Columbus, Ohio Real Estate Market: Everything to Know in 2023

What is the real estate market like here in Columbus? We did the research for you! Find everything you’ll want to know below. 👇

If you have any questions, you can contact us via the contact form below | Call us at 614-596-2934 | Or email us at [email protected] 

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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

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.

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

The average home stayed on the market for 34 days in Columbus, Ohio in April 2023. This, however, was up over 88% from just 18 days from the same period in 2022.

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 in the two graphs below sourced from the US HUD¹, 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!

References

  1. Comprehensive Housing Market Analysis Columbus, Ohio – U.S. Department of Housing and Urban Development, Office of Policy Development and Research 
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Median Home Price by 5 Star School District in the central Ohio area

Pictured above:  Median home sales price for the six “5 Stars” school districts in the central Ohio area.

Columbus, Ohio School Districts

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

To assess schools, the state of Ohio uses a “Performance Index”.  The index “is a calculation that measures student performance on the following Ohio State Tests: 3-8 English language arts, math, and science, Algebra I, Geometry, Integrated Math I, Integrated Math II, ELA II, American History, American Government, Biology[.]”

Six schools in the central Ohio area received the highest star rating, “Five Stars”, in 2023 from the State of Ohio. These were the top six schools in Columbus, Ohio in 2023 (in order of performance index scores):

  1. Granville Exempted Village
  2. New Albany-Plain Local
  3. Grandview Heights Schools
  4. Olentangy Local
  5. Bexley City
  6. Upper Arlington City

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.

American Tax information
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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!

Traffic

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 Columbus, OH Real Estate Market Report
October 2023
Columbus, Ohio’s real estate market saw dynamic shifts this September. Columbus REALTORS® reported 2,445 property sales and introduced nearly 2,900 new listings. September 2022 had 2,858 finalized sales with a median selling price of $290,000. Fast forward a year, and sales in Columbus dropped by 14.5%. On the brighter side, the median sales price rose by 6.9%, reaching $310,000.
Latest Columbus, OH Real Estate Market Report
August 2023
After three consecutive months of record-breaking median sales prices, the region saw a 2.2 percent decrease from June to July. Combine that with an 8.7% increase over last month's inventory, and potential buyers have a little more selection to go along with some potential relief at the signing table, according to July 2023 housing statistics provided by Columbus REALTORS®.
July 2023
Inventory is up 8.1% when compared to last month, and the median sales price for homes in central Ohio set a new all-time high for the second consecutive month, according to June 2023 housing statistics provided by Columbus REALTORS®. The total inventory of homes for sale in central Ohio was 2,887, down 8.3 percent year over year, but the 8.1% uptick over last month’s number is a positive sign for the market.
Latest Columbus, OH Real Estate Market Report
May 2023
The median sale price in central Ohio rose above $300,000 for the first time since July of 2022 in the latest housing statistics for April 2023 from Columbus REALTORS®. The median sales price rose 4% year-over-year and 5.5 percent month-over-month. This is only the fourth time that the median sales price has crept over the $300,000 mark since statistics began being tracked by Columbus REALTORS®. The other three occurrences were in May of 2022 ($310,830), June of 2022 ($315,000), and July of 2022 ($300,563). There were 2,175 closed sales in April, a 21.5% decrease year-over-year and a 5.6% decrease compared to March. May of last year was about the peak of the market here in Columbus, Ohio. Around that time last year, we had even less inventory than we do now, and homes were selling at an average rate of about 13 days. Mortgage rates are higher, but there’s still significant demand here in the city.
Latest Columbus, OH Real Estate Market Report
April 2023
March signifies the start of Spring, and the central Ohio housing market saw a significant uptick month over month. There were 2,304 closings in March as the average sale price increased to $328,769. In February, there were 1,728 closed sales marking a 33 percent increase month to month. Columbus moved up one spot on the Realtor.com Top 20 Hottest Housing Market list, jumping from fifth place in February to fourth in March. The Hottest Housing Markets are based on market demand, as measured by unique views per property on Realtor.com, and the pace of the market, as measured by the number of days a listing remains active on Realtor.com.
January 2023
Homebuyers have more options in central Ohio, and mortgage rates take a welcomed dip. Columbus REALTORS® breaks down the December housing report for central Ohio. The average sales price has increased by 9.4 percent since last December, up to $318,581. On average, homes sold for just over $27,000 more than last year in central Ohio. The median sales price also saw a 7.8 percent spike, rising from $255,000 in 2021 to $275,000 in December 2022.
November 2022
The month of November saw 2,202 closed sales and a nearly equal number of new listings on the market, according to the latest monthly housing report provided by Columbus REALTORS®. In comparison to last November’s record-breaking number of 3,018 homes sold in the month, there was a 27 percent drop, but the context behind the numbers is what is essential.
October 2022
For the second consecutive month, Columbus ranked No. 5 in the Realtor.com list of hottest housing markets in the United States. Despite some shifting dynamics in lending and interest rates, central Ohio remains one of the most desirable markets in the country thanks to affordability and market demand. In October, homes continued to spend a little more time on the market. Houses lasted 21 days on average, compared to 15 days last October. There was a 16 percent dip in new listings compared to the previous year, as 2,786 new homes appeared on the market this month.
September 2022
Central Ohio home prices continue to rise and potential home buyers have more houses to choose from in the market. Columbus REALTORS® breaks down the August housing report for central Ohio. The average price of a home in central Ohio is still climbing as the area continues to be a desired destination to live, work, and play. The average sales price rose 9.7% compared to last August. The average home now sells for around $337,963. That’s an increase of nearly $30,000 year to year...
August 2022
More homes for sale, a robust market, and more time to choose. Columbus REALTORS® breaks down the July housing report for Central Ohio. Strong demand for homes continues to boost home sellers long-term gains. Year-to-year home values are still up in the month of July. The average sales price in July rose 10.4% to $346,359. That’s up from $313,737 one year ago. We’re seeing a healthy housing market in Columbus. Ohio through the summer. Columbus is a sought after region booming with new business, entrepreneurship, and a unique culture. It’s unsurprising surprising that our housing market reflects these strong qualities...
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...
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
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).
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.
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
Marc Van Steyn - A REMAX realtor

Marc Van Steyn

Marc Van Steyn is a graduate of The Ohio State University and represents the third generation in his family’s real estate business. Their family co-owned company, RE/MAX Premier Choice, has been the #1 ranked RE/MAX Brokerage (based on sales volume) in Central Ohio for 18 of the last 20 years. His business philosophy is centered on what he learned from his mother and grandfather “who put the needs of their clients first and built business on trust, dedication and uncompromised service”. Learn more about Marc, a top performing Columbus, Ohio REALTOR.

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