In this week’s Columbus Ohio real estate market report, I am Michael Dalton, your trusted Columbus REALTOR©, I discuss the current state of the local Columbus Ohio real estate market. I start by discussing the available inventory, revealing that there are 2,826 homes either coming soon or currently available in the Columbus Ohio area. Over the past 30 days, 3,074 homes have gone under contract, and 2,714 homes have been sold, resulting in an inventory of slightly over one month. While this is not ideal, it’s an improvement from the previous weeks.

Looking at the recent sales data, I share that last week, 533 homes were sold with an average sales price of $357,000, representing a significant 23.80% over the average asking price for the Columbus Ohio real estate market. The average days on the market for these homes were just 17 days, with an impressive 53% of all homes being sold within five days or less. Once again, I emphasize that shorter days on the market benefit sellers, making it more advantageous to price homes competitively rather than starting at a higher price.

I also highlight the busiest zip code for the week in the Columbus Ohio real estate market was Grove City (zip code 43123) for real estate transactions. I believe its popularity to its strategic location between the new Intel plant in New Albany, as well as the new Honda LG plant in Jeffersonville. Additionally, Grove City’s abundance of available land for new home construction plays a significant role in its desirability compared to other areas in Columbus Ohio.

Let’s discuss the 800-pound gorilla in the room, interest rates. According to Mortgage News Daily, the 30-year fixed-rate mortgage has risen to 7.04%, up by about half a percentage point from last week. This increase was expected due to the Fed’s efforts to control inflation.

In conclusion, I am available to assist with their real estate needs and invite you to call or text me at (614)642-4889 or through my website. I want to wish everyone a pleasant and cool week, especially as temperatures are expected to reach the high 90s in central Ohio.

I hope you look forward to the next week’s report for more insights into the Columbus Ohio real estate market. My sure to like/share and tell a friend about my YouTube Channel!

Thank you and see you next week!