Columbus OH Real Estate Market Report Feb 2024

In January, the Months of Inventory were at 1.6. That's up a bit, but since this is under 3, it remains a seller's market. With stubbornly low inventory, home price trends will likely continue to rise year over year.

Last month we noted that inventory might be ticking up. However, it appears that the number of homes that sold and went under contract during January outpaced the number of new listings and ate into existing inventory. This indicates that sales are picking up and buyer demand is still healthy. We expect that demand will continue to ramp up as we shift into the Spring house-hunting season. With rates starting to fall and some rate cuts predicted in 2024, we expect to see a busy spring market that could begin to pick up earlier than usual.

Homes are selling quickly with Days On Market at only 34. Meanwhile, home prices in the Columbus area have come in a bit, but are still up year over year. It's common during the winter for home prices to drop a bit, however the overall trend still sees home prices rising in Columbus.

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 (Feb 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 January 2024 was 2537 units.

  • ↓Down 14.1% compared to December 2023
  • ↑Up 17.4% compared to January 2023

The number of Homes Listed in January 2024 was 2162 units.

  • ↑Up 41.3% compared to December 2023
  • ↑Up 9.5% compared to January 2023

Browse Central Ohio Homes Listed For Sale This Month

The number of Homes Closed in January 2024 was 1609 units.

  • ↓Down 19.7% compared to December 2023
  • ↑Up 0.9% compared to January 2023

Browse Central Ohio Homes Sold This Month

The number of Homes Placed Under Contract in January 2024 was 2375 units.

  • ↑Up 31.4% compared to December 2023
  • ↑Up 17% compared to January 2023

Browse Pending Homes In Central Ohio

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📐Central Ohio Average Price Per Square Foot

The Average Price per Square Foot on Sold homes trend is Depreciating.* In January 2024 the Average Price Per Square Foot was $179.

  • ↓Down 2.2% compared to December 2023
  • ↑Up 6.5% compared to January 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 Rising.*

The Average Days on Market in January 2024 was 34 days.

  • ↑Up 21.4% compared to December 2023
  • ↑Up 9.7% compared to January 2023

The Sold/Original List Price Ratio Remains Falling* at 96% for January 2024.

  • ↓Down 1% compared to December 2023
  • 0% compared to January 2023

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

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💲Central Ohio Housing Prices

The Median Sold Price trend is Depreciating.* The Median Sold Price for January 2024 was $289k.

  • ↓Down 3% compared to December 2023
  • ↑Up 9.1% compared to January 2023

The Average For Sale Price trend is Neutral.* The Average For Sale Price in January 2024 was $477k.

  • ↑Up 2.4% compared to December 2023
  • ↑Up 6% compared to January 2023

The Average Sold Price trend is Depreciating.* The Average Sold Price in January 2024 was $333k.

  • ↓Down 4.3% compared to December 2023
  • ↑Up 8.1% compared to January 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 January 2024 was 1.6.

  • ↑Up 6.8% compared to December 2023
  • ↑Up 14.8% compared to January 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 January 2024 was 63.4.

  • ↓Down 6.6% compared to December 2023
  • ↓Down 14.1% compared to January 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

With rates normalizing, many expect home buyer activity to pick up, especially as the season changes to spring. If you've been thinking about selling your home, start preparing now.

If you're planning to sell your home in 2024, consider the following:

  • Don't overprice your home. 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.
  • Consider offering Seller Credits 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.

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Columbus OH Home Buyer Tips

Did you know that winter is the best time to buy a home? In fact, right now is the ideal time to buy in Central Ohio, because competition is lower than in the spring and summer. Studies have found that home buyers get the best deal when they close in the fall and winter. However, the window is closing! The closer we get to spring, the busier the Columbus real estate market will get.

While the market is balancing out seasonally, existing home inventory remains relatively low. There are beautiful options in new construction, though. 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. Remember that the builder's sales agent works for the builder, not you.

Browse New Homes For Sale in Central Ohio

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 Rent Cafe, the average rent in Columbus, Ohio is now up to $1,230 and the average apartment size in Columbus is only 882 square feet. That's $14,760 a year for an apartment less than 1k square feet. Over a 30-year span, that comes out to $442,800 for a tiny space you don't even own. Factor in things like pet restrictions, 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

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. We send out home builder incentives in our newsletter regularly during the fall and winter months.

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.

The most important step in buying a home is getting pre-approved. Connect with a mortgage professional to get started with pre-approval.

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.

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