COLUMBUS, Ohio (WCMH) — Prices for central Ohio homes decreased for the second straight month in August, according to a housing report by Columbus Realtors.
Columbus Realtors’ Central Ohio Housing Report for August found the average sales price for a home was $337,963, dropping more than $8,000 from $346,359 in July. The prices represent a two-month decrease since the market hit this year’s peak in June at $354,380.
Still, prices were up in August compared with last year. The average sale price rose nearly $30,000 from $308,087 in August 2021, a 9.7% increase. Inventory also increased in August with a 2.5% jump compared with last year, and homes sat on the market for longer with an average of 15 days, compared to 11 in 2021.
“Home buyers are still facing a competitive market for the house of their choice,” said Sue Van Woerkom, president of Columbus Realtors. “More inventory is great, but offers still need to be strong to beat out sometimes a dozen others.”
Competition is even tougher in Blacklick and Gahanna, where homes are barely on the market for a week. Columbus Realtors credits the suburb’s proximity to Intel’s $20 billion semiconductor fabrication plant in New Albany that began construction earlier this month.
The report also mentioned homes in Westerville, Pickerington, and Worthington, which have spent an average of eight days on the market. Realtor.com named Worthington the third hottest zip code in the nation for 2022.
“Homes may be on the market a bit longer this August, but homes that are in hot zip codes and turn and key are going faster,” Van Woerkom said.
The shifts in the housing market come after inflation led to increased mortgage rates, with the Federal Reserving boosting rates by three-fourth of a percentage point last week. The Columbus market has garnered national attention, ranking among the top 10 U.S. cities where homes sell the fastest.
“A booming local economy continues to boost a healthy housing market,” Van Woerkom said. “Selling a home is still going to be profitable for sellers right now.”