Zillow ranked U.S. housing markets according to expected gains in home values, along with the projected speed of home sales, and new construction activity. Job growth and the ratio of owner-occupied vs. renter-occupied homes were also factored in.

Columbus has been dubbed a “hot” housing market on many occasions. The latest title comes as no surprise to Columbus home buyers who have seen home prices steadily increase year-over-year. According to Rocket Homes, the median sold price of a Columbus home was $274,842 during December 2023, which is a 7.8% increase over the median sold price of December 2022.

A hot housing market is beneficial to current homeowners, who are seeing their equity rise by leaps and bounds. But a too-hot market can potentially stifle economic growth. This is a point raised in a recent article by Columbus Business First, which said that a lack of affordable housing – or a lack of housing, period – can prevent new residents from moving in, and filling job openings. As older residents retire, we need an influx of working-age residents to keep businesses operating and our economy humming. However, that new workforce needs somewhere to live.

So far, most real estate economists expect housing inventory to improve during 2024. What must be acknowledged is that inventory levels have been below normal for years. It will take year-over-year improvements in home inventory levels to ease the pressure on home prices. In the meantime, Columbus home buyers need to be ready for another competitive market in 2024.

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

The post Columbus Housing Market Forecast: Hot! appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

What exactly is a “healthy” real estate market? In the case of the SmartAsset analysis, a healthy real estate market has these four elements: sales price stability, low risk of future depreciation in values, ease of home sales and home affordability.

According to the study, Columbus Metro homes spend an average of 36.9 days on market. Home prices have been climbing on a year-over-year basis, but not at an unsustainable pace. Only about 9% of homes on the market have seen declining values, and 11.7% have negative equity. Meanwhile, the costs of owning a Columbus home are within reach of median incomes.

Statistically, the market is healthy for home sellers. But for Columbus home buyers, the market can be a challenge to break into! A lack of entry-level home inventory has made first-time home ownership a more expensive endeavor in recent years. There are still opportunities in the market, but the fast pace of home sales can be daunting for unprepared buyers.

To have a healthy home buying experience, become a Buyer-Client of Buyer’s Resource Realty Services!

As your Exclusive Buyer’s Broker, 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

The post Columbus Area Housing Market Among Healthiest in U.S. appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.