Columbus OH Real Estate Market Report Oct 2023
In September, 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 the fall and winter the real estate market usually slows down, and we expect to see a seasonal downshift as usual this 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 (Oct 16th, 2023).
If you need to buy or sell a home, please contact us at 614-830-9767.
The number of Homes For Sale in September 2023 was 3284 units.
- ↑Up 9.6% compared to August 2023
- ↓Down 1.6% compared to September 2022
The number of Homes Listed in September 2023 was 3007 units.
- ↓Down 13.2% compared to August 2023
- ↓Down 8.8% compared to September 2022
The number of Homes Closed in September 2023 was 2503 units.
- ↓Down 16.1% compared to August 2023
- ↓Down 16.3% compared to September 2022
The number of Homes Placed Under Contract in September 2023 was 2881 units.
- ↑Up 2.2% compared to August 2023
- ↑Up 9.1% compared to September 2022
The Average Price per Square Foot on Sold homes trend is Depreciating.* In September 2023 the Average Price Per Square Foot was $182.
- ↓Down 3.2% compared to August 2023
- ↑Up 3.4% compared to September 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 September 2023 was 20 days.
- ↑Up 17.6% compared to August 2023
- ↑Up 17.6% compared to September 2022
The Sold/Original List Price Ratio Remains Falling* at 98% for September 2023.
- ↓Down 1% compared to August 2023
- 0% compared to September 2022
*Based on 6-month trend - Rising/Falling/Remains Steady
The Median Sold Price trend is Depreciating.* The Median Sold Price for September 2023 was $310k.
- ↓Down 2.5% compared to August 2023
- ↑Up 6.2% compared to September 2022
The Average For Sale Price trend is Depreciating.* The Average For Sale Price in September 2023 was $483k.
- ↓Down 2% compared to August 2023
- ↑Up 18.7% compared to September 2022
The Average Sold Price trend is Depreciating.* The Average Sold Price in September 2023 was $349k.
- ↓Down 5.2% compared to August 2023
- ↑Up 4.8% compared to September 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 September 2023 was 1.3.
- ↑Up 29.9% compared to August 2023
- ↑Up 17.9% compared to September 2022
*Seller's market: less than 3 months of inventory based on closed sales
Use this table to quickly see how the Columbus, Ohio area real estate market is doing.
For Central Ohio Home Sellers
Higher home prices paired with higher interest rates make it difficult for buyers who find themselves priced out. It's still a great time to sell your home in Columbus, but it's not as crazy-competitive as last year. Note above that home-price trends are depreciating, which is to be expected into 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, 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 sooner rather than later in the year.
- 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.
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 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. Many reports have found that home buyers get the best deal when they close in the fall and winter.
While the market is balancing out, inventory remains too low. But, despite higher rates and higher home prices, it still makes more sense to own than to rent. Rents have increased just like everything else. 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 own home vs rent.
If you're still renting, look for opportunities in the market such as "stale" listings, price-reduced homes, new home incentive opportunities, down payment assistance, and fixer-uppers. 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.
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!
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.