Welcome to another episode of the Columbus Ohio Real Estate Market Report, your ultimate source of up-to-date information on the dynamic real estate landscape in Columbus, Ohio. I’m Michael Dalton, your trusted Columbus REALTORĀ©, and I’m here to guide you through the latest trends and statistics shaping the Columbus Ohio Real Estate Market. Make sure to like and subscribe to stay informed about my new videos, and don’t forget to tell a friend! In today’s report, we’ll explore the numbers, delve into the details, and discuss some exciting developments in home values and taxes. So, let’s jump right in!

Market Insights

As of Wednesday, August 9th, 2023, the Columbus Ohio Real Estate Market continues to buzz with activity. We’ve got the numbers that matter, and they’re painting an interesting picture. Over the last 30 days, a whopping 3,050 properties have gone into contract, while 2,728 homes have been sold. The current inventory stands at 2,874 active homes for sale, reflecting the constant flow of opportunities in the market. This means that the available inventory is just over one month, underscoring the ongoing tightness in the market.

Average Sales Data

Taking a closer look at last week’s performance, 622 homes found new owners. The average sales price settled at $375,000, with these homes spending an average of 20 days on the market. This translates to an average price per square foot of approximately $207. Notably, 48% of homes sold within just five days or less, often fetching an average over-asking price of $10,736. This reiterates the trend that a quicker sale often leads to a higher value.

Market Segmentation

When we compare single-family homes and condos, we uncover interesting disparities. Single-family homes boast an average sales price of $330,500 and spend an average of 21 days on the market. On the other hand, condos have an average sales price of $277,500 and a shorter average time on the market at 15 days. These numbers highlight the diverse options available in the Columbus Ohio Real Estate Market, catering to different preferences and lifestyles.

Interest Rates

Now, let’s discuss interest rates. According to Mortgage News Daily, the current 30-year fixed mortgage rate stands at 7.04%. This rate remains relatively high compared to the rates observed in the past six months, indicating the importance of staying informed about mortgage trends if you’re considering a purchase.

Market Outlook

As we analyze the data, one thing becomes clear: the Columbus Ohio Real Estate Market remains stable and continues to experience value appreciation. This upward trajectory can be attributed to the persistent imbalance between supply and demand. Home values have risen by an impressive 16% since the beginning of the year, emphasizing sustained growth.

Seller’s Market Alert

With limited inventory and high demand, the Columbus Ohio Real Estate Market maintains its status as a seller’s market. If you’re thinking about buying or selling your home, these insights are crucial for understanding the market dynamics and making informed decisions.


Understanding the Upcoming Property Value Surge: Deleware and Franklin County Appraisals

Prepare for a significant shift in the real estate landscape, as a projected surge in property values is on the horizon. Delaware and Franklin County are in the midst of reappraising home values, a comprehensive process occurring every six years.

Franklin County Auditor Michael Stinziano’s officeĀ concluded that home values in the county rose 41%Ā on average since an update three years ago.

Why It Holds Weight: Your home’s appraised market value holds profound implications. Not only does it influence your property tax obligations, but it also shapes your potential selling price.

Navigating the Nuances: Your home’s value relative to similar properties in your vicinity determines whether your tax bill will rise or fall. Ohio’s intricate property tax calculations are best handled by the auditor’s calculator.

  • Only 35% of your property value, known as the assessed value, becomes subject to taxation.

The Next Steps: If you concur with the revised value of your property, no action is necessary. However, if you believe the assessment is too low or too high, you possess the opportunity to present supporting documentation to the auditor’s office, starting in September. A property value review can also be scheduled.

  • In the previous reappraisal cycle of 2017, over 6,000 taxpayers among the 450,000 properties in the county submitted disputes, as reported by WSYX-TV.

Monitoring Made Easy: For those seeking clarity on their property’s value, we offer a FREE monthly home evaluation report. This automatic monthly report empowers you to continuously track your home’s value.šŸ šŸ“ˆ

Conclusion

As we wrap up this week’s Columbus Ohio Real Estate Market Report, I invite you to stay informed and engaged with the trends that are shaping our city’s property landscape. Remember, I’m here to guide you every step of the way, whether you’re buying, selling, or just seeking home value information. For personalized advice and expert assistance, don’t hesitate to reach out to me at 614-642-4889. If you’re concerned about the evolving home values and potential changes in taxes, I’m here to offer support.

Thank you for joining me, and remember to keep an eye out for next week’s report. Until then, have a fantastic day, and happy real estate exploring!