Columbus area home buyers persevered against higher interest rates, inflation and rising home prices during 2023. According to the year-end figures by Columbus REALTORS©, the median sales price of a Columbus area home was $295,000 during December 2023, marking a 7.3% price increase compared to the December 2022.
When measured over a 12-month period of sales activity, the 2023 median home price in the Columbus Metro was $302,000, representing a 4.1% increase in prices compared to the 12-month period of 2022.
Sales price gains were particularly strong in communities like Pickerington, which saw a December median sales price of $449,900. This is an eye-popping increase of 45% over December 2022. The nearby village of Obetz saw a 33.8% increase in year-over-year home sale prices, with a median price of $356,425 recorded in December.
There is a bit of good news for Columbus home buyers. While the median sales price increased in our area, the speed of home price increases slowed down during 2023. By December, homes were spending an average of 30 days on the market. This isn’t exactly a “slow” market, but it held more breathing room than the summer months, when homes spent about 17 days on market.
Inventory remains a challenge for home buyers, but there was some improvement. The current supply of homes for sale stands at 1.4 months, which is a 27% increase from where things stood a year ago. However, new listings in December 2023 were down about 1% from December last year. Overall home inventory remains well below normal.
Looking ahead, inflation pressures and mortgage interest rates are expected to soften during 2024. There is some hope that pent-up sellers will bring more properties to market this year. Meanwhile, a measurable decline in mortgage interest rates is likely to bring more buyers to the market, meaning that home prices will continue to push higher.
As a home buyer, you need to do all you can to level the playing field! Start with our free e-book, our free e-book, “How to Buy a Home like a Pro!” Download your copy from our website today, there is no cost and no obligation.
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
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