As we come to the end of summer, we expect to see the market begin to seasonally shift. The frenetic housing frenzy of the spring and summer begins to slow down as families focus on school and then holidays.

However, some reports are showing that the market may be headed towards a more balanced state overall. In fact, price reductions are up in some of the largest US metros.

Are we seeing the same conditions in Central Ohio? Is it still a hot seller’s market? Let’s find out!

 

🏘️ Columbus OH Homes For Sale, Listed, Sold, & Pending

The number of Homes For Sale in July 2018: 3905 units.
<img draggable=Up 7.8% compared to June 2018
<img draggable=Down 6.3% compared to July 2017

The number of Homes Listed in July 2018: 3495 units.
<img draggable=Down 5.3% compared to June 2018
<img draggable=Down 0.6% compared to July 2017

The number of Homes Sold in July 2018 was 2942 units.
<img draggable=Down 4.9% compared to June 2018
<img draggable=Up 1.4% compared to July 2017

The number of Homes Placed Under Contract in July 2018: 3526 units.
<img draggable=Up 10.5% compared to June 2018
<img draggable=Up 21.4% compared to July 2017

 

 

📏Average Price Per Square Foot in Columbus OH

The Average Price per Square Foot on Sold homes was Neutral* in July at $124.

<img draggable=Down 2.4% compared to June 2018
<img draggable=Up 6% compared to July 2017

*Based on 6 month trend – Appreciating/Depreciating/Neutral

 

 

 

📉Days on Market: Are Homes Selling Fast?

The average Days On Market trend in Columbus continues to fall*!

The Average Days on Market in July 2018 was down to 21 days.
• Unchanged compared to June 2018
<img draggable=Down 16% compared to July 2017

The Sold/Original List Price Ratio is steady* at 98% in July 2018.
<img draggable=Down 1% compared to June 2018
• Unchanged compared to July 2017

*Based on 6 month trend – Rising/Falling/Remains Steady

 

 

💲Columbus OH Home Prices

The Median Sold Price was neutral* in July 2018 at $215k.
<img draggable=Down 2.3% compared to June 2018
<img draggable=Up 7.5% compared to July 2017

The Average For Sale Price was Neutral* in July at $386k.
<img draggable=Down 2% compared to June 2018
<img draggable=Up 5.2% compared to July 2017

The Average Sold Price trend was Neutral* in July at $247k.
<img draggable=Down 2.8% compared to June 2018
<img draggable=Up 5.6% compared to July 2017

*Based on 6 month trend – Appreciating/Depreciating/Neutral

 

 

📅Columbus OH Months Of Inventory

It’s still a Seller’s market* in Central Ohio.

The Months of Inventory based on Closed Sales in July 2018 was 1.3.
<img draggable=Up 8.5% compared to June 2018
<img draggable=Down 7% compared to July 2017

*Seller’s market: less than 3 months of inventory based on closed sales

 

 

📈Columbus OH Absorption Rate

The Absorption Rate based on Closed Sales in July 2018 was 75.3%.
<img draggable=Down 11.7% compared to June 2018
<img draggable=Up 8.2% compared to July 2017

*Seller’s market: 33.33% and above based on closed sales

 

 

Columbus Ohio Real Estate Market Report At A Glance

Use this table to quickly see how the Columbus, Ohio area real estate market is doing.

Bottom Line For Columbus OH Home Sellers

For most homeowners thinking about selling, it’s still a great time list your home for sale. The market is in the very beginning stages of its annual seasonal downshift. There is still time to sell a home and move before the holiday season is upon us.

If you’re also going to be buying a home, this could be the perfect time to sell then buy.

Contact Columbus, Ohio Realtor Rita Boswell to find out if now is the time to sell your home.

 

Bottom Line For Columbus OH Home Buyers

Even though Central Ohio is still in a Seller’s Market, we’re approaching seasonally better conditions for buyers .

Fall is a great time to buy. In fact, October is the best month to close on a home in Columbus. That means home buyers need to be out there seriously looking at homes in September (assuming a 30 day closing process).

As the Market Mismatch continues, market conditions continue to be ideal for move-up buyers. Lower priced homes are in huge demand, but the higher price points are more stable. In fact, it’s actually a Buyer’s Market in Central Ohio in the Over $750k price range.

Statistically, home buyers that use a real estate agent find and buy a home more quickly. Get in touch with us at the Rita Boswell Group to find your next home.

About Central Ohio Real Estate Market Reports

“At the Rita Boswell Group, our goal is to provide home buyers and sellers with the most recent, in-depth market report possible.

Our report is based on data supplied by the Columbus Board of Realtors or its MLS. Information is deemed reliable but not guaranteed. Specific data points provided above may be adjusted, which will be reflected in future reports.

Our Central Ohio real estate market reports cover the counties of Franklin, Delaware, Fairfield, Licking, Madison, Pickaway, and Union. For market information on a specific community, contact Realtor Rita Boswell at 614-547-3229.”

 

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