March Columbus Ohio Market Review

With books for March now closed, here are the numbers on how the housing market performed in the Columbus, Ohio area. We saw a total of 3,769 active listings, 174 that were coming soon, and ~3,400 pending deals. This equates to 1.9 months of housing inventory, meaning that if no new properties entered the market, it would take almost 2 months for inventory to run out. In a balanced market, you would see 4.5 to 5 months of housing inventory, so we are currently in a seller's market due to the below-balanced inventory we are currently seeing. 

When it comes to pricing, there was a total of $2.7B worth of inventory with an average list price of $436,000. The average sold price in just Columbus was $381,680, and in Franklin County and the surrounding areas, the average sale was sitting at $406,000. Those houses were on the market for an average of 46 days, a 4-day drop from the 50 days on market we saw in February.  Housing in the $250k to $500k price range sold much quicker, seeing only 21 days on market on average.

On the lending side, rates have jumped up to 6.4-6.6% from the 6.1% we saw last month, due to the impact of the war in Iran on the economy.