Summer is here and the market is HOT HOT HOT! Home prices have hit record highs and days-on-market keeps going down. It’s definitely a great time to sell a home in Central Ohio!

Columbus Ohio Housing Market snapshot with hot grill background image june 2018

 

Keep reading to see all the charts and information.

 

🏘️ Columbus Homes For Sale, New Listings, Sold, & Pending

The number of Homes For Sale in May 2018: 3213 units.
<img draggable=Up 17.9% compared to April 2018
<img draggable=Down 4.5% compared to May 2017

The number of Homes Listed in May 2018: 4014 units.
<img draggable=Up 20.5% compared to April 2018
<img draggable=Up 7.8% compared to May 2017

The number of Homes Closed in May 2018: 2778 units.
<img draggable=Up 17% compared to April 2018
<img draggable=Down 9.3% compared to May 2017

The number of Homes Placed Under Contract in May 2018: 3848 units.
<img draggable=Up 33.1% compared to April 2018
<img draggable=Up 23.7% compared to May 2017

green bar chart with Central OH homes for sale, sold, pending, & newly listed

Table comparing number of homes for sale, sold, pending, & newly listed in Columbus OH through June 2018

📏Average Price Per Square Foot in Columbus OH

The Average Price per Square Foot on Sold homes is continues to appreciate* and is up to $123. This is the highest it has been in at least 10 years!

<img draggable=Up 2.5% compared to April 2018
<img draggable=Up 6% compared to May 2017

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

Blue bar chart showing the price per square foot for homes sold in Central Ohio through June 2018

Table comparing the average price per square foot in Columbus Ohio over time.

📉Columbus OH Days On Market

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

The Average Days on Market number for May 2018 was 24 days. That’s…
<img draggable=Down 14.3% compared to April 2018
<img draggable=Down 17.3% compared to May 2017

The Sold/Original List Price Ratio is rising* at 98%.
<img draggable= 0% compared to April 2018
<img draggable= 0% compared to May 2017

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

Orange bar chart showing Days On Market through June 2018 in Central Ohio

Table compares the average days on market for Columbus area homes sold in May 2018 to last month & last year.

💲Median & Average Home Prices in Columbus, Ohio

“2018 is proving to be a solid year of healthy home price increases in central Ohio,” said 2018 Columbus REALTORS® President Sara Walsh in a recent report to agents. “This is a true indication of how strong our market is in the greater Columbus region. Even with more homes added to the market, this trend will likely continue this year.”

The Median Sold Price appreciated* in May 2018 to $212k.
<img draggable=Up 6% compared to April 2018
<img draggable=Up 7.1% compared to May 2017

The Average For Sale Price was Apprciating* in May at $405k.
<img draggable=Up 2.5% compared to April 2018
<img draggable=Up 5.7% compared to May 2017

The Average Sold Price trend is appreciating* at $243k in May.
<img draggable=Up 4.7% compared to April 2018
<img draggable=Up 3.4% compared to May 2017

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

Blue bar chart showing home prices in Central Ohio through May 2018

Table comparing home prices in Central Ohio from May 2018 to last month & last year

📅Months of Inventory For Columbus, OH

May 2018 was a Seller’s market* in Central Ohio.

The Months of Inventory based on Closed Sales in May 2018 was 1.2.
<img draggable=Up 8.7% compared to April 2018
<img draggable=Up 9.1% compared to May 2017

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

yellow bar chart showing the months of inventory in Columbus Ohio through May 2018

Table comparing the months of inventory in May 2018 in Central Ohio to last month & last year

📈Absorption Rate in Columbus OH

The Absorption Rate based on Closed Sales in May 2018 was 86.5%.
<img draggable=Down 0.7% compared to April 2018
<img draggable=Down 4.9% compared to May 2017

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

green chart showing the absorption rate in Central Ohio through May 2018

table comparing Central Ohio absorption rate in May 2018 to last month & last year

Columbus Ohio Real Estate Market Report At A Glance

Use this table to quickly see how the real estate market is doing in the Columbus Ohio area.
Table showing all Central Ohio real estate market data through May 2018

Columbus OH Real Estate Market Report Takeaway For Home Sellers

Summer is a great time to list your home for sale! Many home buyers want to buy a home before the new school year starts, home prices are generally at a seasonal peak, and homes sell fast.

That said, the market can be different depending on neighborhood and price range. Contact Columbus, Ohio Real Estate Expert Rita Boswell to find out how the market is in your neighborhood.

“Buyers are so eager for inventory, they know they have to make a decision quickly. Yet, with this strong market, REALTORS® also have to buffer expectations for sellers in certain price points that not all homes sell in a month.”
-Columbus REALTORS® President Sara Walsh

 

Columbus OH Real Estate Market Report Takeaway For Home Buyers

It’s been a Seller’s Market for some time now in Columbus, but home buyers that stick with their home search are finding their dream homes.

“REALTORS® are preparing anxious buyers for multiple offer competition in certain price ranges so the increase in inventory is more than welcome. It is not unusual to see this influx as we head into the summer selling season.” -Columbus REALTORS® President Sara Walsh

House hunting right now is frustrating because of the persistent low inventory and rising prices. But, it’s still good time to buy a home because interest rates remain relatively low and rent continues to rise. At least if you own the home, you’re putting money every month into your investment (instead of your landlord’s).

Generally, home buyers that work with a real estate agent find and buy a home more quickly. Contact us at the Rita Boswell Group to find your 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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