Market Dynamics:
The Central Ohio housing market is experiencing notable shifts. In January 2025, the region saw a 34% increase in inventory compared to the previous year, providing buyers with more options. New listings rose by 7.4%, signaling a potentially more active spring market. However, closed sales decreased by 3.3% year-over-year, with 1,506 closed sales recorded—the lowest January figure since 2015.
Mortgage rates have also risen, with the average 30-year fixed rate at 7.09% in January 2025, up from 6.72% in December 2024.
This increase may have contributed to the slight dip in sales, as higher borrowing costs can deter potential buyers.
For more information on the market forecast from the NAR, go here.
For information on growth due to the new Anduril Industries announcement, go here.
Price Trends:
Despite the decrease in sales, home prices continue to rise. The median sale price in Columbus reached $285,000 in November 2024, a 7.1% increase from the previous year. Homes are spending more time on the market, with an average of 46 days compared to 38 days last year.
A significant disparity exists between new constructions and existing homes. The median listing price for new builds in the Columbus metro area is $498,000, while existing homes are listed at $309,000—a nearly $200,000 difference.
This gap is attributed to a post-pandemic housing shortage, increased demand, and rising construction costs.
For more information on this, go here.
Market Outlook:
Columbus is projected to have a robust housing market in 2025, ranking 12th among the nation’s 50 most populous metros. Strong demand and job growth, bolstered by investments from major companies, are key drivers. However, increased housing inventory means homes may stay on the market longer than in previous years.
Conclusion:
The Central Ohio housing market is in a state of flux, with rising inventories and prices, but a slight decrease in sales. Buyers now have more options, but higher mortgage rates and significant price differences between new and existing homes present challenges. Sellers may need to adjust expectations as homes spend more time on the market. Overall, the market remains resilient, supported by strong demand and economic growth in the region.
For more information on the market for buyers, sellers, and investors, go here.
About the Author: Kyle Alfriend is a top-producing realtor in central Ohio with over four decades of experience, representing home buyers, sellers, and investors. He’s been nationally recognized for his prospecting and negotiating strategies and has been featured on CNN, FOX News, Fortune, and Forbes. Kyle’s mission is to help families achieve their real estate dreams while making a lasting impact in the community through charitable initiatives and fundraising efforts.
Kyle Alfriend has been investing in real estate for over 35 years, helping more than 3,000 clients buy, sell, and invest in real estate. Whether you’re a first-time buyer, seasoned investor, or looking to sell for maximum value, Kyle provides expert guidance to help you achieve your goals.
📞 Contact Kyle Alfriend today: (614) 395-1776 ✉️ info@AlfriendGroup.com
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