COLUMBUS REMAINS A TOP-5 HOTTEST MARKET PER REALTOR.COM DESPITE A SLIGHT DIP IN SALES
For the second consecutive month, Columbus ranked No. 5 in the Realtor.com list of hottest housing markets in the United States. Despite some shifting dynamics in lending and interest rates, central Ohio remains one of the most desirable markets in the country thanks to affordability and market demand.
In October, homes continued to spend a little more time on the market. Houses lasted 21 days on average, compared to 15 days last October. There was a 16 percent dip in new listings compared to the previous year, as 2,786 new homes appeared on the market this month.
“As REALTORS®, we are accustomed to the seasonality of real estate in Ohio,” said Sue Van Woerkom, 2022 President of Columbus REALTORS®. “A slowdown as temperatures drop is normal, but we also understand the impact that interest rates are having on markets across the country.”
Despite higher interest rates for the buyer, there are some good indicators that this is a great time to purchase a new home in central Ohio.
Inventory of homes for sale is up 28 percent over last year, as the area shows a current inventory of 3,772. That’s a positive for potential buyers looking for that perfect fit.
We have also noticed that there may be some wiggle room in pricing for the buyer.
“Through the summer, we continued to see homes selling for slightly over the asking price, but we are seeing a small shift that can result in some added value for the buyer depending on the location they are seeking,” added Van Woerkom.
Compared to last October, when homes in central Ohio were selling for just over the asking price at 100.3 percent, this October showed that buyers were getting an average of 2.2 percent off the original listing price. Year-to-date sales show that area homes are selling at 1.6 percent over the actual asking price.
When spotlighting counties in central Ohio, Franklin saw 1,323 closed sales with a median sales price of 275,000, a 9.1 percent increase in median sales price, year-over-year. Clark County saw an 88 percent spike in closed sales in October with 32, while Perry County posted 35 deals, up 40 percent over last October’s total.
Some of the hottest suburbs in October based on days on the market until sale were Bexley (10 days), Gahanna (10 days), Grandview Heights (12 days), Westerville (13 days), Upper Arlington (13 days), Worthington (14 days), and Pickerington (14 days).
In October, the average sales price was up 9.8 percent to $327,768 year-over-year, and the median sales price saw a 9 percent increase over last October, rising to $284,945. For the year in central Ohio, 27,605 homes have been sold, a 9.5 percent decrease over 2021; however, the average sales price in 2022 sits at $332,711, which is an 11.4 percent gain over 2021.
Columbus REALTORS® is comprised of almost 10,000 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Marion, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Muskingum, Perry and Ross counties.