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The Central Ohio real estate market continues to demonstrate significant strength as we move into May 2024. With an inventory level of just 1.35 months, the region remains firmly in a seller's market, where demand heavily outpaces supply. This dynamic is underscored by homes selling swiftly at an average of 29 days on the market and achieving roughly 99% of their original list price. The vigorous market activity is further evidenced by the average-priced home receiving about 8 showings, reflecting robust buyer interest despite the upward trend in prices and volatile interest rates.
Moreover, the average sales price in Central Ohio has escalated to $361,723, marking a 5.15% increase from the previous year. This uptick in home values not only benefits sellers with higher returns but also emphasizes the urgency for potential buyers to act swiftly in a competitive market. Additionally, the number of new listings has risen by 14% compared to last year, suggesting that while more homeowners are looking to capitalize on favorable selling conditions, the supply still falls short of quenching the market's thirst, maintaining the upward pressure on home prices.
May 2024 Market Update for Central Ohio
(Versus May 2023)
+14.7%
New Listings
+11%
Active Listings
-40.6%
Under Contract
+10%
Closed Sales
Homes Sold
99%
Sale-to-List Price
$361,723
Average Sales Price
1.35
Supply (in Months)
29
Average Days on Market
$200.71
Average Price per Square Foot
Curious about how your home's value has changed?
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