Columbus OH Real Estate Market Report February 2023

In January, the Months of Inventory came in at 1.4. Since this is under 3, it’s still a seller’s market. Homes continue to sell quickly at only 31 days on average. Prices appear to be stabilizing, though only time will tell. The number of new listings went up 24% compared to last January. Inventory may be moving down again as we shift into early spring. However, for the last few months, there have been more homes for sale than have sold. This was not the case this time last year. Is this pointing towards improving inventory levels? We’ll have to keep watching to find out.

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 (February 15th, 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 January 2023 was 2161 units.
• Down 20.9% compared to December 2022
• Up 35.1% compared to January 2022

The number of Homes Listed in January 2023 was 1956 units.
• Up 24% compared to December 2022
• Down 14.5% compared to January 2022

The number of Homes Closed in January 2023 was 1568 units.
• Down 26.9% compared to December 2022
• Down 21.2% compared to January 2022

The number of Homes Placed Under Contract in January 2023 was 2351 units.
• Up 38.8% compared to December 2022
• Down 0.5% compared to January 2022

The Average Price per Square Foot on Sold homes trend is Depreciating.* In January 2023 the Average Price Per Square Foot was $167.

• Down 1.2% compared to December 2022
• Up 4.4% compared to January 2022

*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 January 2023 was 31 days.
• Up 10.7% compared to December 2022
• Up 47.6% compared to January 2022

The Sold/Original List Price Ratio Remains Falling* at 96% for January 2023.

• 0% compared to December 2022
• Down 3% compared to January 2022

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

The Median Sold Price trend is Depreciating.* The Median Sold Price for January 2023 was $265k.
• Down 4.7% compared to December 2022
• Up 3.9% compared to January 2022

The Average For Sale Price trend is Appreciating.* The Average For Sale Price in January 2023 was $450k.
• Up 10% compared to December 2022
• Up 16% compared to January 2022

The Average Sold Price trend is Depreciating.* The Average Sold Price in January 2023 was $307k.
• Down 4.4% compared to December 2022
• Up 4.4% compared to January 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 January 2023 was 1.4.
• Up 7.9% compared to December 2022
• Up 74.6% compared to January 2022

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

The Absorption Rate based on Closed Sales in January 2023 was 72.6%
• Down 7.5% compared to December 2022
• Down 41.6% compared to January 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 difficult rate condition is keeping some buyers on the sidelines. It’s still a good time to sell your home in Columbus, but it’s not as competitive as last year. Many sellers are overpricing their homes because they are not taking the balancing 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. 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.

The Central Ohio real estate market is usually slower during the winter. It’s essential 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.

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). As we shift into early spring, expect to see Days On Market go back down and prices to level or go back up.

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 than the 2021 frenzy. 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 will make erode your buying power but 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.

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.