Columbus OH Real Estate Market Report February 2022

The Columbus area has maintained a hot sellers’ market throughout the winter, and that will likely continue as we move into spring. Inventory continues to be an issue for buyers and houses are being bought up quickly. New listings are up, but they are being bought up quickly. Buyers are racing to buy before interest rates increase this year. The average days on market are up to 19, but that’s still a relatively low DOM historically.

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 (February 15th, 2022).

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 January 2022 was 1042 units.
• Down 14.4% compared to December 2021
• Down 14.7% compared to January 2021

The number of Homes Listed in January 2022 was 1820 units.
• Up 15.3% compared to December 2021
• Down 2.6% compared to January 2021

The number of Homes Closed in January 2022 was 1504 units.
• Down 36.3% compared to December 2021
• Down 8.3% compared to January 2021

The number of Homes Placed Under Contract in January 2022 was 2180 units.
• Up 19.7% compared to December 2021
• Up 16.3% compared to January 2021

The Average Price per Square Foot on Sold homes trend is Neutral.* In January 2022 the Average Price Per Square Foot was $167.

• Up 0.6% compared to December 2021
• Up 14.4% compared to January 2021

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

The average Days On Market trend in the Columbus area Is Rising.*

The Average Days on Market in January 2022 was 19 days.
• Up 18.8% compared to December 2021
• Down 17.4% compared to January 2021

The Sold/Original List Price Ratio Is Falling* at 100% for January 2022.

• 0% compared to December 2021
• Up 1% compared to January 2021

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

The Median Sold Price trend is Depreciating.* The Median Sold Price for January 2022 was $265k.
• Down 3.3% compared to December 2021
• Up 11.8% compared to January 2021

The Average For Sale Price trend is Appreciating.* The Average For Sale Price in January 2022 was $439k.
• Up 5.3% compared to December 2021
• Up 7.6% compared to January 2021

The Average Sold Price trend is Depreciating.* The Average Sold Price in January 2022 was $307k.
• Down 1.6% compared to December 2021
• Up 11.2% compared to January 2021

*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 January 2022 is 0.7.
• Up 38.8% compared to December 2021
• 0% compared to January 2021

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

The Absorption Rate based on Closed Sales in January 2022 was 144.3%
• Down 25.7% compared to December 2021
• Up 7.4% compared to January 2021

*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 winter draws to a close, the market is predicted to still grow extremely quickly as we move into the busier spring and summer markets. However, the rapid growth of the market is expected to slow down somewhat as home builders finally begin to catch up with demand after supply shortages brought on by the pandemic.

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.

Winter is still here with us, which means less competition and more opportunities to get ahead of the spring rush, rising rates, and people relocating to Columbus to work at the new Intel fabs. This year should be better for inventory compared to 2021.

It’s possible we’ll see a decrease in growth for home prices in the coming year. However, with interest rates and rents both expected to rise next year, the time to buy a home is now. We’re currently seeing an increase in listings and Days On Market, but that will likely reverse in the spring.

It is worth noting for buyers that while home sale prices are appreciated, sold prices are depreciating slightly. Utilize the strategy of looking at “stale” and price-reduced homes to get a better deal and take advantage of this trend.

Some homebuyers think that we’re in a housing bubble and that if they can just wait it out, the bubble will burst. Unfortunately, that’s probably not the case, at least not in the near term. As we see in the above report, low inventory continues to hamper the market and more people will be moving to Columbus. Without a significant increase in housing inventory, any foreclosures or short sales will get bought up, which will support a strong Columbus real estate market. 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 using strategies to deal with a competitive market.

The most important step in preparing to buy a home is to get 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.