Columbus OH Real Estate Market Report November 2022

It’s still a seller’s market, but the real estate market is shifting in the Columbus area.

In October, Months of Inventory increased. The total number of homes for sale moved up, but the number of homes placed in contract also moved up month over month. So, overall inventory increased, but there’s still not enough housing. This is finally causing home price trends to pull back. That’s good news for buyers and for the market overall. We need to see a more level, normal market for the Columbus real estate market to be healthy.

Continue reading to find out how the Columbus, Ohio housing market is performing. “Today’s Stats” are also included so you can see how things have changed as of the time of writing (November 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 October 2022 was 3411 units.
• Up 2.2% compared to September 2022
• Up 30.2% compared to October 2021

The number of Homes Listed in October 2022 was 2937 units.
• Down 10.8% compared to September 2022
• Down 16.5% compared to October 2021

The number of Homes Closed in October 2022 was 2643 units.
• Down 11.4% compared to September 2022
• Down 25.5% compared to October 2021

The number of Homes Placed Under Contract in October 2022 was 2967 units.
• Up 9.2% compared to September 2022
• Down 13.2% compared to October 2021

The Average Price per Square Foot on Sold homes trend is Neutral.* In October 2022 the Average Price Per Square Foot was $173.

• Down 1.7% compared to September 2022
• Up 10.9% compared to October 2021

*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 October 2022 was 20 days.
• Up 17.6% compared to September 2022
• Up 42.9% compared to October 2021

The Sold/Original List Price Ratio Remains Falling* at 98% for October 2022.

• 0% compared to September 2022
• Down 2% compared to October 2021

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

The Median Sold Price trend is Depreciating.* The Median Sold Price for October 2022 was $285k.
• Down 2.4% compared to September 2022
• Up 8% compared to October 2021

The Average For Sale Price trend is Neutral.* The Average For Sale Price in October 2022 was $410k.
• Up 0.7% compared to September 2022
• Up 8.8% compared to October 2021

The Average Sold Price trend is Depreciating.* The Average Sold Price in October 2022 was $331k.
• Down 0.3% compared to September 2022
• Up 10.3% compared to October 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 October 2022 was 1.3.
• Up 17.9% compared to September 2022
• Up 81.3% compared to October 2021

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

The Absorption Rate based on Closed Sales in October 2022 was 77.5%
• Down 13.3% compared to September 2022
• Down 42.8% compared to October 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.

Now that it’s fall, prices are shifting down for the season. We may see more price reductions as sellers must re-calibrate for a changing market. However, it is still too early to know whether this is due to normal seasonal changes or a more significant change in the long-term trend.

The Central Ohio market usually slows down into the holiday season. 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 seasons and market conditions. We see an increase in price reductions because some home sellers are not considering higher rates and a balancing market.

Read: When To Reduce The Price

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 shift is a little easier on buyers, but it’s still a strong seller’s market. However, 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 incentives in our newsletter). It is possible to negotiate better terms once again, but with inventory remaining low for the foreseeable future, it’s hard to say if that will be the case in the spring.

As of this writing, mortgage rates are also pulling back. This gives buyers an opportunity to get a better price and a better rate potentially. The Fed has made it pretty clear that they intend to continue raising rates, so we expect rates to continue rising at some point.

As shown in our reports month after month, low inventory continues to hamper the market. The housing market has been underbuilt for such 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.