Your Real Estate Market Update:
Local Market Information provided by the Columbus Board of Realtors MLS.
Last updated October 24,2024
Here you will find the latest local housing trends that will give you insights, updates and analysis to your local marketplace. If you have any questions about this report or anything else related to real estate, please feel free to reach out to us. We are proud to be a trusted adviser and help you make important business decisions when it comes to real estate.
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September 2024 Housing Report:
Housing supply hits a 6-year high in the latest monthly report from Columbus Realtors.
COLUMBUS, Ohio (Oct. 23, 2024) — September saw a 2.6% increase in closed sales, and inventory rose to a two-month supply for the first time in six years in the latest set of housing statistics issued by Columbus REALTORS®.
The total inventory of homes for sale in the Columbus & Central Ohio Regional MLS was 4,804 in September, up 4.7% from last month and 32.6% year over year. The last time inventory reached a two-month supply in central Ohio was August 2018, when 5,429 homes were listed.
“For the better part of two years, we saw a large majority of homeowners choosing to stay in their homes,” said Columbus REALTORS® President Scott Hrabcak. “As mortgage rates dropped and inventory increased, the market stabilized, but sales remained consistent. In the end, consumers have more choices.”
There are similarities between September 2024 and August 2018. There were 3,249 closed sales, with an inventory of 5,429 homes. That month, there were 3,821 new listings, and homes sold at a one percent discount of the last list price received.
The most significant disparity between the two months came in closed sales. There were 2,508 in September 2024, a 29% decrease over the total in 2018.
There were 3,062 new listings in September 2024, and buyers were getting a 0.7% discount on average at the closing table.
Median sale price inched to $324,000 this month, a 4% increase year over year and a 0.5% increase over last month. Homes remain on the market for an average of 25 days.
Year-to-date, there have been 21,844 closed sales in the MLS, a 3.1% increase over 2023. The median sales price for the year is $320,000.