How did the Columbus Ohio Real Estate Market Perform in June, 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 June 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

Home prices hit a record high in May as the average sale price of a home reached $353,116 and the median price was $310,830, up 12.1 percent and 13.0 percent, respectively.

The number of price adjustments has been decreasing as the housing market transitions from winter to spring and summer. Moreover, there have been fewer central Ohio homes experiencing a change in list price thus far in 2022 compared to last year.

Usually, 80-90 percent of homes never require a price adjustment prior to sale. Most changes are reductions of the list price which happened to 19.7 percent of homes in January and dropped steadily through the first five months to 8.9 percent in May.

“Seasons impact real estate more than you might think,” said Sue Van Woerkom, 2022 President of Columbus REALTORS®. “The colder months tend to keep some buyers out of the market so more sellers may reduce the price of their home to compete.”

“When the temperatures heat up, so does the housing market as more buyers start shopping for a new home. And the result is fewer price reductions.”

“But it’s critical to price your home appropriately from the start. Real estate professionals know the market and how the right price will significantly affect the time it takes to sell a home.”

Even though new listings ticked down (0.5 percent), home sales were up 7.5 percent in May, which was the highest month over month increase yet this year.

Homes continue to sell at a record pace. It took an average of 12 days to sell a home in May. However, homes between $215,000 and $350,000 only took nine days to sell.

“Homes in all price ranges are still selling quickly,” added Van Woerkom. “However, homes in that $215,000 to $350,000 range are the sweet spot right now as it includes many first-time buyers. Competition is fierce for these homes as we just don’t have enough to meet the demand.”

Contracts written in May lagged the previous year by 6.7 percent suggesting fewer closings in June.

“The rise in interest rates has significantly impacted the housing market,” added Van Woerkom.

“And the Federal Reserve’s move to raise its benchmark rate by three-quarters of a percentage point last week will likely sideline more home buyers.”

Central Ohio Homes for Sale & Listings

🏘 There were 3m152 homes for sale in September 2021 🏘

columbus-ohio-inventory-homes-for-sale-september-2021

The Average Price per Square Foot in Columbus

💲 The Average Price per square foot in September 2021 was $167.24  💲

💲 This price is $17.24 per square feet 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 14 days in September 2021 🏡

💲 Columbus Ohio Home Prices 💲

💲 The average sale price for these listings was  $301,572 (up 8.5% from last year) 

💲  The median sale price for these listings was  $269,900 (up 12.5% 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 september 2021

Closed Home Sales vs Homes in Contract in Columbus

columbus ohio closed home sales & in contracts september 2021

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

columbus ohio percentage of original price received for homes in september 2021

Condo Sales in Central Ohio

columbus ohio condo sales in september 2021

The Columbus, OH July 2020 Housing Report: At a Glance

columbus ohio real estate market overview for september 2021

Home sales are up 5.8% 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 September 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 2021.

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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Address: 450 W Wilson Bridge Rd, Worthington, OH 43085

Email: mvansteyn@premier-choice.com

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