Greetings, Ohioans! It's time yet again to delve into the latest updates on the real estate market here in Central Ohio.
The latest Central Ohio Housing Report, based on data provided by Columbus REALTORS®, has revealed some fascinating trends. In May, the median sales price skyrocketed to a record-high of $320,000. This impressive figure represents a significant increase of 6.1% compared to the previous month when the median sales price reached $301,705. The last time we witnessed such heights was back in June 2022, when the median sales price hit $315,000. But that's not all—total sales have also experienced a surge. In May, there were 2,646 closed sales, a notable increase compared to April's figure of 2,175. However, it's worth noting that when we compare these numbers to the scorching summer of 2022, there has been an 18% decline. In May 2022, we witnessed a staggering 3,227 closed sales.
The stabilization of mortgage rates has enticed new buyers to enter the market, contributing to this upward trend. Columbus REALTORS® President, Patti Brown-Wright, highlights the significance of this shift, stating, "That has also resulted in a small increase in inventory, which is greatly needed." Freddie Mac statistics show that mortgage rates rose from 5.10% in May last year to 6.79% this year. While inventory is slowly moving in the right direction, the pace still falls short of meeting the growing demand. This month, we saw 3,287 new listings hit the market, marking an 18.2% increase compared to the previous month. However, the total inventory currently stands at just over one month of supply, with 2,671 homes available. With summer in full swing, the competition in the market is fierce. Buyers need to have all their ducks in a row ahead of time, which means getting pre-approved and staying on top of automated home searches via the MLS, Zillow, RedFin, or elsewhere. Unlike other parts of Ohio, homes in Columbus tend to sell relatively quickly. So, it's crucial to be well-prepared and ready to make an offer when the perfect opportunity arises. Taking a broader perspective, the year-to-date closed sales figure stands at 10,415, representing a 15.5% decline compared to the same period last year. In terms of local market breakdowns, Bexley witnessed an impressive 43% increase in closed sales. The Olentangy local school district led the pack outside of Columbus, boasting the most sales (153) at an average price of $627,365. In other exciting news, Columbus proudly secured the seventh spot on the Realtor.com Top 20 Hottest Housing Markets for May. Dayton was the only other Ohio metro area to make the list, coming in 14th place. As we navigate through these exciting times, let's keep a close eye on the shifting dynamics of the Central Ohio real estate market. Until next time, stay tuned for more updates, and stay classy, Columbus!