Hello, Central Ohio! I’m Kyle Alfriend with Alfriend Group, bringing you your November 2024 real estate market update. Let’s dive into what’s happening right now in our market and what you can expect as we wrap up the year.
Housing Demand & Inventory
Inventory is tight – no surprise there – with available homes lower than we’ve seen in past Novembers. Rising interest rates have pushed many homeowners to stay put, locking in their lower rates, which limits new listings. But buyers are still out there and serious. In fact, due to continued demand, homes that are competitively priced are still moving quickly.
Prices & Appreciation
Home prices remain high. Despite the limited inventory, Central Ohio is still a highly desirable area, so we’re seeing stable appreciation, especially in established neighborhoods. If you’ve owned your home for a few years, it’s likely increased in value. And if you’re thinking of selling, this is still a strong market to take advantage of.
Interest Rates & Financing
The other big story is, of course, interest rates. We’re currently seeing rates above 7%, which has impacted affordability, especially for first-time buyers. But here’s some good news: more creative financing options are becoming available. Adjustable-rate mortgages, buydowns, and seller concessions are becoming more common, helping buyers offset higher monthly payments.
Market Outlook & Trends for 2025
Looking ahead to 2025, I expect inventory will stay tight, especially with rate stability looking uncertain. Central Ohio’s growth continues, with new developments, businesses, and community investments making this an appealing place to buy and live. For sellers, I recommend considering listing early in the year to catch buyers who may be motivated before rates climb further. And for buyers, staying educated about financing options can make a real difference in affordability.
If you’re considering buying or selling, or just want to talk strategy, let’s connect. I’ve been helping families in Central Ohio for over 30 years, and I’d love to help you make the most of this market. Until next time, stay informed and stay prepared!
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