How did the Columbus Ohio Real Estate Market Perform in September, 2021?
How did the real estate market perform here in Columbus? We did the research! Find out below. 👇
Watch Below for the Summary Video:
Welcome to our Columbus real estate market update for October of 2021. 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
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.
“In November of 2021, the market was sizzling thanks to limited inventory and record-breaking demand,” said Columbus REALTORS® President Sue Van Woerkom. “A lot can happen in a year, but the Columbus market remains one of the strongest in the country.”
In November, the average sales price was up 7.9 percent year-over-year to $319,231, while the median sales price saw a 6.9 percent increase to $280,000.
Inventory in central Ohio currently sits at 3,469 homes for sale. Last month, the region had slightly more homes for sale at 3,772, and there were 2,011 new listings in November of 2022, with 1,074 of those new listings falling in Franklin County.
“We are noticing an uptick in inventory in the area, which is a good thing for the buyer,” said Van Woerkom. “We currently have 1.3 months of unsold inventory supply in Columbus, which historically is very low. Nationally, that number sits at 3.1 months per the latest numbers from the National Association of Realtors.”
Columbus, Ohio, was ranked 14th by Realtor.com® in its Top-100 Housing Forecast for 2023, based on several critical factors such as affordability at the median income level, combined sales, and price change year-over-year.
“We believe that central Ohio remains a healthy, resilient market, and the Realtor.com® forecast supports that,” said Van Woerkom. “We understand some of the areas around the United States have been impacted in different ways, but we encourage all buyers and sellers to study their market and reach out to a REALTOR®. They have the expertise to understand what is happening both nationally and neighborhood to neighborhood.”
Mortgage rates have been steadily increasing over the last few months in efforts to offset inflation. National Association of Realtors Senior Economist & Director of Forecasting Nadia Evangelou issued a statement addressing these facts in early November.
“A return to the sky-high interest rates of the 1980s isn’t likely in today’s economy, but let’s compare the monthly mortgage payment now with the payment of 40 years ago in today’s money,” said Evangelou. “After adjusting the median home price for inflation, the monthly mortgage payment was about $450 higher in 1982 than it is now. If mortgage rates were currently 9 percent, the monthly mortgage payment would be comparable to 1982 rates.”
According to Realtor.com, the average rate on a 30-year fixed mortgage on November 30, 2022, in Columbus, Ohio, was 6.4 percent.
In the monthly area breakdown, Pickerington Local School District saw a 13 percent increase year-over-year, with 87 closed sales in November. Worthington also saw a 31.3 percent uptick in closings last month.
Central Ohio Homes for Sale & Listings
🏘 There were 3m152 homes for sale in 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 👇
Closed Home Sales vs Homes in Contract in Columbus
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
The Columbus, OH July 2020 Housing Report: At a Glance
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