Columbus OH Real Estate Market Report Nov 2023
In October, the Months of Inventory were at 1.3. Since this is under 3, it remains a seller's market. With stubbornly low inventory, home price trends will likely continue to rise. However, in fall and winter the real estate market usually slows down. We expect to continue to see a seasonal downshift as usual this year.
Homes are still selling quickly with Days On Market at only 20. Meanwhile, home prices in the Columbus area have come in a bit, but are still up year over year.
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 (Nov 15th, 2023).
If you need to buy or sell a home or have questions about this report, please contact us at 614-830-9767.
The number of Homes For Sale in October 2023 was 2631 units.
- ↑Up 3.5% compared to September 2023
- ↑Up 1.5% compared to October 2022
The number of Homes Listed in October 2023 was 2351 units.
- ↓Down 5.1% compared to September 2023
- ↓Down 2.9% compared to October 2022
The number of Homes Closed in October 2023 was 2046 units.
- ↓Down 2% compared to September 2023
- ↓Down 8.6% compared to October 2022
The number of Homes Placed Under Contract in October 2023 was 2248 units.
- ↑Up 8.4% compared to September 2023
- ↑Up 2.9% compared to October 2022
The Average Price per Square Foot on Sold homes trend is Neutral.* In October 2023 the Average Price Per Square Foot was $191.
- ↑Up 1.1% compared to September 2023
- ↑Up 6.7% compared to October 2022
*Based on 6-month trend - Appreciating/Depreciating/Neutral
The average Days On Market trend in the Columbus area is Steady.*
The Average Days on Market in October 2023 was 20 days.
- ↑Up 5.3% compared to September 2023
- ↑Up 5.3% compared to October 2022
The Sold/Original List Price Ratio Remains Falling* at 98% for October 2023.
- 0% compared to September 2023
- 0% compared to October 2022
*Based on 6-month trend - Rising/Falling/Remains Steady
The Median Sold Price trend is Depreciating.* The Median Sold Price for October 2023 was $327k.
- ↓Down 0.9% compared to September 2023
- ↑Up 8.3% compared to October 2022
The Average For Sale Price trend is Depreciating.* The Average For Sale Price in October 2023 was $501k.
- ↓Down 1.4% compared to September 2023
- ↑Up 14.4% compared to October 2022
The Average Sold Price trend is Neutral.* The Average Sold Price in October 2023 was $371k.
- ↑Up 0.5% compared to September 2023
- ↑Up 6.3% compared to October 2022
*Based on 6-month trend - Appreciating/Depreciating/Neutral
It is still a Seller's Market* in Columbus, Ohio!!!
The Months of Inventory based on Closed Sales in October 2023 was 1.3.
- ↑Up 8.2% compared to September 2023
- ↑Up 8.6% compared to October 2022
*Seller's market: less than 3 months of inventory based on closed sales
The Absorption Rate based on Closed Sales in October 2023 was 77.8.
- ↓Down 5.2% compared to September 2023
- ↓Down 9.8% compared to October 2022
*Seller's market: 33.33% and above based on closed sales
Higher interest rates combined with higher home prices have forced some buyers out of the market. However, it's still a great time to sell your home in Columbus. It's not as crazy-competitive as last year, but the inventory issue isn't going away anytime soon, so homes continue to sell fast and prices continue to appreciate year over year. Note above that short-term home-price trends are depreciating, which is to be expected for fall and winter.
If you're selling your home in 2023, 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. This is especially true in the fall because the market will continue to slow until spring. Your best chance for selling fast for more is to price your home attractively for the season.
- 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 rates. 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
Did you know that fall and winter are the best times to buy a home? In fact, right now is the ideal time to be house-hunting in Central Ohio, because inventory is up but 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, inventory remains too low. But, despite higher rates and higher home prices, 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.
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 when we find them.
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, and 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!
"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.