As we step into September 2024, the Central Ohio real estate market is moving with a distinct rhythm. Change is the only constant reality of the housing market. And the key to thriving? Anticipating and adapting in the midst of these changes.
Inventory and Demand Dynamics
Central Ohio continues to see a limited inventory of homes, but demand hasn’t backed down. Therefore, prices continue to rise, with little foreseeable end in sight. It is a simple principle of economics. When something is scarce, its value rises. Many buyers are still in the market, pushing prices upward in cities like Columbus, Dublin, and Powell. But here’s the critical point: the leaders in this space, the top agents and savvy investors, understand that real estate is a long game, not a short-term sprint.
Mortgage Rates and Buyer Sentiment
Mortgage rates have hovered around the higher end for much of the year. But buyers still recognize the long-term value of homeownership and are adjusting to these rates. Many are exploring alternative financing options, such as adjustable-rate mortgages (ARMs), to make their dreams a reality.
Growth in New Developments
New construction continues to thrive, especially in communities just outside Columbus. Builders are working hard to meet demand, with projects that reflect where the market is headed—energy efficiency, smart homes, and flexible spaces for the hybrid workforce. Their struggles is the long process for zoning approval, currently averaging six years, limiting quick fixes to the inventory problems.
Predictions for the Rest of 2024
What’s next? As we move into the fall and winter months, expect prices to stabilize a little. But don’t expect a drop in prices. The workforce growth, particularly from the Intel development in Licking County, is creating a ripple effect that will sustain demand. In the same way that we lead people by investing in relationships, real estate success is about investing in the right opportunities at the right time.
Key Takeaways
• Limited Inventory: Expect continued competition among buyers.
• Interest Rates: Higher, but manageable—savvy buyers are finding creative solutions.
• Growth Areas: Watch for continued growth in suburban developments and near tech hubs
• Long-Term Vision: Real estate remains a solid investment, but as always, it’s about knowing where to lead.
In real estate, timing is everything. If you’re a buyer, seller, or investor, now is the time to act with purpose, clarity, and confidence.
The Alfriend Real Estate Group has successfully assisted over 3,000 buyers and sellers in their real estate goals. Give us a call if you would like a free consultation to archive your real estate goals.
Kyle Alfriend has been investing in real estate for over 35 years, assisting over 3,000 clients in buying, selling, or investing in real estate. For more tips on buying, selling, or investing, or for a personal consultation, contact Kyle Alfriend, (614) 395-1776, or info@AlfriendGroup.com. Or go to our website, AlfriendGroup.com