Home sales in Columbus Ohio are on the rise after 18 months

The city of Columbus is the main location for this increase in home sales in Ohio after a long period of inactivity, an increase that has sparked hope among many real estate experts who are optimistic about what they had long awaited for the state and the city of Columbus.

Since the beginning of 2024, more than 1,500 homes have been sold in central Ohio, representing a 2.8% increase compared to the same period last year. While this was not a significant increase, it was the first since May 2022, when rising interest rates began to weaken the real estate market.

Additionally, it is worth noting that in 2023, home sales fell by 13.5% compared to 2022, marking the second consecutive year of declining sales.

Now, in 2024, home sales have risen by 4.4%, making it the first statewide increase since 2022. In response to this, Ali Whitley, president of Ohio Realtors, stated in a press release that the increase in home sales in 2024 is a hopeful start for everyone involved in the state’s real estate sector.

The number of homes in the Columbus area that are in the process of being sold also shows a slight uptick, indicating that the market could be on the verge of a broader recovery, especially with forecasts suggesting that these sales will continue to rise as the colder months give way to spring.

Scott Hrabcak, president of Columbus Realtors, another major real estate agency in the region, says: “We’ve noticed some encouraging trends in inventory growth over the past six to eight months, as on average, homes take just over a month to sell, but in high-demand neighborhoods, some are still selling in less than a week.”

From the buyers’ perspective, the increase in housing availability could be a relief, but this increase has not yet led to a drop in prices. The average sale price of a home in central Ohio at the beginning of 2024 was $286,098, an 8.9% increase compared to the previous year and more than $100,000 higher than five years ago.

Interest rates remain high, with the average 30-year mortgage rate at 6.9%, although this is lower than the October peak of 7.8%.

Available foreclosures:

Columbus: 120 homes available

Central Ohio: 250 homes available

By Elías DaSilva | 05 de diciembre de 2024