Columbus, Ohio (April 29, 2024)—Columbus, Ohio ranked No. 8 on the Spring 2024 Housing Market Ranking issued jointly by The Wall Street Journal and Realtor.com.
The ranking underscores the unique appeal of Columbus, Ohio's housing market, which offers a lower cost of living, diverse homes, and a thriving local economy. This quarter’s top 10 includes three Ohio locations, with Columbus, at No. 8, standing out as the largest metro by a significant margin, boasting a population of 2.2 million. The second-largest metro in the top 10 was Akron, Ohio, with a population of 700,000.
“Columbus has been a staple in the Realtor.com Housing Market Rankings for multiple years,” said Columbus REALTORS® President Scott Hrabcak. “I think it speaks to the numerous opportunities in central Ohio. It’s a wonderful place to live, work, and play, and we’re excited to tell anyone who will listen.”
The median sale price in central Ohio in March 2024 was $310,000, and homes have lasted an average of 33 days on the market until sale. According to Columbus and Central Ohio Regional MLS statistics, the median sale price for the year is $300,000, and homes sell at 99.3% of the last list price received.
“Midwesterners are inherently modest people,” said Hrabcak. “We can’t let that modesty impede our progress and achievements as a region. Together, with one voice, we can make Columbus the envy of cities across the U.S.”
According to the jointly issued report, the index methodology looks at:
The ranking evaluates the 200 most populous core-based statistical areas, as measured by the U.S. Census Bureau, and defined by March 2020 delineation standards for eight indicators across two broad categories: real estate market (60%) and economic health and quality of life (40%). Each market is ranked on a scale of 0 to 100 according to the category indicators, and the overall index is based on the weighted sum of these rankings. The real estate market category indicators are: real estate demand (15%), based on average pageviews per property; real estate supply (15%), based on median days on market for real estate listings, median listing price trend (15%), based on annual price growth over the quarter, property taxes (10%) and climate risk to properties (10%). The economic and quality of life category indicators are: unemployment (5%); wages (5%); regional price parities (5%); the share of foreign-born (5%); small businesses (5%); amenities (10%), measured as the average number of stores per specific “everyday splurge” category (coffee, upscale/specialty grocery, home improvement, fitness) per capita in an area; and commute time (5%).
