Columbus Housing Market 2022: Prices, Trends & Forecast
The Columbus housing market was forecasted to be one of the nation’s hottest housing markets of 2022, and it proved true. Now, it shows a few signs that it might be cooling off, but are we going to see the dramatic dip in prices and sales that we’ve seen in other markets? Read on to find out everything you need about the Columbus housing market prices, trends, and forecasts.
Columbus Housing Market Prices
Columbus housing market prices have seen an overall increase, much like the rest of the nation. According to Redfin data, overall housing prices have seen an increase of approximately 6% year over year. The median price of all houses is estimated to be $253,750.
A large portion of the Columbus housing market comprises single-family homes. Houses in this category saw a 6.7% increase in price for a median price of $265,000.
Condos and co-ops also saw a significant price increase. The median sale price for housing in this category has risen to $226,000, an increase of almost 15% year over year.
However, prices in Columbus tend to vary greatly depending on the neighborhood. Southern Village tends to have a higher price point, while the neighborhood of South Linden is the most affordable. Those interested in purchasing a home in the Columbus area are encouraged to keep that in mind.
Columbus Housing Market Trends
Overall, sales are down compared to last year. Approximately 1048 homes were sold in October 2022, a decrease of almost 30% compared to last year. Houses are also spending a longer time on the market. The median number of days all houses spend on the market is 38, two more days than last year.
Most of the homes sold on the Columbus housing market were single-family homes. Single-family houses made up approximately 800 of the houses sold, but this was a decrease in sales. Overall, houses in this category decreased by almost 30% year over year. Single-family houses spend an average of 40 days on the market, four more days than last year.
Condos and co-ops are hot in the housing market, but they saw an overall decrease in sales. only a couple hundred houses sold on the Columbus housing market were in this category. Overall, there was about a 23% decrease in sales year over year. This type of housing will spend an average of 34 days on the market, which is 2 days less than last year.
Many homes on the Columbus housing market sell at or above the list price with a list-to-price ratio of 99.3%. However, some homeowners have difficulty selling their homes at high prices. This leads to them dropping the list price. About 35% of the houses sold on the Columbus housing market had price drops.
When considering how hot the housing market in Columbus is, it’s always important to look at migration trends. During one quarter in 2022, approximately 35% of Columbus residents that searched to buy a home searched for houses outside of Columbus. However, 65% searched to purchase a home within Columbus.
According to this article, Columbus was forecasted to be one of the hottest housing markets of 2022. The author wasn’t wrong. Columbus sales have remained strong throughout the year. The decreases in sales are minor, and homeowners continue to buy houses despite the rising prices.
Although the Columbus housing market has cooled off slightly, it doesn’t show signs of a significant downturn like in other housing markets.
Columbus Housing Market Forecast
Columbus, Ohio, was named one of the nation’s hottest housing markets before 2022 began, and those predictions proved accurate. Throughout 2022, the housing market in Columbus has remained strong.
The employment rate continues to be strong, and job growth continues. Columbus is considered one of the more desirable places to live, especially in Ohio.
According to this article, the hot status of the Columbus housing market continued throughout 2022, and the market is still going strong. We can expect to see those trends continue.
The housing market in Columbus will continue to slow down a bit, but it won’t completely cool off. Instead, inventory will slowly build up, resulting in prices balancing out more for buyers. However, the market will continue to be a seller’s market for quite some time.
Buyers interested in buying a house in the Columbus market are advised not to wait. As the months go on, Columbus continues to increase in popularity. If the prices are turning you away, consider shopping in different neighborhoods to find an affordable house or looking at different housing types.
Sellers will enjoy getting top dollar for houses for quite a while. Although many sellers are dropping their prices to sell fast, there is still a substantial market for all housing types in the area. Need to sell your house quick and easily? We buy houses in Columbus!
If you’re in a hurry to sell your house, consider going with a cash buyer in the area. This is a great way to get a fair price for your home. Check out this page to find cash buyers in Columbus, Ohio!
The market will continue to be great for sellers and real estate investors. Sellers can continue enjoying excellent house prices, and the housing market will stay hot. Real estate investors can benefit from this metropolitan area remaining a desirable place to live. This makes it an excellent choice for both short-term and long-term investments. Want to check out other housing markets to find one that’s perfect for your next investment? See what’s going on in the Fort Worth housing market or the Cleveland housing market!