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

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Welcome to our Columbus real estate market update for March 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

As central Ohio is in the midst of the most competitive housing markets in history, the share of all-cash buyers has been increasing over the last year. In 2021, 21 percent of buyers paid all cash compared to 16.1 percent in 2020.

Conversely, the share of buyers choosing conventional financing dropped to 62 percent last year versus 65 percent during the previous year. And FHA and VA financing both dropped by just one percent according to the Columbus REALTORS® Multiple Listing Service (MLS).

Continuing this trend, the share of all cash buyers jumped to 24.3 percent and conventional financing dropped to 59 percent during the first two months of 2022.

With competition remaining fierce and home prices continuing to escalate, cash offers are a strategic move for some buyers. 

An alternative option for those needing to finance their purchase would be to consider using cash reserves to cover appraisal gaps if there is one. In this case, the buyer would cover the difference between the fair market value as assessed by the appraiser  and the amount for which the buyer agreed to buy the home.

On average, homeowners today have more equity in their homes than ever before; this can translate to supplemental cash. Further, the stock market boom over the last few years has enhanced many investors’ portfolios; this provides another option for additional cash,

February home sale prices were up 11 percent and most homes have been selling for more than the listed price taking, on average, 24 days to go into contract.

However, the time it takes a home to sell is heavily determined by its price.

The month ended with 1,745 homes on the market, which is a 3.3 percent increase from last year. This was due, in great part, to the five percent bump in new listings.

Home sales were up 1.8 percent, but pending contracts were down one percent compared to the previous year.

It’s not surprising that fewer homes went into market went into contract this February of 2022. This is likely a result of the frigid temperatures we experienced. Data indicates the housing market is beginning to ramp up with the (slowing coming!) spring weather; many professionals expect this to continue accordingly as we get further into spring and subsequently into the summer.

Central Ohio Homes for Sale & Listings

🏘 There were 1,745 homes for sale in Columbus, Ohio in February 2022 🏘

inventory of homes for sale in columbus ohio february 2022

The Average Price per Square Foot in Columbus

💲 The Average Price per square foot in February 2022 was $169.64  💲

💲 This is 13.3% 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 24 days in February of 2022 🏡

🏡  This is 2 days shorter than the same period last year 🏡

💲 Columbus Ohio Home Prices 💲

💲 The average sale price for these listings was  $296,489 (up 11.1% from last year) 

💲  The median sale price for these listings was  $250,000 (up 10.9% from last year)

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

median sales price columbus ohio real estate february 2022

Closed Home Sales vs Homes in Contract in Columbus

columbus ohio real estate market closed sales vs in contracts february 2022

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 ohio real estate market condo sales in february 2022

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

columbus ohio real estate market overall data in february 2022

Home sales are up 1.8% 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 February of 2022 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. If you’re curious about how to make your next move in today’s real estate market, contact us, and we will be happy to help you in any way we can.

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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