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.

We’ve found that you can see big gains to your bottom line if you have patience during your home selling process. In our current market, we won’t see extremely fast transactions. Homes will sit a little longer, but a good home that is well-priced for the market is still likely to sell. 

Homes spend an average of 29 days on the market. That is up from an average of 18 days last year at this time. Even with just over one month of inventory in central Ohio, the region remains a strong seller’s market.

Even though it’s a seller’s market, buyers do have a bit more power than they’ve had in recent years. WIth homes sitting on the market longer, buyers are now taking more time into making sure they’re picking the right home and are considering how homes on the market compare.

The data does indeed suggest buyers have more options to choose from this winter. Inventory rose 36% compared to December 2021. Several communities saw an influx of new homes for sale. The list includes the Columbus suburbs of Clintonville, Grandview Heights, and New Albany. 

Sellers in rural counties are benefitting from a surge in their property value. Properties in Fayette County saw their average home sale price jump by nearly 50 percent in December. Champaign, Ross, Hocking, and Ross County sellers also benefited from rising home prices.

One segment of the population that has faced challenges in the changing market has been first-time home buyers. December began with the 30-year fixed-rate mortgage averaging 6.49%. The rate dip has helped, but the prevailing feelings of economic uncertainty exist. Still, National Association of REALTORS Deputy Chief Economist and VP of Research Dr. Jessica Lautz sees opportunities on the horizon for first-time home buyers in 2023.

We did have a pretty fast and furious housing market these past few years. This meant that first-time buyers (who often have FHA or VA mortgages) were often sidelined by cash buyers and those with more capital on hand. However, it seems opportunities are starting to open again for more buyers. 

Regarding current interest rates, we no longer have the “rock bottom rates” we had in 2022 and 2021. However, an experienced Columbus, Ohio realtor can still help connect you with the resources needed to help you find a great home as a great rate. Click the “Contact Us” button in the bottom right corner to learn how we can help you.