Inventory in the central Ohio housing market improved thanks to 2,233 new listings in November as closed sales decreased 5.8% compared to 2022.
There were 2,074 sales in the Columbus & Central Ohio Regional MLS in November and 2,360 in October, marking a 12.1% decrease month-to-month. There are 2,117 homes in contract, coming within 1% of matching the number of homes that were in contract in November 2022.
The median sales price of all homes sold in central Ohio in 2023 has increased by 4.7% up to $303,500 in 2023. Last November, the region’s median annual sales price sat at $290,000.
The national average of a 30-year fixed rate mortgage is 7.27% as of Dec. 14, a significant improvement over October when the rate surpassed 8% for the first time in over two decades.^
“We have received some forecasts for 2024 from our chief economist at NAR that predict rates should continue to decrease,” stated Columbus REALTORS® President Patti Brown-Wright.
Lawrence Yun, the National Association of REALTORS® Chief Economist, forecasts that the 30-year fixed-rate average might fall to 6.3% in 2024. That could help facilitate an upturn in sales in 2024. National projections from NAR show sales in new builds increasing by 19% and existing home sales rising by 13%.#
Year to date, there have been 25,660 sales in the central Ohio regional MLS for a total sales volume of $8.9 billion. That marks a 14% decrease year over year. Central Ohio still outperforms the national average, which projects an 18% decline in total home sales in 2023.
Financing statistics for the 25,660 sales in central Ohio in 2023 are as follows: Conventional loans (60.3%), cash (18.1%), FHA (11.7%), VA (4.9%), and others (4.3%).
While late Spring and Summer are the most popular times to buy a home in central Ohio, Brown-Wright reminds buyers and sellers that there are benefits to selling in the winter.
“In a market as competitive as ours, anytime is a great time to sell your home, but with inventory levels where we are, there are opportunities for both buyers and sellers that may not be there in three to six months,” said Brown-Wright. “Work with a REALTOR® who understands your budget and your needs. That decision will save you money and time in the end.”
Locally, Union County continues to stand out, with 66 transactions in November at a median sales price of $400,887. That’s a 50 percent increase in sales year over year. Groveport Madison Local School District logged 57 transactions, a 24% increase year-over-year, with a median sale price of $220,000, making it one of the most affordable districts in central Ohio.
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.
Sortable Housing StatsCentral Ohio Housing Statistics (PDF)
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.
^ Source: Bankrate.com (Dec. 14, 2023)
# Source: NAR Real Estate Forecast Summit (Dec. 12, 2023)
