First, let’s take a quick lookback on 2024.
In 2024, the Central Ohio residential real estate market experienced notable growth, with both the number of homes sold and average sale prices increasing. Although it remained a seller’s market, it was a little more balanced than 2022 and 2023. Buyers had more inventory to choose from, and a little more time to think through their buying decisions. All indications are that the 2025 market will be a similar, maintaining a robust and competitive real estate market.
2024 Market Overview:
- Home Sales and Prices: The average sale price of homes in Central Ohio rose in 2024 by 6.9%, more than double the historic average, reflecting strong demand. The number of homes on market also increased, providing greater options for the active buyers.
- Market Balance: While the market is still favoring sellers, it has showed signs of balancing, offering opportunities for both buyers and sellers. The biggest factor is the increase in inventory, providing buyers with more options, contributing to this equilibrium.
2025 Outlook:
- Continued Growth: Experts anticipate that the Central Ohio housing market will remain strong in 2025, with ongoing demand driving further increases in home prices and sales. The region’s economic stability and population growth are key factors supporting this trend. For more information on this, go here.
- Inventory Constraints: Although improving, inventory is expected to remain tight, potentially leading to increased competition among buyers. This scarcity may continue to favor sellers, particularly in high-demand neighborhoods. For more information, go here.
- Interest Rates and Affordability: Mortgage rates are projected to stay relatively high, averaging around 6.3% throughout 2025. While this is slightly lower than the expected 6.7% for 2024, it remains above the historical average, potentially impacting affordability for some buyers. For more information, go here.
For a more in-depth analysis and expert insights, check out our blog here.
In summary, the Central Ohio residential real estate market demonstrated significant strength in 2024, a trend that is expected to persist into 2025. Prospective buyers and sellers should stay informed about market conditions and consider factors such as inventory levels and interest rates when making decisions.
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