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by Columbus Realtors
THE REGION SAW A 33 PERCENT BOOST IN CLOSED SALES MONTH-TO-MONTH.
March signifies the start of Spring, and the central Ohio housing market saw a significant uptick month over month. There were 2,304 closings in March as the average sale price increased to $328,769. In February, there were 1,728 closed sales marking a 33 percent increase month to month.
Columbus Ranks 4th Nationally |
Columbus moved up one spot on the Realtor.com Top 20 Hottest Housing Market list, jumping from fifth place in February to fourth in March. The Hottest Housing Markets are based on market demand, as measured by unique views per property on Realtor.com, and the pace of the market, as measured by the number of days a listing remains active on Realtor.com. |
In March of 2022, there were 2,430 closed sales, which equates to a 5.2 percent decrease yearly. The average sale price one year ago sat at $318,826. With the average increasing by over $10,000, the average sale price is up 3.1 percent over last year.
“Home prices continue to tick up each month around Columbus,” said Columbus REALTORS® President Patti Brown-Wright. “That can pose some challenges to potential buyers, but it’s also important to remember that Columbus remains one of the most affordable metros in the U.S.”
According to the Bankrate.com Cost of Living Comparison Calculator, living in Columbus is 40 percent lower than in Seattle, 19 percent lower than in Denver, 41 percent lower than in Washington, D.C., and 3 percent lower than nearby Indianapolis.
For the better part of two years (2020-22), central Ohio homebuyers became accustomed to homes selling for slightly over the asking price. Last year the percentage of the last list price received sat at 103.5%, and this month the average is back over asking at 100.3%.
Home sales are rising, and days on the market are dropping. 72.6 percent of homes sold in 30 days or less in March. On average, homes last 34 days on the market, but that isn’t the case in some of central Ohio’s hottest suburbs.
There were 82 closed sales in Westerville City School District in March, and homes were on the market an average of 16 days. Dublin (Corp.) saw 33 closings, and homes were sold in 10 days last month.
Even with Escalating Prices, Columbus is Still Affordable |
In the Hilliard School District, there were 74 closings, down from from 96 last March, and homes were on the market for 23 days compared to just 8 days for the same period last year. Home prices, however, continue to rise, up .5% to $359667.
“The competition is still fierce out there,” said Brown-Wright. “With mortgage rates still hovering around 7 percent, there are not as many new listings coming onto the market as there were at this time last year. Buyers need to act fast.”
There were 2,630 new listings in March, a 20 percent drop over 2022 when rates were 3-4 percent lower. The decreasing number of new listings has the total inventory at 2,322 homes in central Ohio.
For the second-straight month, South-Western Consolidated School District in Grove City has remained hot with 151 closed sales at an average sales price of $310,138, up 13.4 percent year over year. Olentangy Local School District in Delaware County has kept up its torrid pace with 111 closings with an average sale price of $584,123, a 10.1 percent increase over March 2022.
“We’re heading into peak season for buying and selling in central Ohio,” noted Brown-Wright. “REALTORS® are there to help potential buyers and sellers navigate this challenging market, so don’t hesitate to reach out.”
Like last month, Ohio boasts five metros in the Realtor.com Top 20. Columbus (4th) leads the way, followed by Dayton (11th), Akron (15th), Canton-Massillon (16th), and Toledo (17th).
If you are considering selling your home or looking for your next, I can help! To request a free complete guide to selling your home or a competitive market analysis click here.To find available homes by school district, click here.
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