08/31/2024
July 2024 Central Ohio Housing Report from Columbus REALTORS®
COLUMBUS, Ohio (Aug 22, 2024)
—Closed sales are up 12 percent, and inventory has surged to its highest point in five years in the latest housing statistics for July issued by Columbus REALTORS®.
There were 2,806 closed sales in July, a 12 percent uptick over July 2023. The most significant rise came in total inventory, which increased from 3,137 homes for sale in July 2023 to 4,325 homes for sale in July 2024. That’s a 37.9% increase year over year. It also marks the largest number of homes for sale in a single month since November 2019.
The median sale price in central Ohio is $327,250, a 3.9% increase year over year. Last month, it reached an all-time high in the region at $334,900.
“The fact that there are over 1,200 more homes available on the market right now than this time last year is a positive for prospective home buyers,” said Columbus REALTORS® President Scott Hrabcak.
“Columbus remains an in-demand seller’s market, but having nearly two months of inventory does give buyers more options than they have had at any point over the last four to five years.”
With an increase in inventory, homes are lasting a little longer on the market, up to an average of 22 days compared to 17 in July 2023.
Combine this news with the recent news of dropping mortgage rates, and the central Ohio housing market could be set up for a very active Fall.
Earlier this week, Freddie Mac reported that the 30-year fixed-rate mortgage averaged 6.49%. That’s well below this year’s peak and the 20-year high experienced last fall. Borrowing costs could continue to drop if the Federal Reserve cuts interest rates in the coming months.
“I think that real estate professionals and consumers should be equally excited about the numbers we see in July,” commented Hrabcak.
Year to date, the central Ohio housing market has outperformed 2023 by 4.6%. Through July 2024, there have been 16,548 sales compared to 15,813 at this time last year.
In the local market spotlight, Columbus’ area continues to expand as Lancaster saw a 92% increase year over year with 73 sales. Newark was up 49% with 76 sales and Circleville saw an 88% jump with 30 sales.
Columbus REALTORS® is composed of almost 10,000 real estate professionals engaged in residential and commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development, and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Marion, Morrow, Pickaway, and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Muskingum, Perry, and Ross counties.
Columbus Realtors
2700 Airport Drive
Columbus, OH 43219
614.475.4000
