Columbus OH Real Estate Market Report October 2020

The Columbus area remains in a strong seller’s market despite cooling temps. Home prices continue to rise and inventory remains ridiculously low. We usually see a seasonal slow down as we approach the holiday season, but we’ll have to see what happens this year.

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 (October 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 September 2020 was 2077 units.
• Up 3.2% compared to August 2020
• Down 48.9% compared to September 2019

The number of Homes Listed in September 2020 was 3208 units.
• Down 2.5% compared to August 2020
• Up 4.9% compared to September 2019

The number of Homes Closed in September 2020 was 3062 units.
• Down 1.8% compared to August 2020
• Up 14.9% compared to September 2019

The number of Homes Placed Under Contract in September 2020 was 3520 units.
• Up 3.8% compared to August 2020
• Up 41.3% compared to September 2019

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

• Up 1.4% compared to August 2020
• Up 11.7% compared to September 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 September 2020 was 19 days.
• Down 5% compared to August 2020
• Down 24% compared to September 2019

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

• 0% compared to August 2020
• Up 2.1% compared to September 2019

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

The Median Sold Price trend is Neutral.* The Median Sold Price for September 2020 was $250k.
• 0% compared to August 2020
• Up 12.1% compared to September 2019

The Average For Sale Price trend is Neutral.* The Average For Sale Price in September 2020 was $413k.
• Down 1.4% compared to August 2020
• Up 12.2% compared to September 2019

The Average Sold Price trend is Neutral.* The Average Sold Price in September 2020 was $287k.
• Down 0.3% compared to August 2020
• Up 14.8% compared to September 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 September 2020 remains at 0.7.
• Up 15.5% compared to August 2020
• Down 52.5% compared to September 2019

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

The Absorption Rate based on Closed Sales in September 2020 was 147.4
• Down 4.9% compared to August 2020
• Up 124.8% compared to September 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 seller’s market stayed strong throughout September, and this should continue into October. 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.

Despite it being 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, and buying a home right now might still be a great 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.”