COLUMBUS, Ohio (WCMH) — Columbus is receiving national recognition as one of the nation’s hottest housing markets as prices for central Ohio homes decreased for the third straight month, according to a housing report by Columbus Realtors.
Columbus Realtor’s Central Ohio Housing Report for September found the average sales price for a home was $331,287, dropping more than $6,000 from $337,963 in August. The prices represent a three-month decrease since the market hit this year’s peak in June at $354,380.
Still, prices were up in September compared to last year, with the average sale price 9.9% higher. Also, inventory decreased more than 14% in September compared to last year, and homes sat on the market for longer with an average of 18 days, compared to 14 in 2021.
“Sellers will need to have a bit more patience when they list their home this fall,” said Sue Van Woerkom, president of Columbus Realtors. “Waiting for the right buyer will benefit them.”
The report noted Realtor.com ranked Columbus the fifth hottest housing market in the U.S. for September. Manchester, New Hampshire, is ranked first, Rochester second, Fort Wayne third and La Crosse, Wisconsin, is fourth.
Highlighting cities seeing high demand and price growth, Realtor.com said the Columbus market has a healthy number of potential buyers checking out multiple listings.
“It’s no surprise our Midwest city ranks as one of the hottest housing markets, “ said Van Woerkom. “Columbus is still a more affordable place to live compared to many cities to our West and the East coast.”
Columbus Realtors’ report also said German Village, Plain City, Lithopolis and Sunbury each saw triple-digit increases in sales prices and the number of closing sales.
The shifts in the housing market come after inflation led to increased mortgage rates, with the Federal Reserving boosting rates by three-fourth of a percentage point inn September. The Columbus market is also ranked among the top 10 U.S. cities where homes sell the fastest.