The median sales price rose to a record-high $320,000 for the month of May in the latest central Ohio Housing Report based on statistics provided by Columbus REALTORS®.
In April, the median sales price crept to $301,705. May saw a 6.1% increase resulting in the $320,000 high water mark. The previous highest monthly median sales price occurred in June of 2022 when it rose to $315,000.
Total sales were also up, month to month, as there were 2,646 closed sales in May compared to 2,175 in April. When comparing closed sales to the scorching Summer of 2022, there was an 18 percent drop off. May 2022 saw 3,227 closed sales.
“With mortgage rates stabilizing, we are seeing some new buyers entering the market,” said Columbus REALTORS® President Patti Brown-Wright. “That has also resulted in a small increase in inventory, which is greatly needed.”
According to Freddie Mac statistics, mortgage rates rose from 5.10% last May to 6.79% this May. Inventory is slowly trending in the right direction as 3,287 new listings hit the market this month, an 18.2% increase over last month. That has allowed the total inventory to climb to just over one month of supply at 2,671 homes.
“It’s the summertime, and the competition is at its peak,” said Brown-Wright. “If you are in the market for a new home, find a REALTOR®, get your financing in order, and be watching the coming soon listings closely. In other parts of Ohio, homes generally take slightly longer to sell. That’s not the case in central Ohio. Do your work up-front so you're ready to roll when the time comes to make an offer.”
Year-to-date, there have been 10,415 closed sales, down 15.5% over last year at this time. In the local market breakdowns, Bexley saw a 43% increase in closed sales with 23. Olentangy local school district posted the most closed sales outside of Columbus, with 153 closings at an average sale price of $627,365.
Columbus checked in at No. 7 on the Realtor.com Top 20 Hottest Housing Markets for May. Dayton was the only other Ohio metro to appear in the Top 20, which checked in 14th.
With prices in central Ohio increasing, inventory is rising gradually, but not at a rate that meets demand. Affordability and supply are of growing concern, not only here but nationwide.
The National Association of REALTORS® partnered with realtor.com to produce theHousing Affordability & Supply Reportin June 2023. The study compares the number of homes that are available and affordable for different income levels now versus what the differing income levels should be able to afford in a balanced market. For example, nearly 51% of households earn $75,000 or less. In a balanced market, these households could afford to buy 51% of the homes available for sale.
The report spotlights the lack of variety regarding price level in our current housing supply and the overall lack of inventory. For context, according to the U.S. Census, the median household income in Franklin County as of 2022 was $65,999, while Delaware County ($116,284), Fairfield County ($77,241), and Licking and Madison Counties ($73,000) reflect the disparities in the region.
Sortable Housing StatisticsCentral 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, Director of Communication (614) 498-1016.
