worth paying significant attention to see the long term effects such a (relatively) long hot streak might have.
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