Central Ohio home sales continue to post year-over-year price gains, according to the latest data from Columbus REALTORS®. The median home price of a Central Ohio home reached $316,995 in August, an increase of 7.5% from August 2022. On average, home sellers received 99.7% of their original list price.
This doesn’t leave much wiggle room for home buyers, who continue to face a competitive market. New listings are up slightly in some areas of the Columbus Metro, but they are not keeping pace with buyer demand. August home inventory stood at 1.5 months of supply, meaning that if no new listings came to market, current inventory would be bought up within a month and a half.
Meanwhile, the pace of home sales slowed marginally, with Central Ohio homes spending about 18 days on market before going under contract. During August 2022, it took 15 days for a home to go under contract.
Another sign of our robust market is the growth in median list prices. A new listing in Central Ohio has a median price of $312,250 as of August, an increase of 8.4% from the same month last year.
As we have mentioned in prior blog posts, there is no easy answer to Central Ohio’s persistent home inventory challenge. Many homeowners would face a jump in housing costs if they were to sell their current home and buy another at today’s rates and home prices.
With low-rate mortgage homeowners staying put, it’s up to new construction to help fill the gap – but this is a slow process, representing a fraction of Central Ohio home inventory. According to Redfin data reported in Columbus Business First, new construction homes represent about 12.4% of all Columbus listings in 2023.
Now the good news: there are always opportunities for well-prepared home buyers who have the representation of an Exclusive Buyer’s Broker! We can show you any home on the market, whether it is listed on the Columbus Regional MLS, or listed for sale by the homeowner (FSBO), or by the home builder. We also have buyer-centric purchase strategies and contract language to save you money and protect you, no matter which home you choose. Get our free e-book to learn more!
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
