Columbus OH Real Estate Market Report December 2020

The Columbus area continues to be a strong seller’s market even as temps drop. Home prices are coming down slightly month over month – which is great news for buyers. But, inventory is still lower than ever. Consistently low inventory levels combined with high demand are continuing to drive prices up year over year. We typically see a slowdown coming into the holidays, but this year has proven to be anything but typical.

Read below to find out how the Columbus, OH housing market is doing and see what trends are happening right now. “Today’s Stats” are also included so you can see how things have changed as of the time of writing (December 16th, 2020).

If you need to buy or sell a home, please contact us at 614-830-9767. You can always begin your home buying journey online from the comfort of your home at RitaBoswellGroup.com. You can even find sold homes on our site!

The number of Homes For Sale in November 2020 was 1838 units.
• Down 17.2% compared to October 2020
• Down 49.7% compared to November 2019

The number of Homes Listed in November 2020 was 2131 units.
• Down 31.7% compared to October 2020
• Up 8% compared to November 2019

The number of Homes Closed in November 2020 was 2518 units.
• Down 17.2% compared to October 2020
• Up 9.6% compared to November 2019

The number of Homes Placed Under Contract in November 2020 was 2740 units.
• Down 7% compared to October 2020
• Up 32.5% compared to November 2019

The Average Price per Square Foot on Sold homes trend is Appreciating.* In November 2020 the Average Price Per Square Foot was $143.

• Up 0.7% compared to October 2020
• Up 13.5% compared to November 2019

*Based on 6-month trend – Appreciating/Depreciating/Neutral

The average Days On Market trend in the Columbus area is Falling.*

The Average Days on Market in November 2020 was 18 days.
• 0% compared to October 2020
• Down 40% compared to November 2019

The Sold/Original List Price Ratio Remains Steady* at 99% for November 2020.

• 0% compared to October 2020
• Up 3.1% compared to November 2019

*Based on 6-month trend – Rising/Falling/Remains Steady

The Median Sold Price trend is Neutral.* The Median Sold Price for November 2020 was $244k.
• Down 2.4% compared to October 2020
• Up 15.1% compared to November 2019

The Average For Sale Price trend is Neutral.* The Average For Sale Price in November 2020 was $392k.
• Down 1.5% compared to October 2020
• Up 10.1% compared to November 2019

The Average Sold Price trend is Neutral.* The Average Sold Price in November 2020 was $279k.
• Down 2.1% compared to October 2020
• Up 15.8% compared to November 2019

*Based on 6-month trend – Appreciating/Depreciating/Neutral

It is still a Seller’s Market* in Columbus, Ohio!!!

The Months of Inventory based on Closed Sales in November 2020 remains at 0.7.
• 0% compared to October 2020
• Down 56.6% compared to November 2019

*Seller’s market: less than 3 months of inventory based on closed sales

The Absorption Rate based on Closed Sales in November 2020 was 137
• 0% compared to October 2020
• Up 117.9% compared to November 2019

*Seller’s market: 33.33% and above based on closed sales

Use this table to quickly see how the Columbus, Ohio area real estate market is doing.

As expected, the market has remained a seller’s market through November, and likely will continue through December. Normally, the market cools down in the winter, but this isn’t any normal winter. If you’re thinking about selling your home, don’t let the holidays deter you. There are very few listings right now, and buyers are still house hunting.

Read 5 Holiday Home Staging Tips

Housing inventory is still incredibly low, and Central Ohio needs listings! If you have a home in the Columbus area you are looking to list, please PLEASE call or text Realtor Rita Boswell at 614-830-9767.

Questions about the home selling process? Check out our Seller FAQ section.

Please Note: Market conditions vary between neighborhoods and price points. Call or text Columbus Realtor Rita Boswell at 614-830-9767 to learn more about market conditions in your specific community.

Even though it’s a seller’s market, interest rates are predicted to remain relatively low, giving home buyers more purchasing power. Home values are expected to increase over the coming years, so buying a home right now could still end up being a good investment. Home prices are expected to continue climbing. If you’re considering buying a home, call or text the Rita Boswell Group at 614-830-9767. We have top-of-the-line Buyer’s Agents who can find your dream home, even in this difficult market. The winter is usually a great time to buy a home. So, if that sounds like something you would like to do, it’s a good idea to start getting ready now.

One of the first steps in buying a home is getting pre-approved. Connect with a mortgage professional to get started with pre-approval.

“At the Rita Boswell Group, our goal is to provide home buyers and sellers with the most recent, in-depth market information possible.

Our report is based on data supplied by the Columbus Board of Realtors or its MLS. Information is deemed reliable but not guaranteed. Specific data points provided above may be adjusted, which will be reflected in future reports.

Our Central Ohio real estate market reports cover the counties of Franklin, Delaware, Fairfield, Licking, Madison, Pickaway, and Union. For market information on a specific community, contact Realtor Rita Boswell at 614-830-9767.”