COLUMBUS, Ohio (WCMH) — A housing report by Columbus Realtors has revealed homebuyers are seeing relief as the prices for central Ohio homes slowly begin to decrease.
Columbus Realtors’ Central Ohio Housing Report for July found the average sales price for a home dropped over $8,000 since June. The drop is the first sign of home prices cooling since the spring.
“Central Ohio home buyers looking for a home now will potentially get a better price on a new home than they would have gotten for the same house just a few months ago,” said Sue Van Woerkom, president of Columbus Realtors.
Still, home values were up in July compared with a year ago. The average sale price rose from $313,737 in July 2021 to $346,359, a 10.4% increase. In addition, homes were for sale much longer in July compared with last year. Central Ohio homes took an average of 13 days to sell, an 18.2% increase compared with July 2021.
Homes sold the fastest in Worthington, named the third hottest ZIP code in the nation by Realtor.com. Homes there spent an average of seven days on the market and sold for an average price of $398,408 in July, with only 47 homes currently for sale.
“[Worthington] is the ideal suburb for people looking for a well-rounded community with safe neighborhoods and convenient access to everything Columbus has to offer,” Van Woerkom said.
Over 29,000 ZIP codes were analyzed to narrow down the nation’s fastest-selling areas. Manchester, New Hampshire, was second and Rochester, New York, was named the hottest ZIP code in the U.S.
The Columbus Realtors report also noted the changing market is providing more houses for prospective buyers. Columbus Realtors said inventory rose 15.9% when compared with last July. The report said this is a positive sign for homebuyers, who will have more options and time to find the right home for them.
These shifts in the Columbus housing market come after inflation led to increased mortgage rates. Columbus has garnered national attention, which is ranked among the top 10 U.S. cities where homes sell the fastest. This is causing buyers to reflect and pause before jumping into the market, Van Woerkom said.
“Homebuyers are watching the economy closely before making big buying decisions,” Van Woerkom said. “They want to be sure they are making a home investment they can continue to afford in the future.”