Central Ohio's Real Estate Market Begins 2024 with Strong Momentum

The Central Ohio housing market has demonstrated significant growth at the outset of 2024, with several key metrics showing improvements over January of the previous year. The latest Columbus (Ohio) Realtors report indicates a positive trajectory in the region's real estate activities.

January witnessed a 2.8 percent increase in closed sales within the Columbus & Central Ohio Regional MLS, totaling 1,558 sales. Of these, 86 percent were single-family homes. The market also experienced notable growth in inventory, with a 10.3 percent increase in new listings compared to the previous year, bringing the total number of homes for sale to 2,890, a 17 percent rise from January 2023.

Recent months have shown a sustained growth in inventory, with homes selling in just over a month on average. However, in high-demand areas, sales are closing in less than a week. With the stabilization of mortgage rates and a greater availability of homes, now is deemed an opportune moment for potential buyers to enter the market.

Shifting the focus to sales prices, the average sales price in January 2024 was reported at $331,001, marking a significant increase from the $302,464 average sales price in January 2023. This rise reflects the ongoing appreciation in home values across the region.

Financing trends reveal that conventional loans dominated the closed sales at 55 percent, with cash sales representing 21 percent, and VA or FHA loans accounting for 17 percent.

Specific areas within Central Ohio also showcased strong performance. Columbus City Schools and Columbus (Corp.) were responsible for 950 of the month's closed sales, with an additional 1,279 homes currently under contract. The South-Western City School District (Grove City) and Union County's Marysville were also highlighted for their sales activity and price trends.

The promising start to 2024 suggests a vibrant Central Ohio real estate market, with rising sales, expanding inventory, and increasing home values offering ample opportunities for both buyers and sellers.