August Market Update

August 2024 Real Estate Market Update for Columbus and Central Ohio

September 19, 2024

The latest housing statistics released by Columbus REALTORS® reveal insightful trends in the Columbus and Central Ohio real estate market for August 2024. While there has been a slight decrease in closed sales year-over-year, the market shows signs of stability and potential growth as we move into the autumn season.

Market Highlights

Closed Sales Decline Slightly

August 2024: 2,738 closed sales, a 4.8% decrease compared to August 2023.
Year-to-Date: 19,313 sales through August 2024, outpacing 2023 by 3.2%.

Despite the slight year-over-year decline, the year-to-date sales indicate a positive trend compared to last year.

Month-over-Month Comparison

July 2024 vs. August 2024: Sales decreased by 2.4%, from 2,806 in July to 2,738 in August.

This minimal month-over-month decline suggests that the market remains relatively stable.

Mortgage Rates Drop

The 30-year fixed mortgage rate dropped to 6.2%, the lowest since February 2023.
On September 18, the Federal Reserve announced a 0.5% rate cut, the first reduction since 2020.
The previous high was 7.79% in October 2023.

Consequently, these lower rates could encourage more buyers to enter the market this autumn.

Inventory Levels Remain Consistent

Approximately 3,500 new homes have been consistently listed each month.
According to Columbus REALTORS® President Scott Hrabcak:

“We’ve consistently put around 3,500 new homes on the market each month, and home sales have been just below that.”

Therefore, buyers have a steady selection of new listings to consider.

Days on Market and Sale Prices

Homes Stay on Market Slightly Longer

Homes are on the market for an average of 22 days, up from 18 days last August.

This slight increase gives buyers a bit more time to make purchasing decisions.

Sale Prices Remain Strong

Properties are selling at 99.5% of their last listed price.
Median Sales Price: Increased by 1.7% year-over-year to $322,450 in August 2024.
The median price peaked at $334,900 in June 2024.

Thus, sellers are still achieving near their asking prices, indicating a robust market.

Suburban Spotlight

Grove City (South-Western City School District)

173 sales in August 2024, a 17% increase over August 2023.
Median sales price: $310,000.

Evidently, Grove City remains a popular choice for homebuyers.

Bexley

20 sales, marking a 233% increase year-over-year.
Median sales price: $625,000.

Bexley shows significant growth, making it an area to watch.

Plain City

Recorded 20 sales.
Median sales price: $451,684.
Noted as one of Central Ohio’s fastest-growing villages.

Plain City’s growth highlights its increasing appeal to buyers.

Market Outlook

The recent drop in mortgage rates and the Federal Reserve’s rate cut could signal an autumn surge in the local real estate market. Lower interest rates may encourage more buyers to enter the market. Additionally, the steady rise in inventory provides ample opportunities for prospective homeowners.

Key Takeaways

The market remains steady, with consistent new listings and slightly decreased sales.
Lower mortgage rates may boost buyer activity in the coming months.
A slight increase in median sales price indicates sustained property value growth.

Conclusion

The Columbus and Central Ohio real estate market continues to offer promising opportunities for both buyers and sellers. Whether you’re looking to purchase your first home, upgrade, or invest, now could be an ideal time to explore your options.

If you have any questions or need personalized guidance, feel free to reach out. We’re here to help you navigate the ever-evolving real estate landscape.

For more detailed statistics or personalized market analysis, please contact us directly.