COLUMBUS, Ohio (WCMH) — Columbus is ranked among the top housing markets for 2023 as home prices decreased for the fifth consecutive month in November, according to a housing report by Columbus Realtors.
Columbus Realtors’ Central Ohio Housing Report for November found the average sales price for a home was $319,231, dropping more than $8,500 from $327,768 in October. The shift represents a five-month decrease since the market hit this year’s peak in June at $354,380.
Still, prices were up in November compared to last year, with the average sale price 7.9% higher. Columbus Realtors is also reporting 2,011 new listings and 2,202 closed sales for November, a 27% drop compared to a record-breaking 3,018 homes sold in November last year.
Inventory remains high in central Ohio at 3,469 homes for sale in November, compared to 3,772 homes for sale in October. The report noted 1,074 of new listings were in Franklin County.
“We are noticing an uptick in inventory in the area, which is a good thing for the buyer,” said Sue Van Woerkom, President of Columbus Realtors. “We currently have 1.3 months of unsold inventory supply in Columbus, which historically is very low. Nationally, that number sits at 3.1 months per the latest numbers from the National Association of Realtors.”
In early December, Columbus was ranked 14th by Realtor.com in its Top-100 Housing Forecast for 2023, based on factors like affordability at the median income level, combined sales and price change year-over-year.
Hartford, Connecticut, is ranked first, El Paso is second, Louisville is third, Worcester, Massachusetts is fourth and Buffalo, New York if fifth. In addition, Toledo is ranked 10th.
While mortgage rates have been steadily increasing throughout the past few month, National Association of Realtors Senior Economist & Director of Forecasting Nadia Evangelou said a return to the sky-high interest rates of the 1980s isn’t likely in today’s economy.
“After adjusting the median home price for inflation, the monthly mortgage payment was about $450 higher in 1982 than it is now. If mortgage rates were currently 9%, the monthly mortgage payment would be comparable to 1982 rates.”
The average rate on a 30-year fixed mortgage on Nov. 30 in Columbus was 6.4%, according to Realtor.com.
Columbus Realtors’ report noted Pickerington Local School District saw a 13% increase year-over-year, with 87 closed sales in November. Worthington also saw an increase in closings of 31.3% in November.