1000 more Homes Available for Sale vs 2023
Inventory levels of homes available for sale significantly drive the overall price trends observed in most real estate markets across the country. In central Ohio this year, we have seen the number of homes for sale grow by an impressive 8% year-to-date; however, during the month of October, that figure saw a notable increase, surging by 23%. Consequently, there are currently 1,000 more active listings on the market compared to October 2023, indicating a vibrant real estate landscape. It is important to note that homes priced above $500,000 are experiencing longer time on the market than those listed under $500,000. Furthermore, newly listed homes priced under $300,000 continue to face challenges and remain on the market much longer when compared to their counterparts in the higher price ranges above $300,000. Despite these trends, move-in ready homes located in desirable areas are still receiving multiple offers, and in some competitive markets, they are even selling for amounts exceeding the asking price.
Download the latest Market Status Report Here
In assessing the current market status, our focus lies on the absorption rate, also known as months of supply. This key metric is derived by dividing the available inventory by the number of closed sales for a time period.
Market Categorization:
Strong Sellers Market: An absorption rate below 2 indicates a strong seller’s market.
Sellers Market: Having 2 to 4 months of supply falls under a seller’s market category.
Balanced Market: Falling within the 4 to 5 months of supply range signifies a balanced market.
Buyers Market: A market with 5 to 7 months of supply is classified as a buyers market.
Strong Buyers Market: The scenario where there are 7 months or more of supply represents a strong buyers market.
Segmentation for Analysis: To provide a comprehensive market status report, the absorption rate breakdown is conducted based on price categories and school districts. This approach allows for a detailed understanding of the dynamics within different segments of the real estate market in our area.
By regularly monitoring and dissecting the absorption rates across various segments, we are equipped to offer informed insights and guidance to both buyers and sellers navigating the ever-evolving real estate landscape. Regardless of the chart results it is important to consult with a realtor and do your own research when buying or selling real estate. Markets move fast and it's important to check the latest inventory figures and comparable sales.
All data referenced from the Columbus Board of Realtors
