The Median Sales Price topped the $300K threshold for the first time since July 2022.
Article posted by the Columbus Board of Realtors May 18th 2023.
The median sale price in central Ohio rose above $300,000 for the first time since July of 2022 in the latest housing statistics for April 2023 from Columbus REALTORS®.
The median sales price rose 4% year-over-year and 5.5 percent month-over-month. This is only the fourth time that the median sales price has crept over the $300,000 mark since statistics began being tracked by Columbus REALTORS®. The other three occurrences were in May of 2022 ($310,830), June of 2022 ($315,000), and July of 2022 ($300,563).
There were 2,175 closed sales in April, a 21.5% decrease year-over-year and a 5.6% decrease compared to March.
“May of 2022 was right about the peak of the market in central Ohio. At that time last year, we had even less inventory than we do right now, and homes were selling in 13 days,” recalled Columbus REALTORS® President Patti Brown-Wright. “We know that mortgage rates are higher, but the housing market in central Ohio is still very much in-demand.”
In April, the average number of days on the market dropped to 24. In March, homes averaged 34 days on the market. The percentage of the last list price received also ticked up to 101.1%. Last year, at the market’s peak, homes sold for nearly 5% over asking.
“Inventory is playing a big part in all of this,” noted Brown-Wright. “A balanced housing market requires about 5-6 months of inventory. We have less than a month of inventory, so central Ohio remains a strong seller’s market.”
“If you are searching for a home, using a REALTOR® will benefit you in this competitive market. They understand the neighborhoods and have the most current data to help you land your new home.”
While the median sales price is rising, this marked the second straight month that overall appreciation has slowed. In March of 2023, the median sales price year-over-year increased by only 2.5%, and this month that number sat at 4%, far below the double-digit monthly increases over the last 2-3 years.
Tracking similarly to the median sales price was the average sales price in the region. In April, the average sale price rose to $340,712, a 2% increase over this time in 2022.
Rates on a 30-year fixed mortgage hovered slightly over 7% in April, and according to statistics from the Central Ohio Regional MLS, 20% of all closed sales in April were cash sales, while 65% were conventional mortgages and 16% were government-backed loans.
In the local market spotlight, Marion saw a 19% increase in closed sales (50). The average sales price in Marion was $165,667, roughly half the cost of the average sale price in central Ohio. Big Walnut LSD in Sunbury also saw a 50% rise in closings as their average sales price climbed 16.2% to $533,230 in April. Of the 2,175 closings in central Ohio, 54% occurred in Franklin County, where the average sale price increased 2.5% to $340,434.
Columbus REALTORS® is composed of almost 10,000 real estate professionals engaged in residential and commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development, and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Marion, Morrow, Pickaway, and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Muskingum, Perry, and Ross counties.