The latest market data from Columbus REALTORS© shows a new record high for median home prices as of May 2024. The median sales price of a Columbus home reached $330,000 in May, while the average sales price reached $385,869 during the same month. These prices beat the prior highs for Central Ohio home prices recorded during June 2023.

For home buyers from other areas of the country, Columbus metro home prices still present a value. The national median home price reached $407,600 during May 2024. Increases in home prices have steadily marched upward in most (but not all) U.S. markets, despite higher mortgage interest rates.

There is some good news for Columbus area home buyers: home inventory has been rising during the past year. The number of homes listed for sale in Central Ohio increased by 33% during May 2024, compared to the same month a year ago.

The reason why we are not seeing much price relief, is that home inventory has been abnormally low for an extended period. Listing activity has improved in recent months, but much more inventory is needed before we see a meaningful slowdown in home price growth. Home demand is simply outpacing supply, and this has been the story in our market for several years.

One handy indicator of home demand is the amount of time homes spend on the market before going under contract. On average, Central Ohio homes spent 22 days on the market during May 2024, a minor increase from the 20 days in market during May 2023. We are inching along in the right direction for home buyers, but we still have a very competitive market.

The expert guidance of an Exclusive Buyer’s Broker can give you a home buying advantage! To see how we make a difference, read our free e-book, “How to Buy a Home like a Pro!” There is no obligation, and the wealth of knowledge is yours to keep.

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