After three consecutive months of record-breaking median sales prices, the region saw a 2.2 percent decrease from June to July. Combine that with an 8.7% increase over last month's inventory, and potential buyers have a little more selection to go along with some potential relief at the signing table, according to July 2023 housing statistics provided by Columbus REALTORS®.
In June, the median sales price topped out at a record-setting $322,205, and in July, it scaled back slightly to $315,000, still a 4.8% increase year-over-year.
Central Ohio’s inventory challenges have been well documented, but July’s nearly 9 percent bump in total homes for sale is a welcome change.
“Plenty of eyes are on the central Ohio real estate market,” said Columbus REALTORS® President Patti Brown-Wright. “We have lots of things going our way, with new industrial and manufacturing opportunities being announced almost weekly. Now is the best time to find your forever home in Columbus.”
Last month, inventory sat at 2,887 homes; this month, that number jumped to 3,137, still about 12% off of where the inventory sat during July of 2022.
“One year ago, the market was setting records, and there was more inventory partially because mortgage rates were still below 5%,” said Brown-Wright. “Last month mortgage rates were closer to 7%, which can impact people’s willingness to move.”
There were 2,505 closed sales in July, marking a 21.7 percent decrease year-over-year, further proving Brown-Wright’s theory.
Homes last just over two weeks on the market. In July, the average home took 17 days to sell. In June, it took 20 days for a home to sell. Total inventory sits at 1.3 months’ supply, an 8.3 percent increase over last July. A balanced market, where there is an equal number of buyers and sellers, has five to seven months of supply.
“Central Ohio remains a seller’s market,” said Brown-Wright. “We have been one of the hottest housing markets in the nation for years, and that can be challenging for a buyer. Lean on your REALTOR®. They understand this unique market, and their expertise will save you dollars at the negotiating table.”
Grove City posted an 11.3% increase in closings in the local market spotlight, with 69 at a median sales price of $339,900. Reynoldsburg posted a 6.9% jump in closed sales with 62, resulting in a median sale price of $305,000.
New Albany (Corp.) boasted a median sale price of over $1 million for the second-straight month. After 25 closed sales in July, the median sales price was $1,125,650.
Sortable Housing StatsCentral Ohio Housing Statistics (PDF)
Columbus REALTORS® is composed of 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 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 contact Craig Hicks, Senior Director of Communication & Engagement (614) 498 -1016
