Monthly Housing Market Update June 2023
Inventory in Franklin County is up 14.9% when compared to last month, and the average sales price for homes set a new all-time high for the second consecutive month, according to June 2023 housing statistics provided by Columbus REALTORS®.
The inventory of homes for sale in Franklin County was 1,285, reflecting a 7 % uptick over last month’s number, a positive sign for our market.
The average sale price has steadily increased since January when it was at $284,296. From January 2023 to June 2023, the average sale price has experienced a 32.7% increase, topping out at $377,279 this month
There is no doubt that our market continues to be very competitive. I’m hopeful the gains we have seen in inventory over the last two months will continue.
Homes averaged 15 days on the market for the second consecutive month, and the percentage of the last list price received was down 2% to 102.4%, meaning, on average, buyers were paying 2.4% over the asking price in June.
The average rate for a 30-year fixed mortgage was around 5.7% on June 30, 2022, according to Freddie Mac. As of July 3, 2023, the average rate was 6.96%, the highest rate in eight months. The good news is that inflation is down to 3% in June, the lowest increase since March 2021, according to the U.S. Department of Labor’s Bureau of Labor Statistics.
For the second consecutive month, Columbus, Ohio, ranked No. 7 on the Realtor.com Top 20 Hottest Housing Markets list. Dayton was the only other Ohio metro to land on the list, checking in at No. 18.
The central Ohio market is one of the hottest in the country, and I know that can confuse potential buyers who may be hearing that housing markets are slowing down or prices are dropping. That is not the case in Columbus; remember, all real estate is local.
It’s a great time to buy or sell in central Ohio because we don’t see a cool down coming.
To view residential properties for sale, visit: camelotrealestategroup.com