Columbus OH Real Estate Market Report May 2020

As expected, activity in April contracted considerably. The number of homes for sale, newly listed, pending, and closed were all down.

However, as states slowly reopen, the Columbus real estate market is starting to pick back up, as you will see from the mid-May stats provided below.

People are still buying and selling homes, and we are still working hard to keep both buyers and sellers safe. We have many tools and resources at our disposal to limit contact.

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

Read More to see how the Columbus Ohio Real Estate Market did in April and to view trends. We’ve also added mid-month stats to help you see where we are as of this writing.

The number of Homes For Sale in April 2020 was 2376 units.
• Down 3% compared to March 2020
• Down 15.5% compared to April 2019

The number of Homes Listed in April 2020 was 2467 units.
• Down 13% compared to March 2020
• Down 27.9% compared to April 2019

The number of Homes Closed in April 2020 was 2024 units.
• Down 10% compared to March 2020
• Down 20.8% compared to April 2019

The number of Homes Placed Under Contract in April 2020 was 2806 units.
• Up 12.9% compared to March 2020
• Down 4.7% compared to April 2019

The Average Price per Square Foot on Sold homes trend is Appreciating.* In April 2020 the Average Price Per Square Foot was $135.

• Up 1.5% compared to March 2020
• Up6.3% compared to April 2019

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

The average Days On Market trend in the Columbus area remains Steady.*

The Average Days on Market in April 2020 was 27 days.
• Down 27% compared to March 2020
• Down 6.9% compared to April 2019

The Sold/Original List Price Ratio is Rising* at 99% for April 2020.

• Up 2.1% compared to March 2020
• Up 1% compared to April 2019

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

The Median Sold Price trend is Neutral* The Median Sold Price for April 2020 was $230k.
• Down 0.9% compared to March 2020
• Up 2.7% compared to April 2019

The Average For Sale Price trend is Appreciating.* The Average For Sale Price in April 2020 was $398k.
• Up 2.1% compared to March 2020
• Down 5% compared to April 2019

The Average Sold Price trend is Appreciating.* The Average Sold Price in March 2020 was $261k.
• Down 2.2% compared to March 2020
• Up 4% compared to April 2019

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

Surprisingly, it was still a Seller’s Market* in Columbus, Ohio in April!!!

The Months of Inventory based on Closed Sales in April 2020 was 1.2.
• Up 9.2% compared to March 2020
• Up 9.1% compared to April 2019

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

The Absorption Rate based on Closed Sales in April 2020 was 85.2.
• Down 7.2% compared to March 2020
• Down 6.2% compared to April 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.

April remained in a Seller’s Market in April! This is a testament to just how strong the Columbus real estate market is!

If you need to sell your Columbus home soon, now is the time to start preparing, especially with decluttering and spring cleaning if you’re stuck at home. Get in touch with us about preparing your home for the market. An expert agent is the best person to help you decide which updates to consider and how much to spend. You want your home to be move-in ready for buyers, but you don’t want to go overboard with updates and improvements that eat into your profits.

Inventory is very low, so the market needs listings right now. Whatever the market conditions are when you list your home, it’s extremely important not to price it too high.

Dangers Of Overpricing Your Home

If you’re ready to sell NOW, get in touch with us ASAP at 614-830-9767. Our team is helping home sellers stay safe by requiring that buyers be prequalified before seeing homes. This helps to cut down on any buyers that may not actually be able to get financing to purchase and reduces the risk of many people coming through a home. We can also do virtual showings and we have many tools and resources to reduce contact significantly.

Additionally, Realtor Rita Boswell has extensive experience helping homeowners to sell during difficult times. If you find that you must sell your home, she is the best Columbus real estate agent for the job.

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.

Interest rates will likely remain low for the foreseeable future, and home values are predicted to continue to rise in Columbus over the long term. It’s understandable that people may not want to see homes in the near term, but we have many tools and resources to help you safely buy a home with little contact.

One way we are helping to keep buyers and sellers safe is by requiring that buyers have a pre-approval letter in order to see homes. 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.”