Columbus, Ohio (March 21)- February saw 1,728 closed sales in central Ohio, marking a 14 percent increase over last month per statistics from Columbus REALTORS®. The sales bump is a positive indicator that the region is coming out of the winter months, and attitudes around the local market remain resilient.
The closed sales in February improved over the first month of 2023 but still couldn’t compete with the year-over-year numbers. Last February, with Columbus still entrenched in a hot market, there were 1,953 closed sales, equating to an 11.5 percent drop compared with February 2022.
“It’s a positive sign to see a jump in sales over January,” said Columbus REALTORS® President Patti Brown-Wright. “The number of homes that are under contract is not far off our numbers from 2022.”
There was only a 6.2 percent decrease in under-contract home sales when comparing February 2023 to February 2022.
The average sale price in central Ohio in February was $315,808, a 6.5 percent increase over last February’s average sale price of $296,489. The median sale price saw a 12 percent spike, going from $250,000 to $280,000.
Buyers are averaging a 2.7 percent discount off the list price, a 3 percent difference from last year when homes sold slightly over the asking price.
Inventory around the Capital City has remained consistent, but the current inventory of homes for sale sits at 2,315, keeping the area firmly entrenched as a seller's market. There is just under one month’s supply of inventory, but that marks a 50 percent increase over where the market stood in 2022.
According to Freddie Mac, mortgage rates were rising throughout the month. The average rate on a 30-year fixed mortgage started at 6.09% and ended at 6.65% at the end of February.
“Mortgage rates are always a hot topic nationally,” said Brown-Wright. “We are still feeling great demand from potential buyers in central Ohio. If there is one segment of the population that the higher rates have impacted, it’s potential sellers who are sitting on a much lower rate in their current home.”
Of the 1,728 closed sales this month, 63 percent have been financed through conventional mortgages. FHA and VA loans accounted for 16 percent of sales, and cash sales in February stood at 22 percent. According to the National Association of Realtors (NAR), 29 percent of transactions across the country in January were all-cash sales.
Columbus remains rooted in the top five of the Realtor.com Hottest Housing Market rankings. February ranks Columbus fifth based on two critical aspects of the market: demand, 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 the website.
The top 20 hottest markets are spread across 11 states, with Ohio leading the way with five metro areas in the rankings. Columbus leads the way at No. 5, followed by Dayton (11), Akron (12), Canton-Massillon (14), and Toledo (18).
Highlighted communities in February included Marysville, Delaware, and Beechwold/Clintonville. Marysville saw a 35 percent increase in sales year over year, with 35 closings at an average sale price of $286,771. Delaware’s sales were up 11 percent thanks to 40 closings, which resulted in an average sales price of $329,330. Beechwold/Clintonville saw a 59 percent rise after 35 sales for an average of $375,226. Grove City saw the most volume outside the city limits, with 113 sales at a median sale price of $260,000.
Sortable Housing StatsCentral Ohio Housing Statistics (PDF)
Columbus REALTORS® is composed of almost 10,000 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development, and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Marion, Morrow, Pickaway, and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Muskingum, Perry, and Ross counties.
To view residential properties for sale, visitrealtor.com.
To view commercial properties for sale or lease, visitCrexi.com.
For media inquiries, please contactCraig Hicks, Director of Communication (614) 498-1016.
