columbus, OH real estate - craigslist (2024)

FAQs

Are housing prices going down in Columbus Ohio? ›

Median Home Price in Columbus

Over the last several years, median home prices in Columbus have skyrocketed, but the pace has slowed over the past year. As of September 2023, Redfin data shows that the median home price was $330,000 in Columbus – a 6.5% year-over-year increase.

Median Home Prices and Sales Data

Sales Prices: There has been a progressive increase in median sale prices, with forecasts predicting a 0.7% boost by March 2024, and a more substantial 4.4% hike anticipated by the end of the year. The Columbus housing market continues to experience a gain in sold price trends.

About. In 2022, Columbus, OH had a population of 902k people with a median age of 32.7 and a median household income of $62,994. Between 2021 and 2022 the population of Columbus, OH grew from 898,143 to 902,449, a 0.479% increase and its median household income grew from $58,575 to $62,994, a 7.54% increase.

Population trends

Among 43209 residents, there is a homeowner vacancy rate of 1.5% and a rental vacancy rate of 4.2% from a total of 12,672 units.

Ohio Housing Market Conditions

The current real estate market conditions in Ohio are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.05%, marking a decline from approximately 8% in the preceding year of 2023.

What is affordable housing? An individual or family paying no more than 30% of their household income on rent or mortgage.

Many prospective homebuyers chose to wait things out in 2023, in the hopes that 2024 would bring a more advantageous market. But so far, with mortgage interest rates still relatively high and housing inventory stubbornly low, it looks like 2024 will remain a challenging time to buy a house.

The Great Lakes region and the Midwest, specifically, are poised to lead the way in 2024. Top markets in Zillow's hottest markets of 2024 include places like Buffalo, Cincinnati, Columbus, and Providence. Expect (slightly) more choices for buyers and higher sales volume in most markets.

Is Columbus Ohio affluent? ›

About. In 2022, Columbus, OH had a population of 2.14M people with a median age of 36.4 and a median household income of $76,541. Between 2021 and 2022 the population of Columbus, OH grew from 2.12M to 2.14M, a 0.695% increase and its median household income grew from $71,020 to $76,541, a 7.77% increase.

Low vacancy rates are considered positive because it generally means people want to live in a particular area or building, while higher rates mean the opposite. Low vacancy rates mean there are more occupied units, while high vacancy rates indicate people do not want to live in a certain building or area.

Ohio Housing Market Overview

In April 2024, home prices in Ohio were up 4.8% compared to last year, selling for a median price. On average, the number of homes sold was up 9.5% year over year and there were 10,952 homes sold in April this year, up 10,002 homes sold in April last year.

As Columbus apartment and home hunters know all too well, demand for homes in the region continues to outrun supply. A 2022 report concluded that central Ohio should be building 14,000 to 19,000 apartments and homes each year to keep up with demand, well above the 10,000 to 12,000 built in recent years.

Current State of Ohio Housing Market

The Ohio housing market is dynamic, with consistent demand driving the market forward. As of early 2024, a notable increase in average sales prices reflects a trend of growth that caters both to the interest of home sellers and buyers within the state.

Columbus and central Ohio remain firmly entrenched as a seller's market despite reduced sales and rising prices over the past year. Columbus and central Ohio remain firmly entrenched as a seller's market despite reduced sales and rising prices over the past year.