August 2024 Central Ohio Housing Report from Columbus REALTORS®
As mortgage rates reach their lowest point since February 2023, inventory in central Ohio steadily increases.
Sortable Housing Stats by School District/County
Central Ohio Housing Statistics
COLUMBUS, Ohio (Sept. 19, 2024)— August saw 2,738 closed sales in the Columbus & Central Ohio Regional MLS, marking a 4.8% decrease year over year. Despite the slight decline in sales year-over-year, inventory continued its steady rise in the latest housing statistics issued by Columbus REALTORS®.
August was comparable to July in terms of closings. Last month, there were 2,806 sales, resulting in a 2.4% decline compared to August. Despite the slowdown in August, year to date, 2024 is outpacing 2023 by 3.2%. Through August 2024, there have been 19,313 sales in the region.
Recent news surrounding mortgage rates could be enough to signal an Autumn surge in the local market. Last week, Freddie Mac reported that the standard 30-year fixed mortgage had dropped to 6.2%, marking the lowest rate since February 2023 and well below the 7.79% high water mark reached in October 2023. On Sept. 18, the Fed announced a 0.5% rate cut. The last time the Federal Reserve lowered interest rates was 2020.
“Our housing market in central Ohio is what I would consider steady at the moment,” said Columbus REALTORS® President Scott Hrabcak. “We’ve consistently put around 3,500 new homes on the market each month, and home sales have been just below that.”
Homes remained on the market for 22 days, up from 18 last August. Buyers are also seeing a slight discount at the closing table as homes sold at 99.5% of the last list price received.
The median sales price increased 1.7% year over year, rising to $322,450 in August. It peaked in June at $334,900.
Locally, South-Western City School District (Grove City) was the busiest suburb, with 173 sales at a median sales price of $310,000. The 173 closings marked a 17% increase over August 2023. There were 20 sales in Bexley, up 233% year-over-year. The median sales price was $625,000. Finally, one of central Ohio’s fastest-growing villages, Plain City, saw 20 sales at a median price of $451,684.
Columbus REALTORS® is the leading advocate and trusted source for 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.
For media inquiries, please contactCraig Hicks, Senior Director of Communication & Engagement at Columbus REALTORS®
