Given the current healthcare emergency, it is difficult to know what the Columbus real estate market will do. Despite the virus, March still saw home prices and sales move up and days on market move down in Central Ohio.

If you need to buy or sell a home during this time, please contact us at 614-547-3229. We are working hard to help people SAFELY. You can always start your home search online from the comfort of your couch at RitaBoswellGroup.com.

Read More to see how the Columbus Ohio Real Estate Market did in March and to view trends.

🏘️ Central Ohio Homes For Sale, Listed, Sold, & Pending

The number of Homes For Sale in March 2020 was 2450 units.
<img draggable=Up 4.7% compared to February 2020
<img draggable=Down 12.8% compared to March 2019

The number of Homes Listed in March 2020 was 2815 units.
<img draggable=Up 25.9% compared to February 2020
<img draggable=Up 4.8% compared to March 2019

View Homes Listed In The Last 30 Days In Central Ohio

 

The number of Homes Closed in March 2020 was 2218 units.
<img draggable=Up 20% compared to February 2020
<img draggable=Up 6.4% compared to March 2019

View Homes SOLD In The Last 30 Days In Central Ohio

 

The number of Homes Placed Under Contract in March 2020 was 2837 units.
<img draggable=Up 32.2% compared to February 2020
<img draggable=Up 11.1% compared to March 2019

View Homes Placed Under Contract In The Last 30 Days In Central Ohio

 

Quick Guide: For Sale vs. Sold vs. Pending

📐Central Ohio Average Price Per Square Foot

The Average Price per Square Foot on Sold homes trend is Appreciating.* In March 2020 the Average Price Per Square Foot was $134.

<img draggable=Up 3.9% compared to February 2020
<img draggable=Up 7.2% compared to March 2019

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

Quick Guide: Average Price Per Square Footage

📉Central Ohio Days on Market

The average Days On Market trend in the Columbus area remains Steady.*

The Average Days on Market in March 2020 was 38 days.
<img draggable=Down 2.6% compared to February 2020
• 0% compared to March 2019

The Sold/Original List Price Ratio is Steady* at 97% for March 2020.

• 0% compared to February 2020
<img draggable=Up 1% compared to March 2019

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

Quick Guide: Average Days On Market & Sold/List Price %

💲Central Ohio Housing Prices

The Median Sold Price trend is Appreciating* The Median Sold Price for March 2020 was $231k.
<img draggable=Up 5% compared to February 2020
<img draggable=Up 10% compared to March 2019

The Average For Sale Price trend is Appreciating.* The Average For Sale Price in March 2020 was $390k.
<img draggable=Up 1% compared to February 2020
<img draggable=Down 3.2% compared to March 2019

The Average Sold Price trend is Appreciating.* The Average Sold Price in March 2020 was $268k.
<img draggable=Up 9.8% compared to February 2020
<img draggable=Up 9.4% compared to March 2019

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

Quick Guide: Average Price For Sale and Sold

🏘️ Central Ohio Months Of Inventory

Surprisingly, it was still a Seller’s Market* in Columbus, Ohio in March!

The Months of Inventory based on Closed Sales in March 2020 was 1.1.
<img draggable=Down 15.8% compared to February 2020
<img draggable=Down 14.8% compared to March 2019

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

Quick Guide: Months Of Inventory | Median Price

📈Central Ohio Absorption Rate

The Absorption Rate based on Closed Sales in March 2020 was 90.5!
<img draggable=Up 14.6% compared to February 2020
<img draggable=Up 22% compared to March 2019

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

Quick Guide: Absorption Rate

Central Ohio Housing Market Report At A Glance

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

Central Ohio Home Sellers

Columbus stayed in a Seller’s Market in March, however that metric may technically shift once April numbers are available. As of this writing, the Months Of Inventory for the first part of April is up 32% to 3.7, putting Central Ohio into a Buyer’s Market. We may see that level out as the month progresses. In the last week, there have been 687 new listings, 552 closes, and 592 homes have gone under contract.

If you need to sell your Columbus home soon, now is the time to start preparing, especially with decluttering and spring cleaning if you’re stuck at home. Get in touch with us about preparing your home for the market. An expert agent is the best person to help you decide which updates to consider and how much to spend. You want your home to be move-in ready for buyers, but you don’t want to go overboard with updates and improvements that eat into your profits.

Buyer demand may decline slightly in the short term, but buyer demand was so high previously, we will likely just be in a more balanced market for a bit, then demand will come roaring back. Whatever the market conditions are when you list your home, it’s very important that you do not overprice it.

Dangers Of Overpricing Your Home

If you need to sell NOW, get in touch with us ASAP at 614-547-3229. Our team is helping home sellers stay safe by requiring that buyers be prequalified before seeing homes. This helps to cut down on any buyers that may not actually be able to get financing to purchase and reduces the risk of many people coming through a home. We can also do virtual showings and we have many tools and resources to reduce contact significantly.

Additionally, Realtor Rita Boswell has extensive experience helping homeowners to sell during difficult times. If you find that you must sell your home, she is the best Columbus real estate agent for the job.

*Note: Central Ohio’s current Sellers Market is driven by lower-priced homes due to high demand and low inventory. Higher priced home sellers may find they are in a Buyers Market because of more inventory and less demand. It’s extremely important for home sellers in higher price ranges to work with an expert, prep your home for sale, and list at a competitive price.

Questions about the home selling process? Check out our Seller FAQ section.

Please Note: Market conditions vary between neighborhoods and price points. Call or text Columbus Realtor Rita Boswell at 614-547-3229 to learn more about market conditions in your specific community.

Get Your Home’s Value Instantly

Columbus OH Home Buyers

Interest rates will likely remain low for the foreseeable future, and home values are predicted to continue to rise in Columbus over the long term. It’s understandable that people may not want to see homes in the near term, but we have many tools and resources to help you safely buy a home with little contact. We may go into a Buyer’s Market (as of this writing, the Months Of Inventory is at 3.7 for the first part of April), which is a great opportunity if you’re looking to buy a home this spring.

Browse Price Reduced Homes In Central Ohio

One way we are helping to keep buyers and sellers safe is by requiring that buyers have a pre-approval letter in order to see homes. Connect with a mortgage professional to get started with pre-approval.

Browse Today’s Newest Listings

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 information 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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