Columbus, Ohio is known for its diverse and growing economy, affordable housing prices, and friendly midwestern charm. As one of the fastest growing cities in the midwest, it’s attracting more new residents every year. The aforementioned items make Columbus, Ohio a great place to live, work, and raise a family. People interested in moving and / or buying a home in Columbus may be curious about what the hosing prices are like and what they can expect prices to look like in the future.
In this article, we’ll summarize the latest trends in housing prices in Columbus. Our aim is to provide you, the reader with the insights you’ll want to succeed in today’s Columbus, Ohio real estate market.
Current Housing Prices in Columbus, Ohio
According to the Columbus Board of Realtors, the median home price in Columbus, OH in December 202 was $275,000. The average home price was $318,581, indicating that there is a relatively significant amount of variance in home prices in Columbus. Still, this is significantly lower than the median home value in other major cities such as San Francisco ($1,400,000) or New York ($735,000).
Factors Driving Home Prices in Columbus, Ohio
There are several factors driving home prices in Columbus. First, the city’s growing economy attracts more residents every year, creating increased demands for housing. Further, Columbus has a relatively low cost of living compared to most cities on the western and eastern coasts, making it an attractive option for people who want to get more for their dollar when buying a home. The rise of remote work may further increase demand for homes here in Columbus.
Another factor driving home prices in Columbus is the relatively strong job market. Columbus has a diverse economy including a thriving tech sector, a large healthcare industry, and a significant manufacturing presence. This combined with relatively low taxes and Columbus’ business friendly market further supports home prices in the city.
Outlook for the Future
Looking forward, the housing market in Columbus, Ohio is projected to continue its growth in the coming months and years. REALTOR.com forecasts Columbus, Ohio home prices will increase 4.6% this year alone. The diverse economy, high affordability, and increase in new residents will likely act to keep demand for homes in Columbus high.
The housing market in Columbus, Ohio is experiencing fast growth. With more new residents moving in and companies like Intel investing billions of dollars in the local economy, we’ll likely see increased demand for homes. This demand may in turn further push up real estate prices. Considering the growing economy, a strong job market, and a relatively low cost of living, Columbus is an attractive option for people looking to buy or rent a home. Accordingly, we predict home prices to continue to increase here in Columbus. If you’re considering moving to Columbus, an experienced local REALTOR can help you win big and find the home of your dreams. And you don’t have to just take our word for it. See some of our testimonials and why clients love working with us here.