Columbus OH Real Estate Market Report November 2020

The Columbus area remains in a strong seller’s market even with winter around the corner. Home prices are down slightly month over month – great news for buyers. But, inventory remains extremely low. Consistently low inventory levels and high demand are driving prices up year over year. We usually see a seasonal slow down as we approach the holidays, but this year may not be as slow as usual.

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 (November 15th, 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 October 2020 was 1893 units.
• Up 7.4% compared to September 2020
• Down 44.3% compared to October 2019

The number of Homes Listed in October 2020 was 2728 units.
• Down 5.5% compared to September 2020
• Up 0.9% compared to October 2019

The number of Homes Closed in October 2020 was 2649 units.
• Down 3.3% compared to September 2020
• Up 17.3% compared to October 2019

The number of Homes Placed Under Contract in October 2020 was 3008 units.
• Up 11.4% compared to September 2020
• Up 29.2% compared to October 2019

The Average Price per Square Foot on Sold homes trend is Appreciating.* In October 2020 the Average Price Per Square Foot was $141.

• Down 1.4% compared to September 2020
• Up 11.9% compared to October 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 October 2020 was 16 days.
• Down 5.9% compared to September 2020
• Down 38.5% compared to October 2019

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

• Down 1% compared to September 2020
• Up 3.1% compared to October 2019

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

The Median Sold Price trend is Neutral.* The Median Sold Price for October 2020 was $235k.
• 0% compared to September 2020
• Up 14.6% compared to October 2019

The Average For Sale Price trend is Neutral.* The Average For Sale Price in October 2020 was $369k.
• Down 2.6% compared to September 2020
• Up 13.2% compared to October 2019

The Average Sold Price trend is Neutral.* The Average Sold Price in October 2020 was $266k.
• Down 0.7% compared to September 2020
• Up 12.7% compared to October 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 October 2020 rises to 0.7.
• Up 15.6% compared to September 2020
• Down 53.1% compared to October 2019

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

The Absorption Rate based on Closed Sales in October 2020 was 139.9
• Down 10% compared to September 2020
• Up 110.6% compared to October 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 predicted, the market remained a seller’s market throughout October, and this should continue into November. Typically, the market tends to cool down in the winter, but who knows if this year’s winter will be typical. However, if you’re thinking about selling your home, you might want to do so sooner than later. Homes are still in high demand, but in the winter it can take longer to sell and prices may come down slightly.

Housing inventory is incredibly low, and Central Ohio seriously 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 be a smart investment. 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 market will usually cool off a bit in the fall and winter, and that can be a golden opportunity to buy. So, 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.”