Columbus OH Real Estate Market Report April 2023

In March, the Months of Inventory moved back down to 0.8. Since this is under 3, it’s still a seller’s market. The number of new listings went up 30.2% compared to March.  However, the number of homes going into contract and selling outpaced the number of homes listed for sale in March. The lower number of homes for sale explains the lower Months Of Inventory.

Falling inventory may be why prices increased again after several months of coming down. For Sale prices continue to outpace Sold prices, which may be a sign that sellers still are not adjusting their list prices for higher interest rates, forcing them to lower prices in order to sell.

Homes do continue to sell relatively quickly at only 30 days on average. While that’s longer than last year at this time, it is still historically fast and much more normal than the last couple of years.

Continue reading to see 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 (April 17th, 2023).

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 March 2023 was 1972 units.
• Up 4.2% compared to February 2023
• Up 57.6% compared to March 2022

The number of Homes Listed in March 2023 was 2756 units.
• Up 30.2% compared to February 2023
• Down 20.9% compared to March 2022

The number of Homes Closed in March 2023 was 2364 units.
• Up 30.5% compared to February 2023
• Down 8.3% compared to March 2022

The number of Homes Placed Under Contract in March 2023 was 2822 units.
• Up 33.4% compared to February 2023
• Down 6.2% compared to March 2022

The Average Price per Square Foot on Sold homes trend is Appreciating.* In March 2023 the Average Price Per Square Foot was $185.

• Up 3.4% compared to February 2023
• Up 3.9% compared to March 2022

*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 March 2023 was 30 days.
• Down 6.2% compared to February 2023
• Up 87.5% compared to March 2022

The Sold/Original List Price Ratio Remains Rising* at 99% for March 2023.

• Up 1% compared to February 2023
• Down 3.9% compared to March 2022

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

The Median Sold Price trend is Neutral.* The Median Sold Price for March 2023 was $311k.
• Up 3.7% compared to February 2023
• Up 3.7% compared to March 2022

The Average For Sale Price trend is Appreciating.* The Average For Sale Price in March 2023 was $531k.
• Up 1.5% compared to February 2023
• Up 14.4% compared to March 2022

The Average Sold Price trend is Neutral.* The Average Sold Price in March 2023 was $355k.
• Up 4.4% compared to February 2023
• Up 6.3% compared to March 2022

*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 March 2023 was 0.8.
• Down 10.8% compared to February 2023
• Up 96.9% compared to March 2022

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

The Absorption Rate based on Closed Sales in March 2023 was 127.7.
• Up 18.5% compared to February 2023
• Down 47.3% compared to March 2022

*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.

Inventory and rates are putting the market in a tug of war. The higher prices and higher rates are making it difficult for buyers who find themselves priced out. It’s still a good time to sell your home in Columbus, but it’s not as competitive as last year. As mentioned at the beginning of this report, many sellers are overpricing their homes because they are not taking the changing market into consideration.

If you’re selling your home in 2023, consider the following:

• Don’t overprice your home. It’s important to price your home correctly or even a little low to induce the “auction effect.” Don’t wait to reduce the price if necessary.
• Make your home as close to move-in ready as possible. Buyers prefer move-in ready and tend to overestimate the cost of repairs.
• Consider offering Seller Credits or Buy Downs to help home buyers deal with higher rates.

Rates have been volatile lately. Experts expect at least one more rate increase from the FED, but mortgage rates have dipped in the short term. This should lead to an increase in buyers. If you need to sell soon, now is the time to get it listed!

Read: 5 Tips To Sell Your Home Over Asking 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 to learn more or to request our Neighborhood Report, which provides in-depth data for specific neighborhoods.

While the market is normalizing, inventory remains low and appears to be shrinking again. But, despite higher rates and higher home prices, it still makes more sense to own vs rent. Plus, rates are predicted to go up a bit more as the FED continues to raise rates. If you’re still renting, look for opportunities in the market such as “stale” listings, price-reduced homes, home builder incentives, down payment assistance, and fixer-uppers. Start building your own wealth instead of your landlord’s.

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.

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.