Columbus OH Real Estate Market Report January 2020

Happy New Year and New Decade!! Let’s start it off with a great Columbus Real Estate Market Report for home buyers and sellers!

Keep reading to see real estate trends that make this an ideal time to buy or sell a home in Columbus!

The number of Homes For Sale in December 2019 was 2977 units.
• Down 18.5% compared to November 2019
• Down 6.5% compared to December 2018

The number of Homes Listed in December 2019 was 1376 units.
• Down 30.3% compared to November 2019
• Down 3.2% compared to December 2018

The number of Homes Closed in December 2019 was 2223 units.
• Down 3% compared to November 2019
• Up 14.6% compared to December 2018

The number of Homes Placed Under Contract in December 2019 was 1971 units.
• Down 7.2% compared to November 2019
• Up 22.3% compared to December 2018

The Average Price per Square Foot on Sold homes trend is Neutral.* In December 2019 the Average Price Per Square Foot was $127.

• Up 0.8% compared to November 2019
• Up 4.1% compared to December 2018

*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 2019 was 35 days.
• Up 16.7% compared to November 2019
• Down 7.9% compared to December 2018

The Sold/Original List Price Ratio is Falling* at 95% for December 2019.

• Down 1% compared to November 2019
• 0% compared to December 2018

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

The Median Sold Price trend is Depreciating* The Median Sold Price for December 2019 was $212k.
• Down 0.5% compared to November 2019
• Up 4.4% compared to December 2018

The Average For Sale Price trend is Depreciating.* The Average For Sale Price in December 2019 was $355k.
• Down 0.3% compared to November 2019
• Up 1.4% compared to December 2018

The Average Sold Price trend is Neutral.* The Average Sold Price in December 2019 was $247k.
• Up 2.5% compared to November 2019
• Up 6% compared to December 2018

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

It’s still a Seller’s Market* in Columbus, Ohio!

The Months of Inventory based on Closed Sales in December 2019 was 1.3.
• Down 18.8% compared to November 2019
• Down 18.3% compared to December 2018

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

The Absorption Rate based on Closed Sales in December 2019 was 74.7.
• Up 19.1% compared to November 2019
• Up 22.7% compared to December 2018

*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.

We have been in a seller’s market for some time, and we will likely remain in a seller’s market throughout 2020.

If you’re thinking about selling your Columbus home soon, now is the time to start preparing. Talk with a local real estate expert about getting your home ready for the market. An experienced agent is the best person to help you decide which updates to consider and how much to spend. You want your home to be move-in ready, but you don’t want to go overboard and not recoup your money.

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.

Statistically, this is a great time to purchase a home. In fact, February 23 is the best day to buy a home if you’re looking for a deal. Of course, a homebuyer who closed on that date would likely have found their home by the end of January.

Additionally, a recent report from the National Association of Realtors identified Columbus Ohio as one of the top ten U.S. markets expected to outperform over the next 3-5 years. If you buy smart, your home’s value can still go up.

It is still a seller’s market, though. So, make sure you get pre-approved before finding the perfect home. Connect with a mortgage professional to get started.

Use a Top Home Buying Agent to help you find homes that fit your needs and budget. Be ready to make a competitive offer when you find the right home.

There are many predictions for the real estate market in 2020.

For Columbus, we will likely continue the overall trend of a low-inventory fueled Seller’s Market, especially in the lower price ranges. There simply aren’t enough existing homes to meet the demand. Homebuilders nationwide face headwinds that keep them from building enough homes in the price ranges people are looking for.

Here are a few U.S. real estate outlooks for 2020:

• CRBE 2020 U.S. Real Estate Outlook
• Realtor.com 2020 Housing Forecast
• 2020 Real Estate Trends: What You Need To Know by Dave Ramsey
• Forbes 2020 Housing Outlook
• Real Estate Trends That Will Shape 2020 by Curbed

The Greater Columbus Region Housing Market Report* from Columbus REALTORS® this month really showcases the market mismatch that is occurring in the area. Homes priced under $350k spent an average of 27 days on market, while homes priced $700k and up were on the market an average of 89 days.

“With a strong economy and low mortgage rates, buyer activity has been strong,” said Andy Mills, Columbus REALTORS® 2020 President.” However, central Ohio has been constrained by inventory levels that are still below historical norms. With supply and demand continuing to favor sellers, prices have been rising steadily.”

“Tight inventory continues to constrain buyer activity in some parts of the Columbus Region, while other areas, we are seeing increased seller inventory starting to improve buyers’ choices,” said Mills.

“As we look at 2020, we see continued low mortgage rates and a healthy economy giving a great start to housing in the new year.”

Please Note: Reports provided by Columbus REALTORS® Multiple Listing Service (MLS) for the entire Columbus Region includes data from all of Delaware, Fayette, Franklin, Licking, Madison, Morrow, Pickaway and Union Counties, as well as parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.

“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.”