Columbus OH Real Estate Market Report Aug 2021

The Columbus area continued to maintain a seller’s market throughout July 2021. Inventory is near record lows and houses are being snatched up quickly. Home prices continue to rise even as the summer winds down. However, it is still a good time to buy for a long-term investment. In the near term, home prices may slow their ascent or stabilize, which would actually be healthy for the housing market. The big issue of low inventory is not going to change meaningfully anytime soon, because builders simply cannot build homes at the level required to match high demand.

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 (August 15th, 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 July 2021 was 1982 units.
• Up 40.3% compared to June 2021
• Down 11.9% compared to July 2020

The number of Homes Listed in July 2021 was 4095 units.
• Up 4.2% compared to June 2021
• Up 16.3% compared to July 2020

The number of Homes Closed in July 2021 was 3182 units.
• Down 4.3% compared to June 2021
• Down 2% compared to July 2020

The number of Homes Placed Under Contract in July 2021 was 3925 units.
• Up 13.9% compared to June 2021
• Up 21.2% compared to July 2020

The Average Price per Square Foot on Sold homes trend is Appreciating.* In July 2021 the Average Price Per Square Foot was $165.

• Up 1.9% compared to June 2021
• Up 18.7% compared to July 2020

*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 July 2021 was 10 days.
• Down 11.1% compared to June 2021
• Down 54.5% compared to July 2020

The Sold/Original List Price Ratio Is Rising* at 103% for July 2021.

• 0% compared to June 2021
• Up 4% compared to July 2020

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

The Median Sold Price trend is Appreciating.* The Median Sold Price for July 2021 was $290k.
• Up 0.7% compared to June 2021
• Up 13.7% compared to July 2020

The Average For Sale Price trend is Depreciating.* The Average For Sale Price in July 2021 was $401k.
• Down 7.2% compared to June 2021
• Down 4.3% compared to July 2020

The Average Sold Price trend is Appreciating.* The Average Sold Price in July 2021 was $330k.
• 0% compared to June 2021
• Up 14.6% compared to July 2020

*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 July 2021 is 0.6.
• Up 47.1% compared to June 2021
• Down 14.4% compared to July 2020

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

The Absorption Rate based on Closed Sales in July 2021 was 160.5%
• Down 31.8% compared to June 2021
• Up 11.2% compared to July 2020

*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 summer comes to an end, expect the Seller’s Market to cool slightly. The Columbus, Ohio real estate market usually slows down in the fall and winter. If you’re thinking about selling your home soon, you will still need to have a strong strategy if you want to sell super fast for more money. The best practices of staging, professional photos, and proper pricing hold especially true during the slower months. However, we are overall still in a seller’s market and it remains an excellent time to sell your home.

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.

As we move into the fall and winter, we expect the market to cool down a bit. This is normal for the season, as people begin to think about school and holidays. We’re already seeing this in the numbers above as there are more homes for sale than last month, but homes sold dropped from last month. Addtionally, Months Of Inventory has moved up while the Absorption Rate has moved down. The For Sale price is dropping, and the Sold price is leveling off.

For buyers, the seasonal slowdown can bring opportunities. Homes that were listed at the peak of summer may find that they are still on the market in the late summer and fall. They will be forced to either reduce prices or entertain offers at or below the listing price. Buyers in the fall and winter generally get better deals, because there is less competition. However, there may also be fewer homes for sale due to seasonality. It’s important for homebuyers to stay engaged with the market and be patient.

We’ve got a few hacks to help homebuyers find homes without the FOMO (Fear Of Missing Out) element.

Many homebuyers think that we’re in a bubble, and if they can just hold out a bit longer the bubble will burst. Unfortunately, that’s not likely because the supply/demand gap is not likely to change in a meaningful way anytime soon. We may see a leveling off of home prices or a small correction, but demand is still too high for a real crash in home prices. Read “Are We In A Housing Bubble” to learn more.

If you’re thinking about buying a home, call or text the Rita Boswell Group at 614-830-9767. We can help you find your dream home, even in this difficult market. The market is so competitive right now, you will definitely want a skilled agent working for you.

As a buyer, you can give yourself an edge by educating yourself on market conditions and strategies to deal with a competitive market.

You can also give yourself a leg up by staying on top of price-reduced homes and coming soon homes. Patience and perseverance are both essential to winning right now. As we move into the fall and winter, owners of price-reduced homes may become more motivated which could be an opportunity for you.

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.

See property values, inventory, market data, and demographics for your local Central Ohio community.