Columbus OH Real Estate Market Report August 2022

While we’re still in a strong seller’s market thanks to high demand and low inventory, the market does appear to be leveling out in Central Ohio. Months of Inventory went up in July, and the Absorption rate went down. Trends have changed to Steady and Neutral.*

In July, the Months of Inventory continued to rise, while absorption rate and price per square foot fell. New listings were yet again outpaced by pending and sold homes, but the number of homes for sale increased again.

Home prices are still increasing. However, price acceleration does appear to be slowing down. Time will tell if this is only a seasonal shift or a real change in the market.

Continue reading to find out how the Columbus, Ohio real estate market is performing. “Today’s Stats” are also included so you can see how things have changed as of the time of writing (August 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 July 2022 was 2434 units.
• Up 25.3% compared to June 2022
• Up 22.8% compared to July 2021

The number of Homes Listed in July 2022 was 3231 units.
• Down 13.8% compared to June 2022
• Down 22% compared to July 2021

The number of Homes Closed in July 2022 was 2787 units.
• Down 5.8% compared to June 2022
• Down 14.3% compared to July 2021

The number of Homes Placed Under Contract in July 2022 was 3187 units.
• Up 8.9% compared to June 2022
• Down 4.4% compared to July 2021

The Average Price per Square Foot on Sold homes trend is Neutral.* In July 2022 the Average Price Per Square Foot was $183.

• Down 2.7% compared to June 2022
• Up 11.6% compared to July 2021

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

The average Days On Market trend in the Columbus area is Steady.*

The Average Days on Market in July 2022 was 11 days.
• Up 10% compared to June 2022
• Up 10% compared to July 2021

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

• Down 1% compared to June 2022
• Down 1% compared to July 2021

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

The Median Sold Price trend is Neutral.* The Median Sold Price for July 2022 was $324k.
• Down 1.8% compared to June 2022
• Up 11.7% compared to July 2021

The Average For Sale Price trend is Neutral.* The Average For Sale Price in July 2022 was $448k.
• Down 5.3% compared to June 2022
• Up 11.7% compared to July 2021

The Average Sold Price trend is Neutral.* The Average Sold Price in July 2022 was $364k.
• Down 2.7% compared to June 2022
• Up 10.3% compared to July 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 July 2022 was 0.9.
• Up 30.5% compared to June 2022
• Up 49.2% compared to July 2021

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

The Absorption Rate based on Closed Sales in July 2022 was 114.5%
• Down 24.9% compared to June 2022
• Down 30.2% compared to July 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 is typical with late summer time, inventory is increasing, and prices are decreasing slightly. We see more price reductions as sellers must re-calibrate for a shifting market. However, it is still too early to know whether this is due to normal seasonal changes or a more significant change in trend. It remains an ideal market for homeowners moving up to a larger home.

The Central Ohio market usually slows down once school starts. There is a higher chance of mispricing or improperly preparing a home for sale during this time.  It’s extremely important to hire a full-time agent who is an expert in your specific community AND has experience in different market conditions. We are seeing an increase in price reductions because some home sellers are not taking into account the higher rates and a balancing market.

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.

The market may be shifting ever-so-slightly in favor of buyers, but it’s still a seller’s market. However, for fall and winter have historically been the best time to buy a home. So, it’s vital that buyers stay engaged and don’t give up. Be on the lookout for price reductions and builder incentives (we often report winter incentives in our newsletter).

Some people still 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 shown in our reports month after month, low inventory continues to hamper the market. The housing market has been underbuilt for a long time, and builders are keeping tight reigns on housing starts. Plus, more people are relocating to Columbus. Without a significant increase in housing inventory, any distressed properties will be bought up, supporting a strong Columbus real estate market. Read “Are We In A Housing Bubble” to learn more.

Thinking about buying a home in Central Ohio? Call or text the Rita Boswell Group at 614-830-9767. We can help you find your dream home, even in this challenging market. The market is still competitive, and you definitely want a skilled agent working for you. Since the Fed is highly likely to continue raising rates, you don’t want to wait to buy. As everyone is seeing, 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 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 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.