Columbus OH Real Estate Market Report May 2024

In April, the Months of Inventory were at 0.9. With stubbornly low inventory, home price trends will likely continue to rise year over year. Remember that the nation's home builders have underbuilt for the last 15 years. As a result, the US housing supply is short about 7 million homes. 

The number of new homes listed in April was up over 20%, but homes placed under contract in April were up 26%. This shows that buyer demand is still healthy.

Homes are still selling quickly with the average Days On Market at only 25. As expected, home price trends in Columbus are appreciating. The Average For Sale Price is over $500k 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 for the next 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 (May 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 April 2024 was 1879 units.

  • ↑Up 4.8% compared to March 2024
  • ↑Up 15.6% compared to April 2023

The number of Homes Listed in April 2024 was 2787 units.

  • ↑Up 20.4% compared to March 2024
  • ↑Up 12.9% compared to April 2023

Browse Central Ohio Homes Listed For Sale This Month

The number of Homes Closed in April 2024 was 2045 units.

  • ↑Up 8.3% compared to March 2024
  • ↑Up 7.5% compared to April 2023

Browse Central Ohio Homes Sold This Month

The number of Homes Placed Under Contract in April 2024 was 2710 units.

  • ↑Up 26.1% compared to March 2024
  • ↑Up 22.2% compared to April 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 Appreciating*. In April 2024 the Average Price Per Square Foot was $201.

  • ↑Up 2% compared to March 2024
  • ↑Up 5.8% compared to April 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 April 2024 was 25 days.

  • ↓Down 16.7% compared to March 2024
  • ↑Up 19% compared to April 2023

The Sold/Original List Price Ratio Remains Rising* at 100% for April 2024.

  • ↑Up 1% compared to March 2024
  • 0% compared to April 2023

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

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💲Central Ohio Housing Prices

The Median Sold Price trend is Appreciating*. The Median Sold Price for April 2024 was $340k.

  • ↑Up 3% compared to March 2024
  • ↑Up 4.6% compared to April 2023

The Average For Sale Price trend is Appreciating*. The Average For Sale Price in April 2024 was $544k.

  • ↑Up 2.3% compared to March 2024
  • ↑Up 4.6% compared to April 2023

The Average Sold Price trend is Appreciating*. The Average Sold Price in April 2024 was $386k.

  • ↑Up 2.1% compared to March 2024
  • ↑Up 6.6% compared to April 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 April 2024 was 0.9.

  • 0% compared to March 2024
  • 0% compared to April 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 April 2024 was 108.8.

  • ↑Up 3.3% compared to March 2024
  • ↓Down 7.1% compared to April 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 strong sellers market, it's important for home sellers to consider the difficulties buyers are facing due to higher home prices and higher rates. 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 higher rates and prices, 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

How to Get a Deal in a Seller's Market

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 sense to own your home rather than 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.

One way or another, you're paying a mortgage, either yours or your landlord's. 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

106 Properties
Page 1 of 9
$149,900
Neighborhood: Fair Park
4
Beds
1
Baths
1,152
Sq.Ft.
1959
Year Built
1
Day on Site
224020098
MLS
Coming Soon
126 Thornapple Trail Delaware,  OH 43015
$450,000
Neighborhood: Stratford Woods
3
Beds
2F21/2
Baths
2,412
Sq.Ft.
1994
Year Built
1
Day on Site
224020099
MLS
Coming Soon
7296 Donovan Drive Blacklick,  OH 43004
$175,000
Neighborhood: Mcneill Farms
2
Beds
1
Baths
896
Sq.Ft.
1996
Year Built
1
Day on Site
224020097
MLS
$239,900
Neighborhood: Woodrun Place
2
Beds
2F11/2
Baths
1,566
Sq.Ft.
1984
Year Built
1
Day on Site
224020102
MLS
$1,600,000
Neighborhood: None
4
Beds
3F21/2
Baths
4,714
Sq.Ft.
1997
Year Built
1
Day on Site
224020101
MLS
Coming Soon
9182 Windy Creek Drive Columbus,  OH 43240
$399,000
Neighborhood: Prestwicke Commons
3
Beds
2F11/2
Baths
1,350
Sq.Ft.
1999
Year Built
1
Day on Site
224020100
MLS
2
Beds
1
Baths
1,008
Sq.Ft.
1900
Year Built
1
Day on Site
224020108
MLS
2
Beds
2
Baths
1,224
Sq.Ft.
2020
Year Built
1
Day on Site
224020107
MLS
Coming Soon
110 N 3rd Street Columbus,  OH 43215
$279,900
Neighborhood: Exchange
2
Beds
2
Baths
1,145
Sq.Ft.
1913
Year Built
1
Day on Site
224020106
MLS
Open 6/23
2249 Castlebrook Drive Powell,  OH 43065
$571,900
Neighborhood: Canterbury
4
Beds
3F11/2
Baths
2,580
Sq.Ft.
1996
Year Built
1
Day on Site
224020105
MLS
Coming Soon
85 Acton Road Columbus,  OH 43214
3
Beds
1F11/2
Baths
1,156
Sq.Ft.
1952
Year Built
1
Day on Site
224020104
MLS
Coming Soon
3191 Spring Valley Road London,  OH 43140
5
Beds
3F21/2
Baths
5,712
Sq.Ft.
1976
Year Built
1
Day on Site
224020111
MLS

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