How did the Columbus Ohio Real Estate Market Perform in January, 2023?

How did the  real estate market perform here in Columbus? We did the research! Find out below. 👇

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

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

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. 

Central Ohio Homes for Sale & Listings

🏘 There were 3m152 homes for sale in September 2021 🏘

columbus-ohio-inventory-homes-for-sale-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 👇

columbus ohio median sale price september 2021

Closed Home Sales vs Homes in Contract in Columbus

columbus ohio closed home sales & in contracts september 2021

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

columbus ohio percentage of original price received for homes in september 2021

Condo Sales in Central Ohio

columbus ohio condo sales in september 2021

The Columbus, OH July 2020 Housing Report: At a Glance

columbus ohio real estate market overview for september 2021

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

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Van Steyn Partners does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Van Steyn Partners will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Any Questions?

Contact Us

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

We’ll be happy to be of service.

614-596-2934

Address: 450 W Wilson Bridge Rd, Worthington, OH 43085

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Van Steyn Partners does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Van Steyn Partners will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Any Questions?

Contact Us

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

We’ll be happy to be of service.

614-596-2934

Address: 450 W Wilson Bridge Rd, Worthington, OH 43085

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