Central Ohio Area Housing Report - December 2024

Current Status of the Central Ohio Housing Market in December 2024

The housing market in Central Ohio continues to exhibit strength, characterized by sustained activity in home sales.

The Central Ohio region, including all of Franklin, Delaware, Fairfield, Fayette, Hocking, Licking, Madison, Marion, Morrow, Perry, Pickaway, and Union Counties, in addition to portions of Athens, Champaign, Clark, Clinton, Knox, Logan, Muskingum, and Ross Counties, is currently experiencing a vigorous housing environment. As of December 2024, the average sales price for homes across these counties is reported at $360,543, with properties selling on average within a mere 36 days after listing. Significantly, the market faces a constrained inventory supply, currently standing at only 1.6 months.

The sellers' market in Central Ohio has demonstrated remarkable durability; however, low inventory remains a critical challenge, inhibiting the achievement of a balanced market. A neutral market typically requires an inventory supply of approximately 6 to 7 months. Absent a substantial influx of new listings, the existing sellers' market dynamic is likely to persist.

As we move beyond the uncertainties attributable to the COVID-19 pandemic, there is a notable stabilization in the number of active buyers in the market. Although elevated mortgage rates and an average home price of nearly $360,000 have restricted the purchasing power of certain potential buyers, this situation has effectively moderated the rapid price growth experienced during 2020, 2021, and early 2022.

Looking forward to 2025, we maintain a positive outlook regarding the market's ability to address distinctive challenges. It is imperative to advocate for a diverse range of housing options—extending beyond mere apartment offerings—to ensure equitable access to affordable housing solutions for all demographic segments rather than catering exclusively to a limited population. Collectively, we can foster improvements in the housing landscape for the broader community.

For more comprehensive statistics, check out the Housing Reports from Columbus Realtors. Dive in now for the insights you need!