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 soared to a new record of $330,000 in May, representing a substantial 2.3% year-over-year increase. This also marked a noteworthy 3% surge from just the previous month of April 2024.

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.