The pace of Central Ohio home sales decreased slightly during July 2023, but home buyers are still facing a tough market. Here’s the latest real estate data from Columbus REALTORS®, along with our own insights!
During July, Central Ohio homes spent an average of 17 days on market before going under contract. This is about 30% slower than July 2022’s pace of 13 days on market. In Franklin County, homes spent an average of 14 days on market.
Home inventory, while improving in some areas, remains a challenge in most of Central Ohio. There were 3,137 homes on the market during July, a decrease of about 12% from July 2022. Franklin County saw home inventory fall by 19% on a year-over-year basis.
Home prices have continued to climb higher. The median price of a Central Ohio home reached $314,900 during July, an increase of 8.6% on a year-over-year basis. The silver lining for buyers: July’s home prices cooled slightly compared to June 2023, when the median sales price was a record-breaking $322,205. Meanwhile, Franklin County median sales prices increased 5.3% from a year ago.
Home buyers are also facing the highest mortgage interest rates in over 20 years, according to industry data from Freddie Mac. As of August 24, the average rate for a 30-year, fixed-rate Conventional mortgage reached 7.23%, a level not seen since 2001.
Despite the challenges of low home inventory, fast-paced sales, rising home prices and higher mortgage costs, many Central Ohio buyers are finding ways to adapt and succeed in this market. Larger down payments, adjustable-rate mortgages, and well-qualified co-signers are just a few of the tactics home buyers have employed. But the best advantage a Central Ohio home buyer can get for themselves is the professional representation of an Exclusive Buyer’s Broker!
As Exclusive Buyer’s Brokers, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
