Columbus Real Estate Market: A Promising Outlook for 2024

The Columbus real estate market is gaining momentum as it enters the year 2024. With soaring home prices, a robust job market, and a growing population, Columbus presents a promising opportunity for both buyers and...

The Columbus real estate market is gaining momentum as it enters the year 2024. With soaring home prices, a robust job market, and a growing population, Columbus presents a promising opportunity for both buyers and investors. In this article, we will explore the latest market trends and provide a forecast for the year ahead.

Central Ohio Housing Report

According to the Columbus & Central Ohio Regional MLS, the median sale price in December 2023 experienced a 7.3% increase year-over-year, reaching an impressive $295,000. Although closed sales slightly decreased by 5.7% compared to the previous year, the market remains competitive.

The supply of homes for sale expanded by 9.7% in December, with over 3,000 homes available. However, this increase still falls short of meeting the high demand. New listings were slightly lower than the previous year, aligning with the typical seasonal slowdown.

Market Insights

Patti Brown-Wright, the 2023 Columbus REALTORS® President, encourages prospective buyers to act quickly in this competitive market. Despite the challenges, Brown-Wright believes that now is a great time to buy a home. According to Zillow, Columbus ranked as the third hottest housing market for 2024, solidifying its position as an attractive destination.

Different areas within Central Ohio demonstrated varying performances. Pickerington saw a significant increase in closed sales, while Marion experienced a 9.5% year-over-year growth. Obetz emerged as a standout performer with notable increases in the median sale price, new listings, and the inventory of homes for sale.

Yearly Comparison and Market Trends

Comparing 2023 to the previous year, the housing market saw a 9.7% increase in available homes for sale, while new listings decreased by 11.9% due to factors such as rising mortgage rates and prices. The median sold price for the year reached $302,000, indicating a 4.1% increase.

Is Columbus Ohio a Seller's Real Estate Market?

Columbus, OH continues to be a seller's market, characterized by high demand and limited inventory. In December 2023, the median listing home price reached $275,000, marking an 8.6% increase compared to the previous year. The sale-to-list price ratio stood at an impressive 100%, suggesting that homes are selling close to the asking price.

The median days on the market averaged 47 days in December 2023, indicating the time it takes for a property to sell. This metric has increased slightly compared to the previous month and the previous year, reflecting evolving buyer behavior and market dynamics.

Columbus Ohio Housing Market Forecast for 2024

According to data from Zillow, the average home value in Columbus stands at $232,847, reflecting a 4.9% increase over the past year. Homes typically go pending within 11 days, demonstrating the fast-paced nature of the market. The current forecast suggests stability and growth in the Columbus housing market.

Top Reasons to Invest in Columbus Real Estate Market for the Long Term

There are several compelling reasons to consider investing in the Columbus real estate market for the long term:

  1. Strong Job Market: Columbus boasts a diverse economy with a thriving job market, attracting major companies and offering ample employment opportunities.
  2. Growing Population: The city's steady population growth creates a high demand for housing, contributing to potential rental yields and property value appreciation.
  3. Affordable Housing Market: Despite its economic vitality, Columbus remains an affordable housing market compared to other major cities, making it an attractive option for real estate investors.
  4. Strong Rental Market: Columbus has a strong rental market, with consistently low vacancy rates and increasing rental prices, ensuring a stable cash flow for investors.
  5. Favorable Tax Climate: Ohio offers a relatively low tax burden, benefiting investors by minimizing expenses and maximizing profits.
  6. Thriving Arts and Culture Scene: Columbus boasts a vibrant arts and culture scene, attracting more residents and making it an appealing place to live and invest.

Investing in Columbus real estate provides opportunities for long-term appreciation and solid returns on investment, thanks to its strong economic fundamentals, affordability, and growing rental market.

Image: Columbus Ohio Housing Market Forecast for 2024 Columbus Ohio Housing Market Forecast for 2024 Source: Zillow

In conclusion, the Columbus real estate market offers great potential for investors and homebuyers alike. Before making any decisions, it is essential to thoroughly evaluate the specific market conditions and consult with a real estate professional who can provide expert guidance.

Sources:

  • Columbus REALTORS® Housing Reports
  • Zillow
  • NeighborhoodScout
  • Realtor.com
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