Central Ohio Housing Report – March 2024

Three months into 2024, the central Ohio Housing Report shows closings, new listings, and median sales prices are up over 2023.

Closed sales saw a slight dip year-over-year in the central Ohio Housing Report. Still, median sales price, new listings, and total inventory all saw gains in the latest housing statistics provided by Columbus REALTORS®.

In March, 2,218 closed sales were recorded in the Columbus and Central Ohio Regional MLS, a 3.7 percent decrease over March 2023. However, sales were up 15.8 percent compared to last month. There were 1,915 closed sales in February 2024.

“The first three months of the year have shown us that we’re on the cusp of a busy spring selling season in central Ohio,” said Columbus REALTORS® President Scott Hrabcak.

“We’re about 3 percent ahead of last year in terms of sales and about 10 percent ahead of last year in terms of new listings. It’s exciting that buyers have a bit more to choose from.”

The median sales price for March in central Ohio was $310,000, up 8.4 percent year-over-year. Homes stayed on the market an average of 33 days, but 62 percent of all sales in March occurred in 30 days or less.

Mortgage rates have been hovering in the 6-7 percent range for much of the first three months of 2024, but the recent inflation figures, which rose to 3.5%, reversed a steady trend of lowering inflation.

Dr. Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of Realtors (NAR), believes rates will likely increase because of the news on inflation.

“The weekly average of mortgage interest rates remained in the mid-6% range as it (inflation numbers) has not yet fully factored in the jump,” said Lautz. “In the coming weeks, mortgage interest rates are likely to increase, which is disappointing news for Spring home buyers.”

In the local spotlight, there were 56 closed sales in Groveport Madison Local School District, marking a 36.6 percent increase year over year. Regarding new listings, 130 homes were listed in Grove City, a 4 percent year-over-year increase and 110 new or existing homes came online in Hilliard, a 13.4 percent increase over March 2023.

Total inventory for central Ohio was up 18.6 percent year over year to 2,754 listings but down 2.2 percent compared to February 2024.

A breakdown of total sales in March showed that 58 percent of sales were financed conventionally, while 20 percent of all sales in the month were all-cash purchases. FHA loans were utilized in 10.5 percent of purchases, and USDA or VA loans accounted for 6 percent of sales.

Sortable Housing Statistics
Central Ohio Housing Statistics (PDF)

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.