Columbus OH Real Estate Market Report July 2022

As usual, the market heats up along with the temps. Even though Days On Market are falling and prices are rising, the market is hampered by continued low inventory.

In June, the Months of Inventory rose. New listings were yet again outpaced by pending and sold homes, but there was a 40% increase in homes for sale. Also, prices are still moving up. 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 (July 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 June 2022 was 1779 units.
• Up 41.1% compared to May 2022
• Up 39.4% compared to June 2021

The number of Homes Listed in June 2022 was 3426 units.
• Up 9% compared to May 2022
• Down 3.5% compared to June 2021

The number of Homes Closed in June 2022 was 2650 units.
• Up 2% compared to May 2022
• Down 13.1% compared to June 2021

The number of Homes Placed Under Contract in June 2022 was 3108 units.
• Up 11.1% compared to May 2022
• Up 1.6% compared to June 2021

The Average Price per Square Foot on Sold homes trend is Appreciating.* In June 2022 the Average Price Per Square Foot was $189.

• Unchanged compared to May 2022
• Up 14.5% compared to June 2021

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

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

The Average Days on Market in June 2022 was 9 days.
• Down 10% compared to May 2022
• Unchanged compared to June 2021

The Sold/Original List Price Ratio is Rising* at 104% for June 2022.

• Down 1% compared to May 2022
• Up 1% compared to June 2021

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

The Median Sold Price trend is Appreciating.* The Median Sold Price for June 2022 was $330k.
• Unchanged compared to May 2022
• Up 15% compared to June 2021

The Average For Sale Price trend is Appreciating.* The Average For Sale Price in June 2022 was $476k.
• Down 1.4% compared to May 2022
• Up 8.2% compared to June 2021

The Average Sold Price trend is Appreciating.* The Average Sold Price in June 2022 was $376k.
• Up 0.5% compared to May 2022
• Up 13.3% compared to June 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 June 2022 was 0.7.
• Up 41.2% compared to May 2022
• Up 71.7% compared to June 2021

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

The Absorption Rate based on Closed Sales in June 2022 was 149%
• Down 27.6% compared to May 2022
• Down 37.7% compared to June 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.

Though housing inventory may be improving, it’s still a sellers’ market. A more balanced market is in your favor if you’re selling and also buying in the Central Ohio area. This remains an ideal market for folks moving from their starter home to a larger home.

As the market shifts, prices are likely to plateau or rise at a slower rate than previously. We also have the normal seasonal shift into winter coming up, when the market usually slows down. There is a higher chance of mispricing or improperly preparing a home for sale during this time. Agents who previously just stuck a sign in the yard will feel this shift the most. 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 slightly in favor of buyers, but it’s still a sellers market. However, for years and years fall and winter have 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 about 20 years. Plus, more people will be moving to Central Ohio soon. Without a significant increase in housing inventory, any foreclosures or short sales will be bought up, supporting 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 challenging market. The market is so competitive right now, that you will definitely want a skilled agent working for you. And, you don’t want to wait to buy because the Federal Reserve will continue to raise rates. 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.