The Central Ohio housing market is horribly unaffordable with inventory of homes for sale under $500k only up 5% YOY while homes priced over $500k are up a staggering 41% YTD vs 2023. There is a clear inventory difference in lower price points as first time buyers continue to be priced out by rising home values and elevated mortgage rates. However, there are areas of opportunity for buyers that can spend over $500,000. Many areas in Licking County including Granville, Johnstown, Newark/Heath have enough supply of higher priced homes to be BUYER’S markets. For example, in Granville, there were 28 homes for sale in April over $500k a rise of 73% vs 2023 with an absorption rate (or months of supply) of 6.6. Compare Granville with New Albany where there were 25 homes over $500k for sale but only a 2.6 absorption rate due to higher sales volume.

Other key stats for Central Ohio:

In April, the median home price rose to $318k, $6,000 from the all time high of $324k.

New listings are up 44% for for homes priced over $500k, but only up 8% for homes priced under $500k.

Sold to list price ratio is 100.3%, meaning sellers are generally getting what they are asking for homes on the market

Download the May 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.