Columbus OH Real Estate Market Report Jan 2024

In December, the Months of Inventory were at 1.5. 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. Notably, in Today's Stats under Months of Inventory, levels are up to 2.2 Months Of Inventory. Additionally, the Absorption Rate as of this writing is down nearly 30%. Follow our market reports closely to see if this is a trend change towards more inventory and a more balanced market.

With rates starting to fall and some cuts expected in 2024, we expect to see a busy spring market that could begin to pick up earlier than usual.

Homes are still selling quickly with Days On Market at only 28. Meanwhile, home prices in the Columbus area have come in a bit, but are still up year over year. The Price Per Square Foot and Average Sold Price trends both ticked up slightly from November 2023 to December 2023.

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 (Jan 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 December 2023 was 2952 units.

  • ↓Down 14.4% compared to November 2023
  • ↑Up 8.1% compared to December 2022

The number of Homes Listed in December 2023 was 1516 units.

  • ↓Down 36.3% compared to November 2023
  • ↓Down 4.3% compared to December 2022

Browse Central Ohio Homes Listed For Sale This Month

The number of Homes Closed in December  2023 was 1976 units.

  • ↓Down 9.9% compared to November 2023
  • ↓Down 8.2% compared to December 2022

Browse Central Ohio Homes Sold This Month

The number of Homes Placed Under Contract in December 2023 was 2025 units.

  • ↓Down 0.2% compared to November 2023
  • ↑Up 21.7% compared to December 2022

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 Neutral.* In December 2023 the Average Price Per Square Foot was $182.

  • ↑Up 0.6% compared to November 2023
  • ↑Up 7.7% compared to December 2022

*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 December 2023 was 28 days.

  • ↑Up 21.7% compared to November 2023
  • 0% compared to December 2022

The Sold/Original List Price Ratio Remains Falling* at 97% for December 2023.

  • 0% compared to November 2023
  • ↑Up 1% compared to December 2022

*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 December 2023 was $297k.

  • ↓Down 1% compared to November 2023
  • ↑Up 6.1% compared to December 2022

The Average For Sale Price trend is Neutral.* The Average For Sale Price in December 2023 was $466k.

  • ↑Up 1.5% compared to November 2023
  • ↑Up 13.9% compared to December 2022

The Average Sold Price trend is Neutral.* The Average Sold Price in December 2023 was $347k.

  • ↑Up 0.9% compared to November 2023
  • ↑Up 8.1% compared to December 2022

*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 December 2023 was 1.5.

  • ↓Down 6.4% compared to November 2023
  • ↑Up 15.8% compared to December 2022

*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 December 2023 was 66.9.

  • ↑Up 5.2% compared to November 2023
  • ↓Down 15.1% compared to December 2022

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

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Columbus OH Housing Market Update At A Glance

New Years background with columbus ohio real estate market data for jan 2024 overlaid

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For Central Ohio Home Sellers

With rates coming down slightly, many expect home buyer activity to pick up, especially the season changes to spring. If you've been thinking about selling your home, it's a great time to start preparing. 

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. 
  • 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 Buyers

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. 

While the market is balancing out seasonally, existing home inventory remains relatively low. There are beautiful options in new construction, though. Plus, builders offer great incentives to boost winter sales this time of year. Additionally, housing starts and permits are up, indicating more new construction inventory coming into the market. More inventory and stable rates are what the market needs to balance out.

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 $1,225 and the average apartment size in Columbus is only 882 square feet. That's $14,700 a year for an apartment less than 1k square feet. Over a 30-year span, that comes out to $425,880 for a tiny space you don't 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" listings, price-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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