Columbus OH Real Estate Market Report March 2022

The Columbus area has maintained a hot sellers’ market throughout the winter. This will continue into spring because low inventory continues to be an issue for everyone. In fact, the below report shows that as of this writing, there are less than 900 homes currently for sale in Central Ohio.*

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 (March 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 see sold homes on our site!

The number of Homes For Sale in February 2022 was 835 units.
• Down 12.4% compared to January 2022
• Down 15.8% compared to February 2021

The number of Homes Listed in February 2022 was 1703 units.
• Down 1.8% compared to January 2022
• Down 3.5% compared to February 2021

The number of Homes Closed in February 2022 was 1522 units.
• Up 4.2% compared to January 2022
• Down 4.8% compared to February 2021

The number of Homes Placed Under Contract in February 2022 was 1939 units.
• Up 6.9% compared to January 2022
• Up 7.5% compared to February 2021

The Average Price per Square Foot on Sold homes trend is Appreciating.* In February 2022 the Average Price Per Square Foot was $171.

• Up 1.8% compared to January 2022
• Up 14% compared to February 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 February 2022 was 20 days.
• Up 5.3% compared to January 2022
• Down 20% compared to February 2021

The Sold/Original List Price Ratio Remains Steady* at 102% for February 2022.

• Up 2% compared to January 2022
• Up 3% compared to February 2021

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

The Median Sold Price trend is Depreciating.* The Median Sold Price for February 2022 was $275k.
• Up 1.1% compared to January 2022
• Up 14.6% compared to February 2021

The Average For Sale Price trend is Appreciating.* The Average For Sale Price in February 2022 was $464k.
• Up 6.2% compared to January 2022
• Up 7.2% compared to February 2021

The Average Sold Price trend is Neutral.* The Average Sold Price in February 2022 was $321k.
• Up 3.2% compared to January 2022
• Up 13% compared to February 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 February 2022 is 0.5.
• Down 30.7% compared to January 2022
• Down 16.1% compared to February 2021

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

The Absorption Rate based on Closed Sales in February 2022 was 182.3%
• Up 18.9% compared to January 2022
• Up 13.2% compared to February 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.

With homes in short supply and more people moving to Ohio, this spring will be HOT in Central Ohio. Even in a hot market, it is still possible to misprice or improperly prepare a home for sale. It is imperative that you hire a full-time agent who is an expert in your community. If you’re thinking about selling a home this spring or summer,

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 learn more or to request our Neighborhood Report, which provides in-depth data for specific neighborhoods.

Get ready for a HOT HOT HOT spring and summer in the Columbus real estate market! With few homes to choose from, rising rates, and more people moving to Columbus, inventory will continue to be an issue in the near term. It is possible, though, to buy a beautiful home right now. In fact, we’re helping a family close on a lovely home in Lewis Center today. We wrote a few offers that fell through (normal nowadays), but with patience and perseverance, they finally won! It may take time, but buying a home is achievable.

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 our reports month after month, low inventory continues to hamper the market. Builders are simply way too far behind. The uptick in inventory that we keep hoping for has thus far been elusive. Plus, even more people will be moving to Central Ohio soon. 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. And, you don’t want to wait to buy, because the Federal Reserve will be raising rates multiple times this year. Rising rates erode housing affordability.

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 or for the entire Columbus MLS, contact Realtor Rita Boswell at 614-830-9767.

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