Columbus OH Real Estate Market Report January 2022

The Columbus area is still in a hot sellers’ market even as temps cool. Inventory continues to be an issue for buyers and houses are being bought up quickly. New listings are still trending down, but sold price trends are now depreciating.

BOTTOM LINE: We NEED more listings in order for the market to balance out.

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 (January 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 December 2021 was 1217 units.
• Down 18.3% compared to November 2021
• Down 11.7% compared to December 2020

The number of Homes Listed in December 2021 was 1552 units.
• Down 26.1% compared to November 2021
• Down 4.1% compared to December 2020

The number of Homes Closed in December 2021 was 2279 units.
• Down 8% compared to November 2021
• Down 2.9% compared to December 2020

The number of Homes Placed Under Contract in December 2021 was 2029 units.
• Down 11.6% compared to November 2021
• Up 10.9% compared to December 2020

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

• Up 1.9% compared to November 2021
• Up 14.6% compared to December 2020

*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 December 2021 was 16 days.
• Up 6.7% compared to November 2021
• Down 20% compared to December 2020

The Sold/Original List Price Ratio Is Falling* at 99% for December 2021.

• Down 1% compared to November 2021
• Up 1% compared to December 2020

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

The Median Sold Price trend is Depreciating.* The Median Sold Price for December 2021 was $270k.
• Down 1.8% compared to November 2021
• Up 10.2% compared to December 2020

The Average For Sale Price trend is Depreciating.* The Average For Sale Price in December 2021 was $417k.
• Up 3.5% compared to November 2021
• Up 4.3% compared to December 2020

The Average Sold Price trend is Depreciating.* The Average Sold Price in December 2021 was $311k.
• Up 0.3% compared to November 2021
• Up 8.7% compared to December 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 December 2021 is 0.5.
• Down 16.6% compared to November 2021
• Down 17% compared to December 2020

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

The Absorption Rate based on Closed Sales in December 2021 was 187.3%
• Up 12.6% compared to November 2021
• Up 10% compared to December 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.

The Columbus real estate market usually cools off during the winter, but inventory is still too low to make a meaningful dent in such a strong seller’s market. As we move into 2022, expect to see a continuation of current market trends; high prices and low inventory. 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.

If you are selling a home during the holiday season, don’t take the seller’s market for granted. It is still important to properly price and prepare your home if you want to sell it fast for top dollar. Read “5 Holiday Home Staging Tips”

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.

The winter time may still give you an opportunity to find your ideal home. There tends to be less competition, and home prices tend to fall (though not by a lot this year). 2022 is upon us, and now is a great time to prepare for the spring. This year should be great for inventory compared to 2021. As well, 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.

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. Without a significant increase in housing inventory, any foreclosures or short sales will get bought up, which will support the strong 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 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.