Columbus OH Real Estate Market Report January 2021

The Columbus area continues to be a strong seller’s market despite being in the dead of winter. Home prices are coming down slightly month by month – which is great news for buyers. But, inventory is still incredibly low. Consistently low inventory levels combined with high demand are continuing to drive prices up year after year. We typically see the market slowing down in winter, but the market hasn’t exactly been normal as of recent.

Read below to find out how the Columbus, OH housing market is doing and see what’s going on with the market at the moment. “Today’s Stats” are also included so you can see how things have changed as of the time of writing (January 16th, 2021).

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 December 2020 was 1494 units.
• Down 18.7% compared to November 2020
• Down 49.8% compared to December 2019

The number of Homes Listed in December 2020 was 1714 units.
• Down 20.8% compared to November 2020
• Up 22.6% compared to December 2019

The number of Homes Closed in December 2020 was 2456 units.
• Down 4.2% compared to November 2020
• Up 8.1% compared to December 2019

The number of Homes Placed Under Contract in December 2020 was 2262 units.
• Down 7.4% compared to November 2020
• Up 36.2% compared to December 2019

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

• 0% compared to November 2020
• Up 12.6% compared to December 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 December 2020 was 19 days.
• Up 5.6% compared to November 2020
• Down 44.1% compared to December 2019

The Sold/Original List Price Ratio Remains Steady* at 98% for December 2020.

• Down 1% compared to November 2020
• Up 3.2% compared to December 2019

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

The Median Sold Price trend is Neutral.* The Median Sold Price for December 2020 was $245k.
• 0% compared to November 2020
• Up 15% compared to December 2019

The Average For Sale Price trend is Depreciating.* The Average For Sale Price in December 2020 was $393k.
• Up 0.3% compared to November 2020
• Up 10.7% compared to December 2019

The Average Sold Price trend is Neutral.* The Average Sold Price in December 2020 was $285k.
• Up 2.2% compared to November 2020
• Up 15.4% compared to December 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 December 2020 has dropped to 0.6.
• Down 13.9% compared to November 2020
• Down 53.4% compared to December 2019

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

The Absorption Rate based on Closed Sales in December 2020 was 164.4
• Up 17.9% compared to November 2020
• Up 115.4% compared to December 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 December, and this will likely persist into January. 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 cold stop you. There are very few listings right now, and plenty of buyers are still searching for houses.

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 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 expected to remain relatively low, giving home buyers more purchasing power. Home values are still predicted to increase over the coming years, so buying a home right now should still be a good investment. Home prices are expected to continue climbing. If you’re thinking about 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.”