Columbus Real Estate Market Update: October 2024 Shows Strong Growth in Sales and Inventory

COLUMBUS, Ohio (Nov. 20, 2024) — The Columbus real estate market continues to demonstrate resilience and growth as central Ohio experienced a 7.6% increase in closed home sales in October, alongside a significant influx of 3,047 new listings added to the market.

According to the Columbus & Central Ohio Regional MLS, 2,539 homes were sold in October 2024, marking an increase from the 2,360 homes sold in October 2023. Sales were nearly on par with September 2024, which saw 2,508 homes change hands.

Market Snapshot: October 2024

• Median Sale Price: $315,000 (up 3.3% year-over-year, but down 2.8% from September’s $324,000)
• Total Homes for Sale: 4,880 (27.8% increase from October 2023)
• Average Days on Market: 28 days (up from 22 days in October 2023)

Opportunities for Buyers

October brought promising news for homebuyers as price adjustments became more prevalent. Buyers, on average, received a 1% discount at closing on the last list price and a 3.1% discount based on the original list price.

“For the first time in several years, we are seeing some price adjustments after the initial listing,” said Columbus REALTORS® President Scott Hrabcak. “While in-demand areas still attract multiple offers and over-asking bids, this trend is a positive development for buyers.”

Standout Communities

Several neighborhoods and districts are seeing notable growth in sales:

• Grove City: Sales increased by 11% year-over-year, with 164 closings.
• Olentangy School District: Closed sales rose 10% year-over-year, with 109 transactions.
• Lancaster: A remarkable 68% increase in closings, totaling 69 sales.

Year-to-Date Performance

As 2024 nears its close, the market is on track to outperform last year. There have been 24,409 home sales so far this year, a 3.6% increase compared to the 23,568 homes sold through October 2023.

Expert Guidance in a Dynamic Market

“If you’re a potential home buyer or seller in central Ohio, we know that the market can be a little challenging at times,” Hrabcak added. “When sales, inventory, and prices are up, a REALTOR can provide expertise and navigate you through the process.”

What This Means for You

• For Buyers: The slight dip in median prices and the increase in inventory provide more opportunities to find your ideal home without the intense bidding wars seen in past years.
• For Sellers: Despite some price adjustments, high demand in key areas continues to make this a favorable time to sell.