2024 Central Ohio Housing Market Review
2024 marked a slight shift in the central Ohio housing market, transitioning from the rapid pace of the pandemic to a more normalized market. While the pace has slowed, the area remains firmly entrenched in a seller’s market.
Based on key population indicators from the Mid-Ohio Regional Planning Commission (MORPC), the central Ohio region is expected to reach a population of 3.15 million by 2050. This translates to an addition of approximately 726,000 new residents between now and 2050, with a substantial portion of that growth occurring within the next 10 years. MORPC also predicts an annual population growth rate of around 1% for the region over the next 25 years. That steady growth rate will keep housing demand at a premium for the foreseeable future.
This annual review is based on data provided by the Columbus & Central Ohio Regional Multiple Listing Service (MLS), a wholly owned subsidiary of Columbus REALTORS®.
View the Columbus Realtors 2024 End-of-Year Report
Key Takeaways from 2024:
Sales Rise Along with Price: Home sales were up 1.2 percent over 2023, and the median sale price also rose 5.9% to $319,000, up from $302,000 in 2023. Slight Inventory Increases: Inventory levels improved slightly year-over-year, providing buyers with more choices and reducing the pressure of immediate decisions. However, the area continues to trail comparable midwestern metros in terms of new housing stock. Increased Market Time: Homes spent longer on the market, giving buyers more time to consider options and negotiate.
A Deeper Look
Total Sales
The number of homes sold in 2024 was 28,754, an increase from the 27,987 units sold in 2023. This marks a year-over-year increase of 2.7% in home sales. The total volume rose to $10,502,599,778, marking the third-highest total recorded by the Columbus & Central Ohio Regional MLS. To put this in perspective, looking back 30 years to 1995, there were 14,962 closed sales with a total volume of $1,765,516,000. Not only were there 23,132 more homes sold in 2024 compared to 1995, but the average sales price also increased by $247,257. Clearly, central Ohio has changed significantly since 1995, and according to MORPC’s predictions, it will be an entirely different place in 2050.
Inventory Levels
One highlight of 2024 was the increase in inventory. The year ended with 3,876 active listings, a 24.9% rise from the 3,103 listings in 2023. This increase provided buyers with a wider selection of homes and reduced the urgency to make immediate offers. However, inventory levels remained relatively low compared to historical averages, indicating a continued seller's market. A recenthousing study by the Building Industry Association (BIA) of Central Ohioreveals a significant gap between housing demand and construction. Based on projected job growth, the housing study estimates a need for 14,000 new housing units annually through 2032. The study suggests Central Ohio needs to nearly double the number of permits issued for new housing construction to meet the current demand.
Home Prices
Home prices continued to appreciate in 2024. The median sale price reached $319,900, a 5.9% increase from 2023. However, this growth rate was significantly lower than the double-digit increases witnessed during the pandemic (2020-22). At the closing table, homes were selling slightly under the final asking price (99.6%).
Days on Market
Homes spent an average of 28 days on the market in 2024, a noticeable increase from the 24 days in 2023. Buyers had more time to consider their options, conduct due diligence, and negotiate offers in 2024, while sellers needed to be more strategic in pricing and marketing their properties.
New Listings
The number of new listings in 2024 totaled 34,561, an increase of 7.9% from the 32,022 new listings in 2023. This increase shows that consumers are adapting to the changing market and are more willing to participate.
Regional Spotlight
In 2024, Franklin County recorded 14,679 closed sales, a 1.4% increase compared to 2023. Delaware County experienced a 4.4% rise, reaching 2,834 sales. Licking County increased by 2.8%, totaling 2,145 sales. Due to several new developments in Pickerington and Canal Winchester, Fairfield County saw an 8.1% year-over-year increase, with 1,976 closed sales in 2024. Union County achieved a double-digit growth of 10.3%, posting 903 closings last year. Gahanna, which repeated as the hottest zip code in America in 2024, recorded 1,035 sales between Gahanna and the Gahanna Jefferson LSD, reflecting an 8.5% year-over-year increase.
Columbus REALTORS® is the leading advocate and voice of real estate in central Ohio. It comprises almost 10,000 real estate professionals engaged in residential and commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development, and more.
The Columbus & Central Ohio Regional Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fairfield, Fayette, Hocking, Licking, Madison, Marion, Morrow, Perry, Pickaway, and Union Counties and parts of Athens, Champaign, Clark, Clinton, Knox, Logan, Muskingum, and Ross counties.
