Inventory continues to trend upward in the latest central Ohio housing report provided by Columbus REALTORS® for the month of August 2023.
In August, the inventory of total homes in central Ohio sat at 3,434, which equates to a 1.5-month supply of inventory. Since June, inventory has risen 19 percent in the region, resulting in more options for potential home buyers.
There were 2,876 closed sales in August, a 14.8% increase over July 2023. Year over year, closed sales are down 10.5%. The three summer months saw central Ohio post consistent closing numbers, with 2,840 sales in June, 2,505 in July, and 2,876 in August.
“Beautiful new homes are coming on the market daily in central Ohio,” said Columbus REALTORS® President Patti Brown-Wright. “We are seeing positive trends in inventory, but interested buyers should not be lured into complacency. Multiple offers are still the norm in Columbus.”
The average home lasted 18 days on the market in August, but that number can be deceiving.
“Days on Market is just an average, and when you’re talking about 1,000s of homes, there are lots of variables as to why some properties sit and others sell on day one,” said Brown-Wright.
“If you’re interested in selling, talk to a REALTOR®. They have the most accurate data from neighborhood to neighborhood to predict how quickly your home could be sold and get you the highest price.”
According to Freddie Mac, 30-year fixed-rate mortgages started the month at 6.9% but rose to 7.23% by the end of the month.
The median sale price, which reached an all-time high of $322,205 in June, sits at $316,995 in August. In August 2022, the median sales price in central Ohio was $295,000, marking a 7.5% increase year over year.
Of the 2,876 closed sales in August, 1,464 (50.1%) occurred in Franklin County. The median sale price in Franklin County was $305,000. Delaware County topped the region with a median sales price of $491,000 in August, a 9% increase year over year.
In the monthly neighborhood spotlight, Blacklick saw a 32% increase over last year, with 62 sales in August. There were 59 closed sales in Marysville, a 44% increase over last year.
Year to date, there have been 18,721 closed sales in the region, a 15% drop over this point last year.
Also of note, August saw Realtor.com announce Gahanna as its Hottest Zip Code in the United States for 2023. This marked the sixth time in the last seven years that a central Ohio community has been featured in the top 10 of Realtor.com’s annual list.
Columbus REALTORS® is composed of almost 10,000 real estate professionals engaged in residential and commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development, and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Marion, Morrow, Pickaway, and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Muskingum, Perry, and Ross counties.
To view residential properties for sale, visit realtor.com
To view commercial properties for sale or lease, visit crexi.com
For media inquiries, please contact Craig Hicks, Senior Director of Communication & Engagement (614) 498-1016