As Spring settles in, the central Ohio housing market flourished in March, with 2,304 closings that resulted in an average sale price of $328,769. According to recent market data, these closing numbers are significantly higher than those seen in February, with a 33 percent increase between the months. Columbus inched up a rank to fourth place in March on the Realtor.com Top 20 Hottest Housing Market list, which is based on a complex algorithm that measures market demand and active listing days. In March 2021, the total number of closed sales dipped by 5.2% compared to last year. Despite declining sales volume over the past year, the average sale price has increased by 3.1%, with the 2021 average sale price coming in at $318,826 and the 2022 price coming in at over $329,000.
“Our findings show that home prices have continued to escalate in the Columbus area over the last few months,” said Columbus Realtors President Patti Brown-Wright. “This can make it challenging for potential buyers, but it’s important to note that Columbus remains one of the most affordable metropolitan areas in the country.” According to the Bankrate.com Cost of Living Comparison Calculator, Columbus ranks 40% lower in living costs than Seattle, 19% lower than Denver, 41% lower than Washington D.C, and 3% lower than nearby Indianapolis.
Still a Sellers Market in Central Ohio
For almost two years now, those in the central Ohio real estate market have grown used to houses selling for just over their asking prices. In 2021, the percentage of the last asking price received by sellers was 103.5%, and as of March 2022, the average rate is over the asking price at 100.3%. Homes are selling faster, with a 33-day average on the market, compared to 37-day averages earlier this year.
Last month’s data reveals that sales volume is going up while total inventory decreases, revealing that the competition among buyers to find a home is still high. “The competition is still fierce out there,” said Brown-Wright. “With mortgage rates still hovering around 7 percent, there are not as many new listings coming onto the market as there were at this time last year. Buyers need to act fast.” In March 2022, central Ohio saw 2,630 new listings, representing a 20% decrease from 2021 when mortgage interest rates were 3-4 percent lower. As a result, inventory currently stands at just 2,322 homes in the central Ohio market.
Columbus Top 4 Metropolitan Market
In March 2022, 72.6% of homes sold within 30 days of listing. Some suburbs within central Ohio, such as Westerville City School District, saw homes selling in as little as 16 days on average. In comparison, Dublin (Corp.) saw homes sell in just 10 days last month. Two school districts, Olentangy Local School District in Delaware County and South-Western Consolidated School District in Grove City, lead the hot seller’s market. Brown-Wright noted: “We’re heading into peak season for buying and selling in central Ohio. Realtors are there to help potential buyers and sellers navigate this challenging market, so don’t hesitate to reach out.” The Realtor.com Top 20 metropolitan areas include five Ohio cities: Columbus at fourth, Dayton at eleventh, Akron at fifteenth, Canton-Massillon at sixteenth, and Toledo at seventeenth.
Learn more at the Columbus Realtors website.
County by County Breakdown
The real estate market in Central Ohio continues to experience fluctuations across its various counties. This article presents an analysis of the latest real estate data, comparing the number of homes sold, sale prices, and days on the market across 18 different counties. The data reveals several notable trends and insights.
Champaign County: Champaign County saw a decrease in the number of homes sold, with a 42.9% drop to just 12 sales. The average sale price also declined by 15.6% to $194,858, and the median sale price fell by 15.2% to $193,950. The average time on the market for homes in Champaign County increased by 23.1% to 20 days.
Clark County: In contrast, Clark County experienced a significant 78.6% increase in homes sold, totaling 25 sales. The average sale price decreased slightly by 4.9% to $213,960, while the median sale price surged by 45.5% to $200,000. The average time on the market for homes in Clark County decreased by 40.0% to 35 days.
Delaware County: Delaware County witnessed a 12.4% increase in the number of homes sold, reaching 235 sales. The average sale price rose by 4.1% to $506,060, and the median sale price increased by 5.3% to $468,660. The average time on the market for homes in Delaware County declined by 7.6% to 268 days.
Fairfield County: In Fairfield County, the number of homes sold increased by 15.9% to 146 sales. The average sale price went up by 6.8% to $334,742, while the median sale price saw a 6.4% increase to $304,250. The average time on the market for homes in Fairfield County decreased by 23.0% to 164 days.
Fayette County: Fayette County experienced a 60.9% surge in the number of homes sold, totaling 37 sales. The average sale price showed a minor increase of 0.4% to $158,229, and the median sale price rose by 1.0% to $150,000. The average time on the market for homes in Fayette County decreased by 34.2% to 25 days.
Franklin County: Franklin County saw a 15.7% decrease in the number of homes sold, with 1,179 sales. The average sale price increased by 3.8% to $321,288, while the median sale price rose by 3.2% to $280,000. The average time on the market for homes in Franklin County increased by 22.1% to 1,389 days.
Hocking County: Hocking County witnessed a 7.1% increase in the number of homes sold, totaling 30 sales. The average sale price skyrocketed by 60.8% to $427,273, and the median sale price increased by 27.3% to $277,500. The average time on the market for homes in Hocking County decreased by 35.0% to 26 days.
Knox County: In Knox County, the number of homes sold decreased by 19.2% to 42 sales. The average sale price saw a minor increase of 3.1% to $281,749, while the median sale price surged by 23.2% to $259,889. The average time on the market for homes in Knox County increased by 17.7% to 51 days.
Licking County: Licking County experienced a slight 2.9% increase in the number of homes sold, reaching 180 sales. The average sale price decreased by 4.5% to $324,125, and the median sale price dipped by 0.4% to $300,000. The average time on the market for homes in Licking County increased by 18.4% to 191 days.
Logan County: In Logan County, the number of homes sold increased by 16.7% to 21 sales. The average sale price declined by 15.8% to $253,943, while the median sale price saw a minor decrease of 1.0% to $245,000. The average time on the market for homes in Logan County increased by 29.0% to 22 days.
Madison County: Madison County witnessed a 7.7% decrease in the number of homes sold, totaling 36 sales. The average sale price rose significantly by 28.8% to $340,231, and the median sale price jumped by 34.4% to $322,500. The average time on the market for homes in Madison County increased by 53.8% to 30 days.
Marion County: In Marion County, the number of homes sold increased by 10.6% to 52 sales. The average sale price saw a substantial increase of 22.9% to $167,034, while the median sale price increased by 4.6% to $136,000. The average time on the market for homes in Marion County rose slightly by 5.0% to 63 days.
Morrow County: Morrow County experienced a 33.3% surge in the number of homes sold, reaching 36 sales. The average sale price decreased by 20.9% to $229,356, and the median sale price declined by 12.4% to $184,000. The average time on the market for homes in Morrow County increased by 42.2% to 26 days.
Muskingum County: Muskingum County saw a significant 52.9% increase in the number of homes sold, totaling 26 sales. The average sale price dipped by 2.6% to $245,785, while the median sale price rose by 5.5% to $202,500. The average time on the market for homes in Muskingum County decreased by 30.8% to 34 days.
Perry County: In Perry County, the number of homes sold increased by 17.6% to 20 sales. The average sale price declined by 9.9% to $316,085, and the median sale price soared by 39.5% to $275,000. The average time on the market for homes in Perry County increased by 32.5% to 27 days.
Pickaway County: Pickaway County witnessed a 14.1% decrease in the number of homes sold, with 61 sales. The average sale price rose by 13.7% to $302,863, while the median sale price jumped by 21.1% to $319,750. The average time on the market for homes in Pickaway County increased by 43.4% to 64 days.
Ross County: In Ross County, the number of homes sold increased by 21.4% to 17 sales. The average sale price decreased by 18.3% to $196,686, and the median sale price declined by 16.3% to $182,000. The average time on the market for homes in Ross County decreased by 9.1% to 20 days.
Union County: Union County saw a minor 1.6% decrease in the number of homes sold, totaling 60 sales. The average sale price increased by 11.0% to $467,458, while the median sale price rose by 17.5% to $422,825. The average time on the market for homes in Union County increased by 19.2% to 63 days.
Conclusion: The real estate market in Central Ohio’s 18 counties experienced varying trends. Some counties witnessed increases in the number of homes sold, while others saw declines. The same diversity in trends is evident in the changes in average and median sale prices, as well as the average time on the market for homes in each county.
It is crucial for potential buyers, sellers, and real estate professionals to stay informed about these local trends and consider the unique factors driving each county’s market dynamics. By doing so, they can make better-informed decisions in navigating the ever-evolving real estate landscape in Central Ohio.
