Are you a Columbus resident or transplant looking to buy or sell a house this year? If so, you may be in for a bit of a surprise. Earlier this year, Zillow named Columbus, Ohio the city with the third-hottest housing market in the country.
While much of the country has seen a slowdown in home sales, Columbus has remained relatively stable. In fact, Columbus is still a buyer’s market, with buyers offering up competitive and fast-paced offers.
What else should you know about the Columbus, Ohio real estate market? Read on to find out everything from interest rate predictions to appealing home upgrades and more.
Winter Sees Slower Sales
Any real estate expert can tell you that spring and summer (with a heavy emphasis on summer) are the fastest-paced seasons when it comes to buying and selling homes. Whether it’s the alignment with the summer break from school or better moving weather, buyers come out in droves when temperatures warm.
Even in this seller’s market, you can expect slower sales in the winter in Columbus. Both buyers and sellers can expect this to continue until about mid-April, when things may pick up again. If you’re looking to browse your options as a buyer without having to put in a hasty offer, now is the time to do so.
Home Values Continue to Appreciate
Around the country, home values catapulted in the years after the pandemic-fueled buyer’s market. With so many interested buyers, sellers were able to ask well above their property value, tipping the scales in their favor.
Rising interest rates brought this frenzy to a halt, forcing sellers to lower their asking prices in most regions of the nation. The same shift has yet to occur in Columbus, where the current median sale price is about $269,000. This is great news for both sellers and real estate investors who are looking to turn a profit.
Interest Rates May Go Down in 2024
We still consider Columbus (and many other regions) a seller’s market because the inventory of available properties is lower than demand. When there are more hopeful buyers than there are homes for sale, sellers tend to have the upper hand. However, high mortgage interest rates have slowed things down for both buyers and sellers, creating a sort of stalemate in the real estate market.
Interest rates did dip slightly by the end of 2023 and while it’s not clear what’s to come, many are hopeful for a bigger decrease in 2024. It seems unlikely that we’ll return to the pandemic-era 3-4% any time soon, but any decrease will bring forth more potential buyers.
This may also help with the current housing inventory. Many homeowners have been waiting out the high interest rates in fear that their homes will be slow to sell or that buying a new home won’t work in their favor. As interest rates fall, more homeowners may list the properties they’ve been sitting on.
Columbus Is Still Affordable
As we mentioned earlier, the median cost of homes for sale in Columbus is less than $300,000. Compared to other metropolitan areas, we still consider Columbus one of the more affordable yet desirable places to buy a home in 2024.
Keep in mind that housing prices will vary depending on the neighborhood you’re looking at. For example, you can expect to see more expensive homes in Upper Arlington and Grandview Heights. Meanwhile, you’ll find lower-than-average home prices in neighborhoods like Linden and Whitehall.
This isn’t just a reflection of larger or more luxurious properties. The price per square foot will vary depending on the desirability of the neighborhood. Buyers should consider their must-haves, like the number of beds and baths they need, in addition to their maximum budgets.
Sale-to-List Prices Are Stable
One of the defining features of the pandemic-era real estate market was the plethora of offers over asking price. Can sellers expect these kinds of generous offers in 2024? Should buyers prepare to go in with ambitious and competitive offers?
The short answer is no, particularly if the inventory of homes for sale does continue to increase. Columbus is seeing a stabilization of sales-to-list prices, meaning that sellers are accepting offers that are much closer to their asking price.
Columbus Buyers Are Going Green
If you’re considering selling your house but want to maximize your property value, it’s time to start thinking about desirable upgrades. Sure, indoor-outdoor living spaces still hold some interest, but nothing compares to the interest in eco upgrades.
The cost of electricity is on the rise around the nation and many metropolitan-area buyers express concerns about changes in the environment. As a result, soon-to-be sellers may want to invest in Columbus’s sustainable energy solutions like solar panels.
If you’re looking to boost curb appeal, consider options that make good use of rainwater and Columbus’s natural environment. Rain gardens and native plants are sure to catch the modern buyer’s eye thanks to their low maintenance needs and positive impact.
The Rental Market Is Tenuous
The real estate market isn’t just about buyers and sellers. How are Columbus renters faring in 2024? Have things improved in the past few years?
Because the Columbus population is booming, renters are looking at an increase in competition. Rent prices soar and with no change to Ohio’s minimum wage, those rent prices end up out of reach for many of the area’s renters. The city has shown interest in launching more affordable living projects, but the going may be slow.
Track Trends in the Columbus, Ohio Real Estate Market
Whether you’re a buyer or seller, the Columbus, Ohio real estate market is worth exploring in 2024. While it’s still a seller’s market, prices and inventory make the market more navigable for buyers. As interest rates go down, sellers may see even more luck listing their homes for sale.
Are you looking for home improvement projects to make your home more appealing for buyers or for your family? We’ve got plenty of DIY guides, contractor hiring advice, and more. Take a look around and get inspired for your next home improvement project.
