As the central Ohio housing market embarks on a new year, we look back at the final month of 2023. In December, there were 1,917 closed sales in the Columbus & Central Ohio Regional MLS, a 5.7 percent decrease over December 2022. The median sale price grew to $295,000, a 7.3 percent increase year-over-year.
In the peak of summer sales, homes in the region were spending about 17-18 days on the market. In December, that number rose to 30 days, the highest number since March.
The total inventory of homes for sale surpassed 3,000, marking a 9.7% rise over last December. Supply sits at 1.4 months, which is a 27.3 percent increase year-over-year. New listings in December were typical for a month that is traditionally sluggish in this category. There were 1,434 new listings entered into the MLS in December 2023, which was just a 1.6 percent decrease year-over-year.
Homes sold for 1.1 percent under the asking price, setting the state up for potential negotiation at the offer table.
“The Columbus housing market is as competitive as ever, but if you’re in the market for a home, buying now is a great idea,” said 2023 Columbus REALTORS® President Patti Brown-Wright. “We’re a long way from being a buyers' market, but if you’re shopping, I would recommend getting in the game quickly because we’re expecting a very busy spring.”
The National Association of REALTORS predicts 4.71 million existing home sales in 2024, a 13.5 percent increase over the 4.1 million sales in 2023.
Industry leaders seem to agree. Zillow named Columbus, Ohio, the No. 3 hottest housing market for 2024. In fact, three Ohio metros landed in the top 10 as Cincinnati (No. 2) and Cleveland (No. 8) joined the Capital City. Buffalo, N.Y., was ranked No. 1.
At the local level, there were 25 closed sales in Pickerington at a median sale price of $449,900, which was a 45% increase over last December. Total sales were up 9.5% year-over-year in Marion. There were 12 closings in Obetz as the median sale price jumped 33.8% to $356,425. For the year, Obetz topped the region with a 27.2 percent increase in new listings year-over-year. The village also saw a 118 percent increase in the inventory of homes for sale, ranking it fourth in the region.
When comparing 2023 against 2022, the number of homes available for sale was up 9.7 percent; however, due to factors such as higher mortgage rates and rising prices, new listings decreased by 11.9 percent to finish the year at 32,022.
The median sold price for the year was $302,000, a 4.1 percent increase over 2022 and the percent of sold price to last list price was 100.4 percent, a slight 1.5 percent decrease year over year. Single-family home prices were up 4.6 percent compared to last year, and Condo home prices were up 6.7 percent. Of the 27,592 sales this year, 3,814 (13.8%) were condominiums.
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