Columbus Ohio Real Estate Market Report June 2024

The Columbus, Ohio real estate market continues to exhibit robust activity, driven by high demand and steady regional growth. While inventory levels are gradually improving, they still fall short of meeting the needs of prospective buyers, contributing to upward pressure on home prices. This report provides an in-depth analysis of current market trends, offering valuable insights for both home sellers and buyers navigating this dynamic environment.

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

The number of Homes For Sale in May 2024 was 2304 units.

  • ↑Up 24.5% compared to April 2024
  • ↑Up 46.7% compared to May 2023

The number of Homes Listed in May 2024 was 3089 units.

  • ↑Up 10.3% compared to April 2024
  • ↑Up 9% compared to May 2023

Browse Central Ohio Homes Listed For Sale This Month

The number of Homes Closed in May 2024 was 2439 units.

  • ↑Up 17.9% compared to April 2024
  • ↑Up 3.5% compared to May 2023

Browse Central Ohio Homes Sold This Month

The number of Homes Placed Under Contract in May 2024 was 2867 units.

  • ↑Up 20.6% compared to April 2024
  • ↑Up 21.3% compared to May 2023

Browse Pending Homes In Central Ohio

Green bar chart showing the number of homes that were listed, sold, pending, for sale through May 2024 in Central Ohio

Black and white table image with June 2024 Listing data for Central Ohio

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📐Central Ohio Average Price Per Square Foot

In May, the Average Price per Square Foot on Sold homes trend was Appreciating*. The Average Price Per Square Foot (APPSF) was $205.

  • ↑Up 2% compared to April 2024
  • ↑Up 6.8% compared to May 2023

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

Blue bar graph with the Average Price Per Square Foot in Central Ohio over the last yearblack and white table showing the average price per square foot data for central ohio in may 2024

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📉Central Ohio Days on Market

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

The Average Days on Market in May 2024 was 48 days.

  • ↓Down 12.7% compared to April 2024
  • ↑Up 166.7% compared to May 2023

The Sold/Original List Price Ratio Remains Steady* at 100% for May 2024.

  • 0% compared to April 2024
  • ↓Down 1% compared to May 2023

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

bar chart showing average days on market through June 2024 in Central Ohio

black and white table showing average days on market for homes sold through May 2024 in Central ohio

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💲Central Ohio Housing Prices

The Average Median Sold Price trend is Appreciating*. The Median Sold Price for May 2024 was $350k.

  • ↑Up 2.9% compared to April 2024
  • ↑Up 2.9% compared to May 2023

The Average For Sale Price trend is Neutral*. The Average For Sale Price in May 2024 was $536k.

  • ↓Down 1.5% compared to April 2024
  • ↓Down 0.6% compared to May 2023

The Average Sold Price trend is Appreciating*. The Average Sold Price in May 2024 was $406k.

  • ↑Up 5.2% compared to April 2024
  • ↑Up 4.6% compared to May 2023

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

blue bar chart with for sale and sold home price data through May 2024 in Central ohio

black and white table with home price data in central ohio through may 2024

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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 May 2024 was 1.

  • ↑Up 11% compared to April 2024
  • ↑Up 44.3% compared to April 2023

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

yellow bar chart with months of housing inventory in Central Ohio through may 2024black and white table showing months of inventory through May 2024 in Central ohio

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📈Central Ohio Absorption Rate

The Absorption Rate based on Closed Sales in May 2024 was 104.2.

  • ↓Down 5.4% compared to April 2024
  • ↓Down 29.4% compared to May 2023

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

green chart with housing absorption rate in central Ohio through may 2024black and white table showing the absorption rate of closed homes through may 2024 in central ohio

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Columbus OH Housing Market Update At A Glance

summer background image with columbus real estate stats for June 2024 overlay

date table showing all central ohio real estate stats through may 2024

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Tips For Central Ohio Home Sellers

Despite the strong sellers' market, it's crucial for home sellers to be mindful of the challenges buyers face due to higher home prices and sustained higher interest rates. If you're considering selling your home in 2024, keep the following tips in mind:

  1. Price Your Home Appropriately: As highlighted in the report, the Average For Sale Price is higher than the actual Median and Average Sold prices. It's essential to price your home accurately or even slightly lower to create a competitive "auction effect." If you need to adjust the price after listing, do so promptly. Overpricing can cause your home to linger on the market, receive lowball offers, and ultimately sell for less than desired. Remember, in real estate, prolonged market time equates to financial loss.

  2. Make Your Home Move-In Ready: Buyers prefer homes that are move-in ready and often overestimate the cost of repairs. Ensure your home is clean and well-maintained to attract more buyers. If you opt not to handle deep-cleaning and repairs, price your home accordingly or consider accepting a cash offer.

  3. Offer Buyer Incentives: Consider providing Seller Credits, an Assumable Mortgage, or Buy Downs to attract and assist home buyers. Offering a rate buy-down can significantly lower a buyer’s monthly payment, often more effectively than reducing 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.

Despite higher rates and prices, now is still a good time to buy a home in Central Ohio. The uptick in new listings and homes for sale above is still not enough to balance the market. As rates fall, more buyers will come into the market, which will buy up any extra inventory and cause prices to rise again. Additionally, the Central Ohio area is experiencing steady growth, which is why home values are expected to continue rising. Remember, you can always refinance the rate later—commit to the house you love.

While the inventory of existing homes is still limited, there are more options available in new construction. New construction allows you to move in without the hassle and expense of updating an older home. However, ensure you're working with your own trusted buyer's agent when purchasing new construction. Remember, the builder's sales agent represents the builder, not you.

Browse New Homes For Sale in Central Ohio

Get a Deal in a Seller's Market

If you want a better 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.

Browse Homes For Sale in Central Ohio BELOW $300k

Today's New Listing in Central Ohio

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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

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