SELLER’s MARKET
If you've been watching the Central Ohio housing market, August brought some interesting shifts, especially when it comes to the number of homes available. This isn't just a seasonal fluctuation; we're seeing signs that the market might be cooling down.
The months of supply have jumped by 46% from last year, now sitting at 1.93 months. This metric indicates how long it would take to sell all current listings at the present sales pace. The increase suggests that homes are taking longer to sell, a clear sign that demand is not keeping up with the rising supply. For buyers, this is an encouraging trend as it often leads to less urgency, more negotiating power, and possibly even price reductions.
The onset of high interest rates from record-low levels had many economists and housing experts predicting prices would crash. Instead, we have witnessed a continued increase in prices. As of June 2024, the median sales price for homes in Central Ohio rose by 3%, reaching $335,000.
The median home price in central Ohio remained near record levels at $325,000 in September, up about 5% from a year ago, according to the Columbus Board of Realtors data. While this suggests that we are far from a housing crash, there are signs that prices could soften in the upcoming spring buying season.