Columbus OH Real Estate Market Report March 2023

In February, the Months of Inventory moved back down to 1.1. Since this is under 3, it’s still a seller’s market. The number of new listings went up 6% compared to February.  However, the number of homes going into contract and selling outpaced the number of homes listed for sale in February. The lower number of homes for sale explains the lower Months Of Inventory.

Falling inventory may be why prices increased again after several months of coming down. For Sale prices continue to outpace Sold prices, which may be a sign that sellers still are not adjusting their list prices for higher rates, forcing them to lower prices in order to sell.

Homes do continue to sell relatively quickly at only 33 days on average. While that’s longer than last year at this time, it is still historically fast and much more normal than the last couple of years.

Continue reading to see how the Columbus, Ohio housing market is performing. “Today’s Stats” are also included so you can see how things have changed as of the time of writing (March 15th, 2023).

If you need to buy or sell a home, please contact us at 614-830-9767. You can always begin your home-buying journey online from the comfort of your home at RitaBoswellGroup.com. You can even see sold homes on our site!

The number of Homes For Sale in February 2023 was 1893 units.
• Down 12.4% compared to January 2023
• Up 29.7% compared to February 2022

The number of Homes Listed in February 2023 was 2086 units.
• Up 6% compared to January 2023
• Down 9.8% compared to February 2022

The number of Homes Closed in February 2023 was 1770 units.
• Up 11.6% compared to January 2023
• Down 14.8% compared to February 2022

The number of Homes Placed Under Contract in February 2023 was 2382 units.
• Up 15.2% compared to January 2023
• Up 7.6% compared to February 2022

The Average Price per Square Foot on Sold homes trend is Neutral.* In February 2023 the Average Price Per Square Foot was $172.

• Up 3% compared to January 2023
• Up 6.2% compared to February 2022

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

The average Days On Market trend in the Columbus area is Rising.*

The Average Days on Market in February 2023 was 33 days.
• Up 6.5% compared to January 2023
• Up 43.5% compared to February 2022

The Sold/Original List Price Ratio Remains Steady* at 97% for February 2023.

• Up 1% compared to January 2023
• Down 4% compared to February 2022

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

The Median Sold Price trend is Neutral.* The Median Sold Price for February 2023 was $280k.
• Up 5.7% compared to January 2023
• Up 9.8% compared to February 2022

The Average For Sale Price trend is Appreciating.* The Average For Sale Price in February 2023 was $482k.
• Up 7.1% compared to January 2023
• Up 21.4% compared to February 2022

The Average Sold Price trend is Neutral.* The Average Sold Price in February 2023 was $319k.
• Up 3.9% compared to January 2023
• Up 5.6% compared to February 2022

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

It is still a Seller’s Market* in Columbus, Ohio!!!

The Months of Inventory based on Closed Sales in February 2023 was 1.1.
• Down 22% compared to January 2023
• Up 56.9% compared to February 2022

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

The Absorption Rate based on Closed Sales in February 2023 was 93.5%
• Up 27.4% compared to January 2023
• Down 34.3% compared to February 2022

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

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

Inventory and rates are putting the market in a tug of war. The higher prices and higher rates are keeping some buyers on the sidelines. It’s still a good time to sell your home in Columbus, but it’s not as competitive as last year. As mentioned at the beginning of this report, many sellers are overpricing their homes because they are not taking the changing market into consideration.

If you’re selling your home in 2023, consider the following:

• Don’t overprice your home. It’s important to price your home correctly or even a little low to induce the “auction effect.” Don’t wait to reduce the price if necessary.
• Make your home as close to move-in ready as possible. Buyers prefer move-in ready and tend to overestimate the cost of repairs.
• Consider offering Seller Credits or Buy Downs to help home buyers deal with higher rates.

Rates have been volatile lately. Experts expect at least one more rate increase from the FED, but mortgage rates have dipped in the short term. This should lead to an increase in buyers. If you need to sell soon, keep an eye on rates, as that’s a big part of what’s driving buyer behavior right now.

Read: 5 Tips To Sell Your Home Over Asking 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 614-830-9767 to learn more or to request our Neighborhood Report, which provides in-depth data for specific neighborhoods.

While the market is normalizing, inventory remains low and appears to be shrinking again. But, despite higher rates and higher home prices, it still makes more sense to own vs rent. If you’re still renting, look for opportunities in the market such as “stale” listings, price-reduced homes, and fixer-uppers. Start building your own wealth instead of your landlord’s.

Thinking about buying a home in Central Ohio? Call or text the Rita Boswell Group at 614-830-9767. We can help you find your dream home, even in this challenging market. The market is still competitive, and you definitely want a skilled agent working for you.

The most important step in buying a home is getting pre-approved. Connect with a mortgage professional to get started with pre-approval.

“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 or for the entire Columbus MLS, contact Realtor Rita Boswell at 614-830-9767.

See property values, inventory, market data, and demographics for your local Central Ohio community.