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February Central Ohio Market Update

Josh Dawson

My goal is simple: to help you make better real estate decisions...

My goal is simple: to help you make better real estate decisions...

Feb 17 2 minutes read

Clarify > Terrify

I recently heard that people don't follow the best leaders, but rather the ones they can best understand. So, in these market updates, I'll do my best to convey a clear, concise message based on accessible data in the hopes that you'll rely on my careful examination of the real estate market and on-the-ground experiences.

I'll also give you the three most important takeaways each month so you make the best real estate decisions.

Here are my most important takeaways from the real estate market through January 2023.

Low Inventory Pushes Prices

There were fewer homes listed in January 2023 in Central Ohio than in and of the last seven Januarys. This will keep upward pressure on home prices. 

Buyer Demand Persists

Despite interest rates in the 6% range this month, buyer demand is still strong. 

Rates in the 3's are a Pipe Dream

I recently heard that some buyers remain on the fence because they were waiting for interest rates to come back down to the 3's (like they were during the pandemic). Those "gifts" from the real estate Gods tend to happen a couple of times in a lifetime. So, if buying isn't in your plans for another thirty years or so, it's a solid plan.

Central Ohio Real Estate Stats

 

1,962

New Listings

3,043

Active Listings

1,428

Under Contract

1,583

Closed Sales


New Listings ⬇️

-15%

Versus January 2022


$307,093

Average Sales Price

1.09

Months of Supply

33

Average Days on Market

$176

Average Price per Square Foot


Average # of Showings

9.14

for $307,093 Home


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