How did the Columbus Ohio Real Estate Market Perform in December, 2021?
How did the real estate market perform here in Columbus? We did the research! Find out below. 👇
Welcome to our Columbus real estate market update for January of 2022. Each month, we analyze the sales data on how the real estate market here performed during the last month. This month, it’ll be December 2021. 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
Fervent buyer demand in central Ohio, driven by pandemic-induced changes to housing needs and preferences, reached extraordinary levels in 2021. This increased competition for homes resulted in multiple offer situations which drove prices significantly higher for the year.
As a result, home prices and sales reached record highs while inventory and market time set record lows.
Almost 11% more homes were listed in 2021 compared to 200. However, homeowner’s interest in selling could not rise enough to meet this increased buyer demand.
We had more listings in 2021 than any year since 2010. This was when the country was recovering from the market crash of 2008. This was also a point in which many homeowners unfortunately had to sell their home.
Home sales were up 9.1 percent to end the year at 36,489.
The overall median sales price increased 12.1 percent to $260,000 for the year. Single Family home prices were up 12.6 percent compared to last year, and Condo home prices were up 14.3 percent.
Sellers received, on average, 102.2 percent of their list price at sale, up 2.4 percent from 2020.
Forbearance efforts by the government and lenders continued for much of the year, limiting distressed sales activity once again. In 2021, the percentage of closed sales that were either foreclosure or short sale decreased by 29.2 percent to finish the year at 1.2 percent of the market. Foreclosure and short sale activity may increase in 2022, though the strong gains in equity seen by most homeowners in the last few years will help to limit the number of distressed sales.
New construction activity, while strong, remains limited by a combination of labor and supply shortages, rising material costs, and a regulatory and operational environment that makes it difficult to scale quickly.
Our ongoing pandemic makes it relatively difficult to predict what the housing market will do in 2022. Many economists forecast mortgage rates will increase slightly within this year. Accordingly, housing affordability will remain an important factor to watch.
Still, we are optimistic. Our current strong job and economic climate continues to attract people to central Ohio (for example, the recent Intel building announcement). Further, our builders are working fervently to help build more housing.
Central Ohio Homes for Sale & Listings
🏘 There were 2,998 homes for sale in December 2021 🏘
The Average Price per Square Foot in Columbus
💲 The Average Price per square foot in December 2021 was $164.66 💲
💲 This price is 10.4% more expensive compared to the same time last year 💲
Columbus, Ohio: Days on Market
🏡 The average real estate listing stayed on the market for just 18 days in December 2021 🏡
💲 Columbus Ohio Home Prices 💲
💲 The average sale price for these listings was $291,259 (up 6.3% from last year)
💲 The median sale price for these listings was $255,000 (up 8.1% 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 December 2021 Housing Report: At a Glance
Home sales are up 6.7% 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 December 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 Your Home Safely in Columbus
If you are planning to sell your home in Columbus, Ohio this year, we recommend watching this short video here, which has some quick tips for selling your home safely in 2022.
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