More homes for sale, a robust market, and more time to choose. Columbus REALTORS® breaks down the July housing report for Central Ohio.
Strong demand for homes continues to boost home sellers long-term gains.
Year-to-year home values are still up in the month of July. The average sales price in July rose 10.4% to $346,359. That’s up from $313,737 one year ago.
“We continue to see a healthy housing market in Columbus through the summer,” said Sue Van Woerkom, 2022 President of Columbus REALTORS®, “Central Ohio is a sought after region booming with business, entrepreneurship, and culture. It’s not surprising that our housing market reflects these strong qualities.”
Year-to-year, homes sat on the market longer in July. It’s taking an average of 13 days for a home in Central Ohio to sell. That’s an 18.2% increase since July 2021, but it’s a marked improvement from the average year-to-date, which is 15 days on the market.
The housing market in Franklin County moves faster. Homes spend around 11 days in the market before being sold.
There is more housing inventory to browse in Central Ohio. Inventory rose 15.9% year-to-year in July. This is positive news for home buyers taking their time to find the right property.
The July report showed the first sign of home prices cooling off since this spring.
“Central Ohio home buyers looking for a home now will potentially get a better price on a new home than they would have gotten for the same house just a few months ago,”said Van Woerkom. The average sales price for a home dropped just over $8,000 since June.
These shifts in the market follow several federal interest rate hikes and inflation that squeezed consumer’s wallets.
“Home buyers are watching the economy closely before making big buying decisions,” said Van Woerkom, “They want to be sure they are making a home investment they can continue to afford in the future.”
Columbus suburb Worthington is gaining national attention for its hot housing market.
Realtor.com named it the third hottest zip code in the nation.
“We are not surprised that the quaint city of Worthington is one of the most sought after communities in the country! It’s the ideal suburb for people looking for a well-rounded community with safe neighborhoods and convenient access to everything Columbus has to offer,” Van Woerkom said.
Realtor.com’s team analyzed over 29,000 zip codes to discover their list of “Hot Zips”. They took into account the demand and pace of the market.
Homes in Worthington sold at an average price of $398,408 in July. Inventory is tight. People are holding on to their real estate gems. There were only 47 homes for sale in Worthington in July.
July 2022 Housing Report
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, visitHomes.com.
To view commercial properties for sale or lease, visitCrexi.com.
For media inquiries please reach out to
Aly Romotat 813-417-5715
Laura Borchersat 937-726-1199
