Columbus Real Estate: Holding Steady

August 2024 saw 2,738 closed sales in the Columbus & Central Ohio Regional MLS, a 4.8% decrease from the previous year. Despite this slight decline, inventory continued to rise. Compared to July, August sales were down 2.4%. However, 2024 is still outpacing 2023 by 3.2% year-to-date, with 19,313 sales through August.

Rate Cut Sparks Hope for Autumn Home-Buying Boom

Recent developments in mortgage rates could potentially trigger an Autumn surge in the local market. Freddie Mac reported the 30-year fixed mortgage rate dropped to 6.2%, the lowest since February 2023 and significantly below the 7.79% peak in October 2023. On September 18, the Federal Reserve announced a 0.5% rate cut, marking the first decrease since 2020.

The Numbers Game: Inside Columbus’ Housing Metrics

The central Ohio housing market remains steady, with approximately 3,500 new homes entering the market monthly and sales just below that figure. Homes stayed on the market for 22 days, up from 18 days in August 2023. Buyers are experiencing a slight discount, with homes selling at 99.5% of the last list price. The median sales price increased 1.7% year-over-year to $322,450 in August, down from its June peak of $334,900.

Suburb Spotlight: Grove City Leads, Bexley Booms

South-Western City School District (Grove City) was the busiest suburb with 173 sales at a median price of $310,000, representing a 17% increase from August 2023. Bexley saw a significant surge with 20 sales, up 233% year-over-year, at a median price of $625,000. Plain City, one of central Ohio’s fastest-growing villages, recorded 20 sales with a median price of $451,684.