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 mvansteyn@premier-choice.com
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.
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.
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.
The average home stayed on the market for 22 days in Columbus, Ohio in August 2024. This was up over 22% from just 18 days during the same period in 2023.
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
Pictured above: Median home sales price for the six “5 Stars” school districts in the central Ohio area. This is updated with June 2024 real estate market data.
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):
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.
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.
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!
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.
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.
Each month’s report covers the latest data at the time of reporting 📈
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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