Rising Tide in Real Estate: Navigating Columbus’ Booming Housing Market with Monticello HomesJanuary 30th, 2024 | by Doug Fosnaugh | Posted in Uncategorized
Columbus, Ohio, renowned for its vibrant culture and economic prosperity, is currently experiencing a significant surge in its housing market. This market is characterized by swift home sales, competitive pricing, and a considerable number of sales surpassing the list price. This trend is particularly notable in the Central Ohio housing sector, as recent data from the Columbus & Central Ohio Regional MLS reveals.
In December, Columbus witnessed 1,917 closed sales, a slight 5.7 percent decrease from the previous year. However, this dip in sales was counterbalanced by a robust 7.3 percent increase in the median sale price, reaching $295,000. This rise in prices underscores the market’s leaning towards sellers, where demand outstrips supply. Additionally, homes spent an average of 30 days on the market in December, the highest since March, indicating a shift in market dynamics.
The inventory of homes available also saw a 9.7% rise from the previous December, with a 1.4-month supply, marking a 27.3 percent year-over-year increase. This growth in inventory, coupled with homes selling for 1.1 percent under asking price, suggests potential room for negotiation for buyers.
Patti Brown-Wright, the 2023 President of Columbus REALTORS®, emphasizes the competitiveness of the Columbus housing market. She advises prospective buyers to act quickly, predicting a bustling spring market. Columbus’ ranking as the No. 3 hottest housing market for 2024 by Zillow further cements its status as a highly sought-after location for real estate.
In specific areas within Central Ohio, such as Pickerington and Obetz, there have been substantial increases in median sale prices and new listings, indicating unique market performances in these locales.
Yearly data comparison reveals a 9.7 percent increase in available homes but a decline in new listings by 11.9 percent, culminating in a median sold price of $302,000, a 4.1 percent increase over 2022. The sale-to-list price ratio slightly decreased, but there were notable increases in single-family home and condo prices.
Columbus, currently a seller’s market, has seen its median listing home price soar to $275,000 in December 2023, an 8.6% increase from the previous year. The sale-to-list price ratio stands at 100%, reflecting that homes generally sell for around the asking price.
Forecasting into 2024, the Columbus housing market is expected to continue its growth trend, with average home values standing at $232,847, a 4.9% increase over the past year.
In this dynamic and competitive market, Monticello Homes emerges as a pivotal resource for those looking to navigate the Columbus real estate landscape. Recognized for its comprehensive services and deep market insight, Monticello Homes offers buyers and sellers a reliable guide through the complexities of the Columbus housing market. By leveraging their expertise and extensive network, Monticello Homes positions itself as the go-to destination for those embarking on their real estate journey in Columbus. To explore the wide range of services and expert guidance that Monticello Homes provides, visit thinkmonticello.com.
The Columbus housing market stands out as a dynamic and growing sector, with rising prices, competitive sales, and a strong forecast for the coming year. For those considering a venture into this market, Monticello Homes offers the expertise and resources necessary for informed and successful real estate decisions.