The steady demand combined with a consistent lack of new listings is contributing to a sustained increase in home prices. As of November, the median sales price stands at $319,000, marking a notable 6.4% increase year-over-year. Earlier in the year, in June, the median sales price peaked at an all-time high of $335,000, up from $298,000 at the beginning of the year. This upward trend follows the typical seasonal patterns observed in real estate markets but also highlights that home prices have not softened compared to the previous year.

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%.

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.

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.