Just like the temperature, the housing market in central Ohio is heating up. The latest data recorded in the Columbus & Central Ohio Regional Multiple Listing Service (MLS) shows significant increased in closed sales and numbers of homes for sale.

Closed sales spiked 10.8 percent year over year, and total inventory increased 21.7 percent compared with February 2023. The total inventory of homes for sale is 2,817 residences, which equates to a 1.2-month supply of inventory.

This is the second month in a row we’ve seen an increase in closed sales after about a year and a half of decreases when looking at the year over year data.

My team and I are very happy to see increases in closed sales in the city. Where even more excited that the supply of homes for sale increased by 22%. This will give new home buyers even more chances to find their home. It’s also a sign of new levels of stability reaching our local market. Still, there is tremendous demand for real estate in Columbus, so this spring will likely make for a competitive market.

Although we’re seeing positive trends in housing supply, there’s still a long way to go. Central Ohio is still solidly a seller’s market. Therefore, buyers should understand that getting a home won’t be easy. Competitive offers and solid negotiation will be needed to succeed in this year’s market. 

Sparking the rise in inventory was 2,357 total new listings, an 18 percent uptick over February 2023. Of the new listings, Westerville City School District saw 80 new homes hit the market for an 18 percent increase. There were 55 new listings in Worthington City School District, resulting in a 53 percent uptick. Delaware City Schools was another standout area with 62 new listings, which was a 77 percent increase year-over-year.

The median sales price in central Ohio increased 6.9 percent to $299,300 this month, and homes sold for just 0.9 percent under asking price.