Columbus OH Real Estate Market Report April 2024

In March, the Months of Inventory were at 1.1. With stubbornly low inventory, home price trends will likely continue to rise year over year.

Once again the number of homes that sold and went under contract during March outpaced the number of new listings and ate into existing inventory. This shows that buyer demand remains healthy. 

Homes are still selling quickly with the average Days On Market at only 32. As expected, home price trends in Columbus are beginning to increase. The Average For Sale Price is appreciating in Central Ohio.

In next month's report, we might see a slight cooling off of the market due to the recent pop in rates. Watch the for the May report to see if the market is being meaningfully impacted by rising rates.

Continue reading to see how the Columbus, Ohio housing market is performing. "Today's Stats" are also included to see how things have changed as of the time of writing (Apr 15th, 2024).

If you need to buy or sell a home or have questions about this report, please contact us at 614-830-9767. 


🏘️ Central Ohio Homes For Sale, Listed, Sold, & Pending

The number of Homes For Sale in March 2024 was 2390 units.

  • ↑Up 1.5% compared to February 2024
  • ↑Up 21.2% compared to March 2023

The number of Homes Listed in March 2024 was 2818 units.

  • ↑Up 14.8% compared to February 2024
  • ↑Up 1.2% compared to March 2023

Browse Central Ohio Homes Listed For Sale This Month

The number of Homes Closed in March 2024 was 2274 units.

  • ↑Up 14.8% compared to February 2024
  • ↓Down 6.7% compared to March 2023

Browse Central Ohio Homes Sold This Month

The number of Homes Placed Under Contract in March 2024 was 3026 units.

  • ↑Up 33% compared to February 2024
  • ↑Up 24.4% compared to March 2023

Browse Pending Homes In Central Ohio

Central Ohio Homes For Sale, Listed, Sold, & Pending Market Report Apr 2024

Central Ohio Homes For Sale, Listed, Sold, & Pending Market Report Apr 2024 Table

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📐Central Ohio Average Price Per Square Foot

The Average Price per Square Foot on Sold homes trend is Appreciating*. In March 2024 the Average Price Per Square Foot was $188.

  • ↑Up 2.2% compared to February 2024
  • ↑Up 6.2% compared to March 2023

*Based on 6-month trend - Appreciating/Depreciating/Neutral

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📉Central Ohio Days on Market

The average Days On Market trend in the Columbus area is Steady.*

The Average Days on Market in March 2024 was 32 days.

  • ↓Down 11.1% compared to February 2024
  • 0% compared to March 2023

The Sold/Original List Price Ratio Remains Steady* at 99% for March 2024.

  • ↑Up 2.1% compared to February  2024
  • 0% compared to March 2023

*Based on 6-month trend - Rising/Falling/Remains Steady

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💲Central Ohio Housing Prices

The Median Sold Price trend is Neutral*. The Median Sold Price for March 2024 was $310k.

  • ↑Up 3.3% compared to February 2024
  • ↑Up 6.9% compared to March 2023

The Average For Sale Price trend is Appreciating*. The Average For Sale Price in March 2024 was $496k.

  • ↑Up 1.4% compared to February  2024
  • ↑Up 0.2% compared to March 2023

The Average Sold Price trend is Neutral*. The Average Sold Price in March 2024 was $355k.

  • ↑Up 5% compared to February 2024
  • ↑Up 6.6% compared to March 2023

*Based on 6-month trend - Appreciating/Depreciating/Neutral

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🏘️ Central Ohio Months Of Inventory

It is still a Seller's Market* in Columbus, Ohio!!!

The Months of Inventory based on Closed Sales in March  2024 was 1.1.

  • ↓Down 8.4% compared to February 2024
  • ↑Up 37.1% compared to March 2023

*Seller's market: less than 3 months of inventory based on closed sales

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📈Central Ohio Absorption Rate

The Absorption Rate based on Closed Sales in March 2024 was 95.1.

  • ↑Up 13% compared to February 2024
  • ↓Down 23.1% compared to March 2023

*Seller's market: 33.33% and above based on closed sales

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Columbus OH Housing Market Update At A Glance

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Tips For Central Ohio Home Sellers

Despite the recent pop in interest rates, the FED is still expected to begin cutting rates this year. Lower rates may lead to another housing frenzy. If you've been thinking about selling your home in 2024, keep the following points in mind:

  • Don't overprice your home. Note in the report above that the Average For Sale Price is higher than the actual Median and Average Sold prices. It's important to price your home correctly or even a little low to induce the "auction effect." If you need to reduce the price once it's listed, don't wait to do so. Overpricing your home will cause it to go stale, get lowball offers, and likely sell for less than you want. Be proactive. In real estate, time on the market is money coming out of your pocket. 
  • Make your home as close to move-in ready as possible. Buyers prefer move-in ready and tend to overestimate the cost of repairs. If you don't want to deal with deep-cleaning, repairs, etc, price your home accordingly or consider getting a cash offer.
  • Consider offering Seller Credits, an Assumable Mortgage, or Buy Downs to help home buyers deal with higher-for-longer rates and higher home prices. Offering them a rate buy down can lower their monthly payment more than simply lowering the asking price.

If all that sounds like a big pain, get our easy, fast, and fair cash offer to sell quickly without the hassle of selling traditionally.

Please Note: Market conditions vary between neighborhoods and price points. Call or text Columbus Realtor Rita Boswell at 614-830-9767 to learn more or to request a Neighborhood Report, which provides in-depth data for your specific neighborhood.

Check Your Home's Current Value

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Columbus OH Home Buyer Tips.

Despite the recent pop in interest rates, it's still a good time to buy a home in Central Ohio. Inventory will remain an issue because the US housing market has been underbuilt since the Great Recession. Demand is high, and builders simply can't keep up. Additionally, the Central Ohio area is steadily growing. That is why home values are forecasted to continue higher in Central Ohio. Remember, date the rate - marry the house.

While the inventory of existing homes is frustratingly low, there are more options in new construction. Plus, with new construction, you can move in without all the hassle and expense of updating and upgrading an older home. Just make sure you're working with your own trusted buyer's agent when purchasing new construction. Keep in mind that the builder's sales agent works for the builder, not you.

Browse New Homes For Sale in Central Ohio

Let's Make a Deal

If you want a deal, look for opportunities in the market such as "stale" listingsprice-reduced homes, new home incentive opportunities, down payment assistance, and fixer-uppers.

Thinking about buying a home in Central Ohio? Call or text the Rita Boswell Group at 614-830-9767. We can help you find your dream home, even in this challenging market. The market is competitive, so you definitely want a skilled agent working for you.

Owning VS Renting

Despite rising home prices and "higher-for-longer" rates, it still makes more sense to own than to rent. Data analytics firm Markerr expects to see a 3.9% increase in rent in 2024, a 5% jump in rents in 2025, and another 3%-1.5% growth 3-5 years after that. It's safe to say homeownership remains one of the best vehicles for building generational wealth.

Consider this, according to Apartments.com, the average rent in Columbus, Ohio is $1,086 and the average apartment size in Columbus is only 669 square feet. That's $13,032 a year for a tiny apartment. Over a 30-year span, that comes out to $390,960 for a tiny space you don't even own. Factor in things like pet restrictions and increasing home values, and it makes sense to own your home vs rent.

Start building your own wealth instead of your landlord's. We have many strategies to help you beat this housing market and become a homeowner.

Browse Homes For Sale in Central Ohio BELOW $300k

The most important step in buying a home is getting pre-approved. We can connect you with a mortgage professional to get started with pre-approval before you begin house-hunting. There's nothing worse than falling in love with a home only to find out it's not in your budget.

Let's Find Your Dream Home!


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About Central Ohio Real Estate Market Reports

"At the Rita Boswell Group, our goal is to provide home buyers and sellers with the most recent, in-depth local market information possible.

Our report is based on data supplied by the Columbus Board of Realtors or its MLS. Information is deemed reliable but not guaranteed. Specific data points provided above may be adjusted, which will be reflected in future reports.

*Our Central Ohio real estate market reports cover the counties of Franklin, Delaware, Fairfield, Licking, Madison, Pickaway, and Union. For market information on a specific community or for the entire Columbus MLS, contact Realtor Rita Boswell at 614-830-9767.

Read the monthly housing reports published by the Columbus MLS.

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Today's New Listings in Central Ohio

28 Properties
Page 1 of 3
$299,900
Neighborhood: New Albany Park
2
Beds
2F11/2
Baths
1,280
Sq.Ft.
2003
Year Built
1
Day on Site
224016028
MLS
Coming Soon on 05/24
5311 Gillette Avenue Hilliard,  OH 43026
$320,000
Neighborhood: Cross Creek Village
4
Beds
2F11/2
Baths
1,648
Sq.Ft.
1991
Year Built
1
Day on Site
224016029
MLS
$230,000
Neighborhood: Granville Manor
3
Beds
1F11/2
Baths
896
Sq.Ft.
1967
Year Built
1
Day on Site
224016030
MLS
3
Beds
2F11/2
Baths
1,932
Sq.Ft.
2000
Year Built
1
Day on Site
224016031
MLS
4
Beds
2
Baths
1,788
Sq.Ft.
2002
Year Built
1
Day on Site
224016034
MLS
4
Beds
2
Baths
1,974
Sq.Ft.
1900
Year Built
1
Day on Site
224016033
MLS
4
Beds
2
Baths
1,468
Sq.Ft.
1969
Year Built
1
Day on Site
224016035
MLS
4
Beds
2
Baths
1,656
Sq.Ft.
1989
Year Built
1
Day on Site
224016036
MLS
$499,900
Neighborhood: Rural
3
Beds
1F11/2
Baths
1,610
Sq.Ft.
1901
Year Built
1
Day on Site
224016038
MLS
$949,900
Neighborhood: Pinnacle Club
5
Beds
5
Baths
3,432
Sq.Ft.
2007
Year Built
1
Day on Site
224016039
MLS
2
Beds
2
Baths
1,252
Sq.Ft.
1991
Year Built
1
Day on Site
224016041
MLS
3
Beds
2
Baths
2,000
Sq.Ft.
1977
Year Built
1
Day on Site
224016040
MLS

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