Spring’s arrival in March brought a considerable surge in the central Ohio housing market, with 2,304 closings and an average sale price of $328,769. This represents a 33% increase from February’s 1,728 closed sales. Columbus climbed to fourth place in March from fifth in February on Realtor.com’s Top 20 Hottest Housing Markets list, which assesses market demand and listing duration.
Properties in Delaware County’s Olentangy School District continued their strong performance. There were 111 closings in the District with an average sale price of $584,123, a 10.1 percent increase over March 2022.
Comparing March 2022 to March 2023, there was a 5.2% decrease in closed sales, from 2,430 to 2,304. However, the average sale price grew by 3.1%, from $318,826 to $328,769. Columbus REALTORS® President Patti Brown-Wright acknowledged the challenges posed by increasing home prices but emphasized Columbus’s affordability among U.S. metros.
Bankrate.com’s Cost of Living Comparison Calculator reveals that living in Columbus is significantly cheaper than in cities such as Seattle, Denver, Washington, D.C., and slightly less expensive than Indianapolis. From 2020 to 2022, central Ohio homebuyers experienced homes selling just above the asking price. In March, the average sale price exceeded the asking price by 0.3%.
Homes sales increased, and market duration decreased, with 72.6% of homes selling in 30 days or less in March. The average time on the market was 34 days, with some suburbs experiencing even shorter durations. For instance, Westerville City School District had 82 closed sales in March, with an average market duration of 16 days, while Dublin (Corp.) had 33 closings and a 10-day average market duration.
Despite mortgage rates around 7%, Brown-Wright notes the ongoing fierce competition due to fewer new listings compared to last year. In March, there were 2,630 new listings, a 20% decrease from 2022. Consequently, the total inventory of homes in central Ohio is now 2,322.
South-Western Consolidated School District in Grove City also reported high sales numbers and increased average sales prices compared to March 2022. Brown-Wright encourages potential buyers and sellers to consult REALTORS® as they enter the peak season in central Ohio.
Ohio has five metros on Realtor.com’s Top 20 list, including Columbus (4th), Dayton (11th), Akron (15th), Canton-Massillon (16th), and Toledo (17th).
Source: Columbus Realtors