COLUMBUS, Ohio (WCMH) — Columbus is ranked among the nation’s hottest housing markets in consecutive months, even as prices for homes have decreased in four straight months, according to a housing report by Columbus Realtors.
Columbus Realtors’ Central Ohio Housing Report for October found the average sales price for a home was $327,768, dropping more than $3,500 from $331,287 in September. The shift represents a four-month decrease since the market hit this year’s peak in June at $354,380.
Still, prices were up in October compared to last year, with the average sale price 9.8% higher. However, inventory increased 28% in October compared with last year, and homes sat on the market for longer with an average of 21 days, compared with 15 in 2021.
The report noted Realtor.com is ranking Columbus the fifth hottest housing market in the U.S. for the second consecutive month. Manchester, New Hampshire, is ranked first; Rochester, New York, second; Burlington, Vermont, third; and La Crosse, Wisconsin, fourth.
Columbus Realtors’ report also said there was a 16% drop in new listings compared with 2021, with 2,786 homes appearing on the market. President of Columbus Realtors Sue Van Woerkom said the decrease is expected.
“A slowdown as temperatures drop is normal, but we also understand the impact that interest rates are having on markets across the country,” Van Woerkom said.
After homes consistently sold above asking price during the summer, Van Woerkom said the market is slightly shifting with additional wiggle room in pricing for the buyer. Compared with last year, when homes were selling for just over the asking price at 100.3%, buyers were getting an average of 2.2% off the original listing price this October.
“Through the summer, we continued to see homes selling for slightly over the asking price, but we are seeing a small shift that can result in some added value for the buyer depending on the location they are seeking,” Van Woerkom said.
The report also noted Bexley, Gahanna, Grandview Heights, Westerville, Upper Arlington, Worthington, and Pickerington each saw more days on the market until sale.
So far this year, 27,605 homes have been sold in central Ohio, a 9.5% decrease from last year.
The shifts in the housing market come after inflation led to increased mortgage rates, with the Federal Reserving boosting rates for the fourth time this year. The Columbus market is also ranked among the top 10 U.S. cities where homes sell the fastest.