Columbus, Ohio Real Estate Market: Everything to Know in 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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In this blog, we’ll cover everything you need to know about the Columbus, Ohio real estate market. From investment returns to property taxes and schools, this guide will answer all the biggest questions about the real estate market here.

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

Columbus, Ohio Real Estate Market - in Summary

Thanks to its diversified business industries, large and well-regarded hospitals, and the number of universities including The Ohio State University, Columbus has a very stable and reliable real estate market. 

Columbus has many strong school districts, and the increased property values here will provide even more funding for the schools. Further, many top news sources across the country have consistently ranked Columbus, Ohio as one of the top real estate markets in the country when measuring growth rates, popularity with young people, cost-effectiveness, and more. 

Columbus, Ohio Housing Prices

The average house price in Columbus is $297,991 and the median price is $260,000 according to the Columbus Board of Realtor’s 2021 annual report. These were significant increases from both 2021 and 2020, mostly due to the low mortgage rates and the higher number of people selling their homes and using the capital they earned from their sales to purchase new homes. All in all home prices have risen rather sharply over the last few years due to increased demand and fewer homes being listed for sale.

If you’re interested in buying a home in Columbus, Ohio. We recommend getting one of our complimentary buyer’s guides here.

Columbus, Ohio Days on Market - How Long Homes Are Available

The average home stayed on the market for 15 days in Columbus, Ohio.

How Good is the Columbus, Ohio Real Estate Market for Investors?

Many want to know whether Columbus, Ohio real estate provides strong investment opportunities. As you can see in the chart below, there’s a lot of positive growth in the Columbus, Ohio real estate market.

As you can see from the graph below, there’s a lot of positive growth in the Columbus, Ohio real estate market. This growth is thanks to many different factors. There are more jobs being created here than ever before and people are moving to the area for those jobs. Additionally, we have a low unemployment rate and a growing population which means there will be more demand for housing here.

This low unemployment rate and growing population mean that demand for housing will increase over time and this means that investment returns will increase as well.

In recent years, home prices have been going up because so many people want homes here. This has led to great profit opportunities for investors who purchase property at a low cost and then turn around and sell it at top dollar. If you’re looking for an excellent place to invest in property right now, check out our latest blog post on investing in Columbus property!

Columbus, Ohio School Districts

Columbus has fairly strong school districts across town. We are home to many Blue Ribbon Schools, which the Columbus Dispatch, our local newspaper reported recently. These schools often come at a cost, however. The cost occurs in the form of high property taxes.

Columbus, Ohio Real Estate Market - Property Taxes

Columbus does indeed have fairly high property taxes. Property taxes in Ohio are higher than the national average, and Columbus has higher average property taxes than most of the state. According to SmartAssets, “Property tax rates in Ohio are higher than the national average, which is currently 1.07%. The average effective property tax rate in Ohio is 1.48%, which ranks as the 13th-highest in the U.S.”

Further, according to Movoto, “Columbus’s property taxes are incredibly high compared to the state average.” One should be aware of this when considering buying real estate in Columbus.

Amount of Construction in Columbus, Ohio

There is currently a lot of construction in Columbus. Many new buildings for apartments, office space, and more are being built. In the short run, this will mean some traffic in certain areas. In the long run, this will mean a lot of great new locations for everyone to enjoy around the city.

Traffic in Columbus

Columbus has significantly less traffic than most major metros like Chicago, New York City, San Francisco, Dallas, and more. There is some, but slow downs typically don’t last long unless there is a car accident. If you can start your commute outside of peak hours, you can usually get from your office back to your home in 30 minutes or less. 

You should be prepared for snow. When snow hits, it can easily add an extra 20 minutes to a commute. In the winter, be sure to give yourself extra time to account for the snow!

Closing Notes

Columbus, Ohio has an overall strong real estate market. With strong schools and a lot of jobs in a diverse amount of industries, demand for real estate will only go up here. If you’re looking for a new place to call home, Columbus, Ohio has more to offer than many would expect. With a great entertainment scene, friendly people, great food, and affordable real estate prices compared to much of the country, we are sure there’s something here just for you. Checkout our home search tool in the next section to find the home you’re looking for. You can search by location, square footage, price, and more. Simply click the button below.

Homes for Sale in Columbus, Ohio

Interested in buying your new home in Columbus? Simply contact us via the button below, and we’ll be happy to help in any way we can. You can also search for homes for sale in Columbus by clicking the button that says “Find Homes for Sale in Columbus”. Our free home search tool can help you find the home you’re looking for. 

Our Past Market Reports

Latest Report: July 2022 Columbus, Ohio Real Estate Market
July 2022
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...
Latest Report: July 2022 Columbus, Ohio Real Estate Market
June 2022 Columbus, Ohio Real Estate Market
June 2022
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...
June 2022 Columbus, Ohio Real Estate Market
May 2022 Columbus, Ohio Real Estate Market
May 2022
Rising interest rates, lack of available homes and a decade of underbuilding are taking their toll on central Ohio housing activity as home sales have slowed in 2022 compared to the record-breaking pace set in 2021. Thus far in 2002 (January through April), buyers are purchasing 80 percent of the homes available, down from 83.2 percent in 2021, leaving inventory 11.6 percent higher than last spring, but still well short of the inventory we need to meet the demand of our growing region.
May 2022 Columbus, Ohio Real Estate Market
April 2022 Columbus, Ohio Real Estate Market
April 2022
Double digit home price increases combined with rising interest rates did not bode well for first quarter 2022 home sales in central Ohio. During the last couple years, home buyers were quickly purchasing nine out of every ten homes listed. However, fewer buyers took advantage of the increased inventory last month. In 2021, 91.3 percent of the homes listed were sold. In 2020, 92.8 percent of listed homes sold. During the first quarter of 2022, that average dropped to 82.1 percent ending at 73.8 percent in March. The decrease in sales occurred despite a 6.4 percent increase in new listings last month and a five percent bump in February.
April 2022 Columbus, Ohio Real Estate Market
Latest Report: March 2022 Columbus, Ohio Real Estate Market
March 2022
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).
Latest Report: March 2022 Columbus, Ohio Real Estate Market
February 2022
February 2022
Following a record-breaking year, January’s housing activity fell flat as new listings, contracts and home sales dropped below those of 2021. New listings were up 11 percent in 2021 but ticked down (0.5 percent) in the first month of 2022. Home sales and contracts dipped 2.8 percent and 0.8 percent, respectively. Even so, home sales were still higher than any other year according to the Columbus REALTORS® Multiple Listing Service (MLS). The median home price increased 11.1 percent to $250,000 and the average home price ($290,847) increased 10.4 percent compared to January of 2021.
February 2022
January 2022
January 2022
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.
January 2022

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