September Housing Market Report for Central (Columbus) Ohio
Columbus recently received national recognition as a healthy housing market and despite the rising interest rates, buyers are still benefiting.
In September, homes spent more time on the market. On average, it took about 18 days for a home to sell compared to 15 days last month. Sellers are going to have a bit more patience when listing their home this fall. Homes are still holding tremendous value.
While there was a slight decrease in the average sale price from last month, homes that sold in September saw an 11.5% sale price increase compared to what the property was worth in January.
New market inventory in September was tight across central Ohio. There was a little more than 11% decrease in selection from August. Home buyers had 2,858 new homes to choose from in September. But, for those homes that have been sitting on the market longer, buyers can negotiate a bit more.
Ranking 5th on Realtor.com's hottest housing markets, Columbus was recognized as one of the hottest housing markets in the country. And, compared to many cities on the East and West coasts, we are a much more affordable market. Because homes in the Columbus market are moving faster than in other regions, it is imperative that potential buyers have their ducks in order with their finances and mortgage pre-approval. Working with a REALTOR® can make the home buying process smoother, faster and more enjoyable.