How did the Columbus Ohio Real Estate Market Perform in April, 2023?

The median sale price in central Ohio rose above $300,000 for the first time since July of 2022 in the latest housing statistics for April 2023 from Columbus REALTORS®.

The median sales price rose 4% year-over-year and 5.5 percent month-over-month. This is only the fourth time that the median sales price has crept over the $300,000 mark since statistics began being tracked by Columbus REALTORS®. The other three occurrences were in May of 2022 ($310,830), June of 2022 ($315,000), and July of 2022 ($300,563).

There were 2,175 closed sales in April, a 21.5% decrease year-over-year and a 5.6% decrease compared to March.

May of last year was about the peak of the market here in Columbus, Ohio. Around that time last year, we had even less inventory than we do now, and homes were selling at an average rate of about 13 days. Mortgage rates are higher, but there’s still significant demand here in the city.

In April, the average number of days on the market dropped to 24. In March, homes averaged 34 days on the market. The percentage of the last list price received also ticked up to 101.1%. Last year, at the market’s peak, homes sold for nearly 5% over asking.

Inventory us playing a significant role here. In a balanced market, there is about 5-6 months of inventory. Currently, we have less than a month. This is making central Ohio quite the seller’s market. However, high inflation and shocks to the economy may reduce the number of buyers and therefore apply some demand-side, downward pressures on the price of homes in Columbus.

If you’re planning to buy or sell in Columbus this year, a Columbus, Ohio REALTOR can help increase your chances of success. As REALTORS, we have the most current data, we know the area well, and we can help you find the home for you or sell your home at a competitive price.

While the median sales price is rising, this marked the second straight month that overall appreciation has slowed. In March of 2023, the median sales price year-over-year increased by only 2.5%, and this month that number sat at 4%, far below the double-digit monthly increases over the last 2-3 years.

Tracking similarly to the median sales price was the average sales price in the region. In April, the average sale price rose to $340,712, a 2% increase over this time in 2022.

Rates on a 30-year fixed mortgage hovered slightly over 7% in April, and according to statistics from the Central Ohio Regional MLS, 20% of all closed sales in April were cash sales, while 65% were conventional mortgages and 16% were government-backed loans.

In the local market spotlight, Marion saw a 19% increase in closed sales (50). The average sales price in Marion was $165,667, roughly half the cost of the average sale price in central Ohio. Big Walnut LSD in Sunbury also saw a 50% rise in closings as their average sales price climbed 16.2% to $533,230 in April. Of the 2,175 closings in central Ohio, 54% occurred in Franklin County, where the average sale price increased 2.5% to $340,434.

Columbus checked in seventh in this month’s Realtor.com Top-20 Hottest Housing Markets. That marked a three-position drop from March when Columbus was ranked fourth. Realtor.com’s Market Hotness rankings consider two aspects of the housing market: 1) market demand, as measured by unique views per property on Realtor.com, and 2) the pace of the market, as measured by the number of days a listing remains active on Realtor.com.