How did the Columbus Ohio Real Estate Market Perform in July, 2022?

How did the  real estate market perform here in Columbus? We did the research! Find out below. 👇

If you have any questions, you can contact us via the contact form below | Call us at 614-596-2934 | email us at mvansteyn@premier-choice.com | or contact us via FB Messenger

Watch Below for the Summary Video:

Welcome to our Columbus real estate market update for August of 2022. 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

Incredibly strong demand has fueled home sales in central Ohio for the last decade, however rising interest rates and inflation have started to take their toll on sales this year.

June home sales dropped 9.7 percent last month and are now 2.4 percent behind the first six months of 2021. Pending sales in June were down almost 14 percent suggesting that July sales will also see a year over year decline.

Increased interest rates and high inflation combined with escalating home prices are leading to reduced buyer power. Have less purchasing power today than one did six months ago is shocking to many buyers, causing them to reconsider home purchases. 

Despite these obstacles, competition for homes remains fierce as two thirds of the homes sold in the second quarter this year had buyers paying more than the advertised list price.

All cash sales continue to rise as buyers compete for available homes. Although conventional financing has declined slightly, the number of buyers using FHA financing has dropped considerably over the last decade.

FHA loans have been attractive for first-time and lower-income buyers because they come with lenient credit requirements, low closing costs and competitive interest rates. The added expense of FHA mortgage insurance, however, is a key drawback to this avenue of financing.

For conventional loans backed by Fannie Mae and Freddie Mac, private mortgage insurance is not required once the homeowner’s equity reaches 80 percent. In the case of an FHA loan, mortgage insurance could be required for the life of the loan, regardless of equity.

FHA and VA financing buyers are finding it increasingly difficulty to compete against cash buyers and those with conventional financing. 

Government insured loans often have stricter requirements. Additionally, closing time involving these loan types tend to be longer. Although they often have less restrictive requirements, sellers often take those aforementioned factors in consideration.

The median price of a home sold during the first half of 2022 was $287,500, up 14.5 percent from a year earlier. The average price of $330,002 marked a 12.7 percent increase. The average sales price is the total volume divided by the number of homes sold. The median is the midpoint — half the homes sell for less, while half sell for more.

Homes in the higher price ranges have been gaining market share due to the lack of homes available in the more affordable price ranges.

The time it takes to sell a home is largely determined by its price. It’s going to take a little longer to sell a luxury home than a home more attainably priced. Even so, homes in all price ranges have been selling in record time this year.

Central Ohio Homes for Sale & Listings

🏘 There were 3,150 homes for sale in July 2022 🏘

columbus ohio inventory of homes for sale july 2022

The Average Price per Square Foot in Columbus

💲 The Average Price per square foot in July 2022 was $194.77  💲

💲 This is a  14.9% increase from the same time last year. 💲

Columbus, Ohio: Days on Market

🏡  The average real estate listing stayed on the market for just 12 days in July 2022 🏡

💲 Columbus Ohio Home Prices 💲

💲 The average sale price for these listings was  $354,380 (up 12.1% from last year) 

💲  The median sale price for these listings was  $315,000 (up 14.5% from last year)

See the graph below to see how the median sale price has changed, year over year, since 2013 in Columbus 👇

columbus ohio median sale price july 2022

Closed Home Sales vs Homes in Contract in Columbus

columbus ohio closed sales and in contracts

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

columbus oh condo sales in june 2022

The Columbus, OH July 2022 Housing Report: At a Glance

columbus ohio real estate market at a glance in june 2022

Homes sales are down 9.7% this year in Columbus compared to the same period last year. 

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

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Van Steyn Partners does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Van Steyn Partners will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

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