Columbus Real Estate Market Update – Jan, 2023

This data was provided by the Columbus Board of Realtors

Overall Real Estate Market Update – Jan 2023

The Columbus, Ohio, real estate market has experienced significant changes in key metrics over the past year. According to data from the Columbus Realtors Association, closed sales decreased by 19.2% from 1876 in 2022 to 1515 in 2023. Similarly, the number of homes in contracts dropped by 12.9%, with 2522 in 2022 compared to 2197 in 2023. These declines may be attributed to several factors, including decreased housing inventory, increased buyer competition, and overall market uncertainty.

Despite these declines in sales and contracts, the average sales price increased by 4.0% from $290,828 in 2022 to $302,464 in 2023. Similarly, the median sales price increased by 5.1% from $250,000 in 2022 to $262,750 in 2023. These increases may be attributed to the high demand for homes in the region, particularly in the most sought-after neighborhoods.

The average price per square foot also increased 5.8% from $167.31 in 2022 to $177.07 in 2023. This increase suggests buyers are willing to pay more for homes that offer more space, mainly as remote work is a significant factor for many individuals and families.

However, the data also shows buyers are negotiating harder on price, with the percent of the original list price received and the percent of last list price received decreasing by 3.5% and 2.3%, respectively. These declines indicate that buyers are increasingly price-sensitive and are looking for better deals in a competitive market.

Additionally, the number of days on the market until a sale increased by 45.5% from 22 in 2022 to 32 in 2023, indicating that homes are taking longer to sell. This could be due to the decrease in demand for homes and increased competition among sellers.

The number of new listings also decreased by 14.0%, with 2179 in 2022 compared to 1873 in 2023. Despite this decrease, the median list price of new listings increased by 7.7% from $259,900 in 2022 to $279,900 in 2023. This suggests that sellers are looking to take advantage of the high demand and may be more confident in their ability to sell their homes at higher prices.

Finally, the inventory of homes for sale increased by 29.2% from 1913 in 2022 to 2471 in 2023, and the months supply of inventory increased by 50.0% from 0.6 in 2022 to 0.9 in 2023. These increases in inventory could be a result of more people listing their homes for sale or homes staying on the market longer.

Overall, the Columbus real estate market has seen some significant changes in key metrics over the past year. It is important for both buyers and sellers to be aware of these changes and to work with knowledgeable real estate professionals to make informed decisions. As always, the market remains dynamic, and careful consideration of all factors is essential for success.

Columbus Real estate Market Update Jan 2023

Central Ohio Counties – Jan 2023

The Columbus, Ohio, real estate market comprises several counties that have experienced varying changes in key metrics over the past year. The data from the Columbus Realtors Association shows that some counties have seen significant declines in the number of closed sales while others have experienced increases in median sales prices.

In Champaign County, closed sales decreased by 35.0%, from 13 in 2022 to 18 in 2023. However, the median sales price increased 8.5% from $205,675 in 2022 to $225,538 in 2023.

In Clark County, the number of closed sales remained unchanged at 14, but the median sales price decreased by 26.6% from $129,950 in 2022 to $140,650 in 2023.

In Delaware County, the number of closed sales decreased by 9.9%, from 127 in 2022 to 210 in 2023. However, the median sales price increased by 11.2% from $446,354 in 2022 to $492,473 in 2023.

In Fairfield County, closed sales increased by 5.4%, from 117 in 2022 to 143 in 2023. The median sales price increased by 3.6% from $309,990 in 2022 to $315,614 in 2023.

In Fayette County, closed sales decreased by 11.1%, from 16 in 2022 to 25 in 2023. The median sales price also decreased by 4.2% from $174,950 in 2022 to $192,156 in 2023.

In Franklin County, closed sales decreased by 25.6%, from 780 in 2022 to 1,144 in 2023. However, the median sales price increased by 2.6% from $254,000 in 2022 to $284,296 in 2023.

In Hocking County, closed sales decreased by 4.0%, from 24 in 2022 to 24 in 2023. However, the median sales price increased by 10.8% from $287,950 in 2022 to $357,321 in 2023.

In Knox County, the number of closed sales decreased by 13.8%, from 25 in 2022 to 37 in 2023. However, the median sales price increased by 11.1% from $249,900 in 2022 to $297,738 in 2023.

In Licking County, the number of closed sales decreased by 28.0%, from 113 in 2022 to 161 in 2023. However, the median sales price increased by 14.3% from $279,900 in 2022 to $311,417 in 2023.

In Logan County, the number of closed sales decreased by 35.3%, from 11 in 2022 to 19 in 2023. However, the median sales price increased by 4.7% from $225,000 in 2022 to $266,336 in 2023.

In Madison County, the number of closed sales decreased by 28.0%, from 18 in 2022 to 36 in 2023. The median sales price increased by 5.4% from $263,500 in 2022 to $260,242 in 2023.

Marion County had 30 closings, representing a decrease of 36.20% from the previous year. The average sales price was $139,721, down 16.20%, but conclusions increased by 16.70% to 36.

Morrow County saw a significant increase of 72.70% in closings, from 19 to 42. The average sales price was $357,517, up 37.00%, and the number of closings increased by 21.50% to 30.

In Muskingum County, there were 15 closings, representing a decrease of 42.30% from the previous year. The average sales price was $210,000, up 3.90%, and the number of closings increased by 9.50% to 22.

Perry County experienced a significant increase of 127.30% in closings, from 25 to 23. The average sales price was $226,908, up 6.00%, and the number of closings increased by 22.30% to 22.

Pickaway County saw a slight decrease of 4.10% in the number of closings, from 47 to 49. The average sales price was $270,649, down 6.30%, and the number of closings decreased by 7.30% to 39.

Ross County had 10 closings, representing a decrease of 54.50% from the previous year. The average sales price was $267,100, up 32.90%, and the number of closings increased by 43.80% to 19.

Finally, in Union County, there were 44 closings, representing a decrease of 12.00% from the previous year. The average sales price was $466,662, up 41.70%, and the number of closings increased by 59.00% to 54, while experiencing a decrease of 6.90% in the number of closings.

Overall, the real estate market in Ohio shows a mix of ups and downs, with some counties experiencing growth and others showing a decline in both the number of closings and average sales price.

COUNTIESCLOSED SALES+/-IN CONTRACTSAVG SALES PRICE+/-MEDIAN SALES PRICE+/-NEW LISTINGS+/-
Champaign13-35.00%18$225,5388.50%$205,67526.20%8-20.00%
Clark140.00%25$140,650-26.60%$129,950-38.80%2246.70%
Delaware127-9.90%210$492,47311.20%$446,3549.70%178-9.60%
Fairfield1175.40%143$315,6143.60%$309,9906.90%110-12.00%
Fayette16-11.10%25$192,156-4.20%$174,950-3.10%2750.00%
Franklin780-25.60%1,144$284,296-1.50%$254,0002.60%982-19.60%
Hocking24-4.00%24$357,321-2.70%$287,95010.80%2123.50%
Knox25-13.80%37$297,73824.50%$249,90011.10%3818.80%
Licking113-28.00%161$311,41713.90%$279,90014.30%157-14.70%
Logan11-35.30%19$266,336-2.80%$225,0004.70%14-17.60%
Madison18-28.00%36$260,242-22.80%$263,5005.40%19-48.60%
Marion30-36.20%51$139,721-16.20%$134,25016.70%36-16.30%
Morrow1972.70%42$357,51737.00%$261,25021.50%3050.00%
Muskingum15-42.30%17$210,0003.90%$202,5009.50%2210.00%
Perry25127.30%23$226,9086.00%$230,00022.30%22100.00%
Pickaway47-4.10%49$270,649-6.30%$255,000-7.30%39-31.60%
Ross10-54.50%18$267,10032.90%$262,50043.80%1935.70%
Union44-12.00%73$466,66241.70%$484,95059.00%54-6.90%

Real Estate Market Update by School Districts – Jan 2023

Bexley (Corp.) did not see a change in the number of closed sales, but the average sales price decreased by 18.4% while the median sales price increased by 5.6%.

Big Walnut LSD experienced a decrease of 37.5% in closed sales and an increase of 8.6% in the average sales price. The median sales price also saw an increase of 9.3%, while new listings decreased by 35.5%.

Blacklick (43004) saw a decrease of 13.9% in closed sales and a decrease of 3.1% in the average sales price. The median sales price also decreased by 6.8%, while new listings remained unchanged.

Buckeye Valley LSD saw a decrease of 8.3% in closed sales, but the average sales price increased by 40.3%. The median sales price also increased by 29%, while new listings increased by 26.7%.

Canal Winchester CSD experienced a decrease of 38.1% in closed sales, with the average sales price and median sales price decreasing by 8% and 11.9%, respectively. New listings decreased by 48%.

Circleville CSD saw a 70% increase in closed sales, with the average sales price decreasing by 3.3% and the median sales price increasing by 14.9%. New listings decreased by 23.1%.

Columbus (Corp.) saw a decrease of 25.9% in closed sales, with the average sales price decreasing by 2.9% and the median sales price increasing by 2.2%. New listings decreased by 20.2%.

Columbus CSD saw a decrease of 31.8% in closed sales, with the average sales price decreasing by 7.4% and the median sales price increasing by 4.4%. New listings decreased by 19.1%.

Delaware CSD experienced a decrease of 8.3% in closed sales, with the average sales price increasing by 17.5% and the median sales price increasing by 20.4%. New listings decreased by 2.9%.

Downtown Columbus (43215) saw a decrease of 46.2% in closed sales, with the average sales price decreasing by 18.6% and the median sales price decreasing by 4.3%. New listings decreased by 18.5%.

Dublin CSD saw a decrease of 21.7% in closed sales, with the average sales price increasing by 37.8% and the median sales price increasing by 81.1%. New listings decreased by 27.7%.

Dublin (Corp.) saw a decrease of 25.8% in closed sales, with the average sales price increasing by 13.8% and the median sales price increasing by 11.6%. New listings decreased by 45.9%.

Gahanna Jefferson CSD saw an increase of 9.4% in closed sales, with the average sales price decreasing by 4.1% and the median sales price increasing by 15.4%. New listings increased by 23.5%.

Latest Real Estate Sold in Central Ohio