Homebuyers have more options in central Ohio, and mortgage rates take a welcomed dip. Columbus REALTORS® breaks down the December housing report for central Ohio.
The average sales price has increased by 9.4 percent since last December, up to $318,581. On average, homes sold for just over $27,000 more than last year in central Ohio. The median sales price also saw a 7.8 percent spike, rising from $255,000 in 2021 to $275,000 in December 2022.
“Home sellers are seeing big gains in their bottom line if they have patience with their home sale,” said Sue Van Woerkom, 2022 President of Columbus REALTORS®, “This market is not as fast and furious as what we saw early this year. Homes are sitting just a little bit longer.”
Homes spend an average of 29 days on the market. That is up from an average of 18 days last year at this time. Even with just over one month of inventory in central Ohio, the region remains a strong seller's market.
“Despite this being a seller’s market, buyers do have their pick right now. Homes are sitting on the market a little longer, giving people more time to make sure they are investing in the right property,” said Van Woerkom.
As Van Woerkom references, buyers have more options to choose from this winter. Inventory rose 36% compared to December 2021. Several communities saw an influx of new homes for sale. The list includes the Columbus suburbs of Clintonville, Grandview Heights, and New Albany.
Sellers in rural counties are benefitting from a surge in their property value. Properties in Fayette County saw their average home sale price jump by nearly 50 percent in December. Champaign, Ross, Hocking, and Ross County sellers also benefited from rising home prices.
One segment of the population that has faced challenges in the changing market has been first-time home buyers. December began with the 30-year fixed-rate mortgage averaging 6.49%. The rate dip has helped, but the prevailing feelings of economic uncertainty exist. Still, National Association of REALTORS Deputy Chief Economist and VP of Research Dr. Jessica Lautz sees opportunities on the horizon for first-time home buyers in 2023.
“There was a frenzied pace in the housing market, which had pushed first-time buyers, often with FHA or VA mortgages, to the sidelines. As some buyers have retreated, high-income, first-time buyers may take advantage of the market right now,” said Lautz.
In reference to current interest rates, Van Woerkom has this advice for potential buyers.
“We aren’t near the rock bottom rates we’ve seen, but working with an experienced REALTOR® can guarantee you will get the best rate based on your needs,” said Van Woerkom.
Columbus REALTORS® is composed of almost 10,000 real estate professionals engaged in residential sales and leasing, 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 COCIE.org.
For media inquiries, please reach out to Craig Hicks, Director of Communication (614) 498-1016.