Columbus OH Real Estate Market Report June 2022

As expected, as the weather warms so does the housing market. Even though Days On Market are falling and prices are rising, the market is hampered by continued low inventory. Thankfully, we are seeing more listings enter the market.

In May, inventory rose somewhat but new listings were once again outpaced by pending and sold homes. Also, prices are still moving up. However, price acceleration does appear to be slowing down. Perhaps the market can finally begin to balance out.

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 (June 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 May 2022 was 1393 units.
• Up 7.3% compared to April 2022
• Up 10.6% compared to May 2021

The number of Homes Listed in May 2022 was 3412 units.
• Up 4.4% compared to April 2022
• Down 3.5% compared to May 2021

The number of Homes Closed in May 2022 was 2846 units.
• Up 14.2% compared to April 2022
• Up 2.2% compared to May 2021

The number of Homes Placed Under Contract in May 2022 was 3451 units.
• Up 22.4% compared to April 2022
• Up 6.4% compared to May 2021

The Average Price per Square Foot on Sold homes trend is Appreciating.* In May 2022 the Average Price Per Square Foot was $187.

• Up 2.7% compared to April 2022
• Up 156.1% compared to May 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 May 2022 was 11 days.
• Unchanged compared to April 2022
• Unchanged compared to May 2021

The Sold/Original List Price Ratio is Rising* at 105% for May 2022.

• Unchanged compared to April 2022
• Up 1% compared to May 2021

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

The Median Sold Price trend is Appreciating.* The Median Sold Price for May 2022 was $330k.
• Up 6.5% compared to April 2022
• Up 15% compared to May 2021

The Average For Sale Price trend is Appreciating.* The Average For Sale Price in May 2022 was $478k.
• Up 4.6% compared to April 2022
• Up 9.4% compared to May 2021

The Average Sold Price trend is Appreciating.* The Average Sold Price in May 2022 was $370k.
• Up 4.2% compared to April 2022
• Up 12.1% compared to May 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 May 2022 was 0.5.
• Unchanged compared to April 2022
• Unchanged compared to May 2021

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

The Absorption Rate based on Closed Sales in May 2022 was 204.3%
• Up 6.4% compared to April 2022
• Down 7.6% compared to May 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 showing “green shoots” of improvement, it’s still a very strong sellers’ market. If you’re selling and also buying in the Central Ohio area, a more balanced market is in your favor. This remains an ideal market for folks looking to move up from a starter home to a larger home.

Even in a seller’s market, it is still possible to misprice or improperly prepare a home for sale. It’s still extremely important to hire a full-time agent who is an expert in your specific community. We are seeing an increase in price reductions because some home sellers are not taking higher rates and a leveling market into account.

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 remains challenging for home buyers, but the key is to stay engaged and not lose hope. We have strategies to help home buyers beat the seller’s market.

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 our reports month after month, low inventory continues to hamper the market. Builders are way too far behind, and they struggle to meet demand due to labor, land, and supply chain issues (still). Plus, 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 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 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.