Columbus OH Real Estate Market Report December 2022

In November, Months of Inventory increased by almost 8%, but it remains a seller’s market because inventory is still low. Homes are still selling quickly at only 23 days on average. Prices appear to be stabilizing, though only time will tell.

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 (December15th, 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 November 2022 was 3114 units.
• Down 8.7% compared to October 2022
• Up 42.3% compared to November 2021

The number of Homes Listed in November 2022 was 2103 units.
• Down 28.9% compared to October 2022
• Down 24.9% compared to November 2021

The number of Homes Closed in November 2022 was 2259 units.
• Down 15.5% compared to October 2022
• Down 28.9% compared to November 2021

The number of Homes Placed Under Contract in November 2022 was 2282 units.
• Down 13.6% compared to October 2022
• Down 21.1% compared to November 2021

The Average Price per Square Foot on Sold homes trend is Depreciating.* In November 2022 the Average Price Per Square Foot was $170.

• Down 1.7% compared to October 2022
• Up 9% compared to November 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 November 2022 was 23 days.
• Up 15% compared to October 2022
• Up 35.3% compared to November 2021

The Sold/Original List Price Ratio Remains Falling* at 97% for November 2022.

• Down 1% compared to October 2022
• Down 3% compared to November 2021

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

The Median Sold Price trend is Depreciating.* The Median Sold Price for November 2022 was $280k.
• Down 1.8% compared to October 2022
• Up 6.1% compared to November 2021

The Average For Sale Price trend is Neutral.* The Average For Sale Price in November 2022 was $415k.
• Up 1.2% compared to October 2022
• Up 13.4% compared to November 2021

The Average Sold Price trend is Depreciating.* The Average Sold Price in November 2022 was $321k.
• Down 3% compared to October 2022
• Up 7.7% compared to November 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 November 2022 was 1.4.
• Up 7.8% compared to October 2022
• Up 101.6% compared to November 2021

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

The Absorption Rate based on Closed Sales in November 2022 was 72.5%
• Down 7.5% compared to October 2022
• Down 50% compared to November 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 almost winter, prices have moved 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 FED has signaled that it will continue to raise rates into 2023 and will keep them higher for longer. If that is what happens, it will keep the real estate market at a slower pace. However, without more inventory in Columbus, it will likely remain a seller’s market in the foreseeable future. If you know you will need to sell your home, consider doing so sooner rather than later. Higher rates next year could make conditions a little more difficult.

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 has been a little easier on buyers, but it’s still a seller’s market. However, winter is historically 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). There are usually more builder incentives around the Christmas holiday.

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 and to keep them higher for longer. If that is what happens, it will keep the real estate market at a slower pace. Without more inventory in Columbus, though, it will likely remain a seller’s market for the foreseeable future. If you’re planning on buying a home in 2023, consider doing so sooner rather than later. Higher rates next year could make conditions a little more difficult.

Remember, “Date the rate. Marry the house.” It is possible to buy down the rate or refinance later if rates fall in the future.

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.