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. The demand is still there, but the supply just isn’t.
In April, it does appear that the number of homes for sale and homes listed outpaced homes sold and pending. Only time will tell if this is a fluke or the beginning of a new trend. If supply and demand can come back into balance, that would be good for buyers and sellers.
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 (May 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!
- 🏘️ Central Ohio Homes For Sale, Listed, Sold, & Pending
- 📐Central Ohio Average Price Per Square Foot
- 📉Central Ohio Days on Market
- 💲Central Ohio Housing Prices
- 🏘️ Central Ohio Months Of Inventory
- 📈Central Ohio Absorption Rate
- Central Ohio Housing Market Report At A Glance
- Central Ohio Home Sellers
- Columbus OH Home Buyers
- Get Your Local Market Snapshot
🏘️ Central Ohio Homes For Sale, Listed, Sold, & Pending
The number of Homes For Sale in April 2022 was 1298 units.
• Up 42.8% compared to March 2022
• Up 4.8% compared to April 2021
The number of Homes Listed in April 2022 was 3236 units.
• Up 10.5% compared to March 2022
• Down 2.8% compared to April 2021
The number of Homes Closed in April 2022 was 2451 units.
• Up 12.4% compared to March 2022
• Down 6.8% compared to April 2021
The number of Homes Placed Under Contract in April 2022 was 3144 units.
• Up 21% compared to March 2022
• Up 10.8% compared to April 2021
📐Central Ohio Average Price Per Square Foot
The Average Price per Square Foot on Sold homes trend is Appreciating.* In April 2022 the Average Price Per Square Foot was $182.
• Up 2.2% compared to March 2022
• Up 15.9% compared to April 2021
*Based on 6-month trend – Appreciating/Depreciating/Neutral
Quick Guide: Average Price Per Square Footage📉Central Ohio Days on Market
The average Days On Market trend in the Columbus area is Falling.*
The Average Days on Market in April 2022 was 11 days.
• Down 31.2% compared to March 2022
• Down 15.4% compared to April 2021
The Sold/Original List Price Ratio is Rising* at 105% for April 2022.
• Up 1.9% compared to March 2022
• Up 1.9% compared to April 2021
*Based on 6-month trend – Rising/Falling/Remains Steady
Quick Guide: Average Days On Market & Sold/List Price %💲Central Ohio Housing Prices
The Median Sold Price trend is Appreciating.* The Median Sold Price for April 2022 was $310k.
• Up 4.4% compared to March 2022
• Up 16.5% compared to April 2021
The Average For Sale Price trend is Neutral.* The Average For Sale Price in April 2022 was $457k.
• Down 1.5% compared to March 2022
• Up 7% compared to April 2021
The Average Sold Price trend is Appreciating.* The Average Sold Price in April 2022 was $355k.
• Up 6.3% compared to March 2022
• Up 16.4% compared to April 2021
*Based on 6-month trend – Appreciating/Depreciating/Neutral
Quick Guide: Average Price For Sale and Sold🏘️ Central Ohio Months Of Inventory
It is still a Seller’s Market* in Columbus, Ohio!!!
The Months of Inventory based on Closed Sales in April 2022 was 0.5.
• Up 24% compared to March 2022
• Unchanged compared to April 2021
*Seller’s market: less than 3 months of inventory based on closed sales
Quick Guide: Months Of Inventory | Median Price📈Central Ohio Absorption Rate
The Absorption Rate based on Closed Sales in April 2022 was 188.8%
• Down 21.3% compared to March 2022
• Down 11.1% compared to April 2021
*Seller’s market: 33.33% and above based on closed sales
Quick Guide: Absorption RateCentral Ohio Housing Market Report At A Glance
Central Ohio Home Sellers
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.
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.
Columbus OH Real Estate Market Outlook For 2022 Check Your Home’s Value InstantlyQuestions 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.
Columbus OH Home Buyers
Hopefully, we’re starting to see the beginning signs of the market balancing out. We can see in the above charts that newly listed homes are starting to outpace homes sold and homes placed in contract. Only time will tell if that is the beginning of a new trend or not. Demand is still high, even with rising rates.
4 Hacks For Home BuyersSome 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 too far behind, and they struggle to meet demand due to labor, land, and supply chain issues. 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 through 2022 and possibly into 2023. 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.
Free Guide: 15 Ways To WIN Your Dream Home In This Competitive Market See Homes Coming Soon To ColumbusThe 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.
Browse Today’s Newest ListingsAbout Central Ohio Real Estate Market Reports
“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.
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