The median sales price for homes in Central Ohio saw a notable 6.3% year-over-year increase, now standing at $300k, reflecting a 3.6% rise since January '24. CBUS Board of Realtors reported a record median sales price of $324k in June 2023. Despite a 12.5% increase in total active listings year over year, a significant gap persists between homes priced below $500k and those above. The number of homes for sale over $500k is up by 38%. However, the inventory of homes under $500k continues to be a problem, now down by 4% compared to 2023. Encouragingly, there are positive developments in the affordable price range, especially in the mid $100’s - $200's segment showing early signs of recovery. For instance, homes priced between $200k - $250k have seen a 12% increase year over year, while those in the $250k - $300k range have surged by 17% year over year. The constrained inventory in these price brackets, largely due to challenges faced by the ‘move-up’ buyers adjusting from lower to higher mortgage rates, might gradually be alleviating as buyer sentiment adjusts to the new interest rate environment. Some areas like Johnstown, Newark, and Granville have become more favorable for buyers at certain price levels. However, few buyer markets exist in the region, and overall Central Ohio continues to be a strong seller’s market with limited options for buyers seeking advantageous deals.

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.