As we wrap up 2024, the Central Ohio real estate market continues to show resilience and adaptability, with key metrics pointing to a more favorable environment for buyers. If you’ve been waiting for the right time to make a move, the numbers suggest that now might be your moment.
A Look at the Numbers
November 2024 saw 2,146 closings, representing a 3.5% increase over November 2023, even as the total number of closings dipped compared to October. Inventory reached 4,600 homes and condos, a 21.2% jump from last year, providing buyers with nearly 1,000 more options compared to November 2023.
The median sales price held steady at $315,000, offering stability in a market that often sees fluctuations. However, homes spent an average of 31 days on the market, a 29.2% increase year-over-year, giving buyers more time to make informed decisions.
What It Means for Buyers
Central Ohio is now offering 1.9 months of inventory, a robust figure for a market that has struggled with low supply in the past. Coupled with a slight dip in the percentage of the last list price received (98.8%), buyers are seeing more leverage. Additionally, mortgage rates remain consistent, hovering between 6.5% and 6.75%, which, while higher than recent years, could motivate sellers to negotiate.
Spotlight on Hot Markets
Certain areas stood out this month:
- Gahanna, named the nation’s “Hottest Zip Code” by Realtor.com, saw 34 closings in Gahanna proper and 39 closings in the Gahanna Jefferson City School District, with median prices of $392,500 and $400,000, respectively.
- Big Walnut Local School District in Sunbury doubled its closings, with 28 sales at a median price of $479,900, signaling strong demand for homes in sought-after school districts.
For Sellers: A Changing Landscape
Sellers should note that while inventory is growing and competition is increasing, the seasonal dip in new listings—27.6% fewer from October to November—might work to their advantage by reducing the number of active listings. For those ready to list, pricing competitively and ensuring your home is market-ready are critical strategies in this shifting market.
Why Winter Might Be the Perfect Time to Buy
According to Columbus REALTORS President Scott Hrabcak, “There are nearly 1,000 more homes on the market right now in central Ohio than last year at this time. If you’re looking for a new home, now is a perfect time.”
Traditionally, winter months bring lower competition among buyers and sellers eager to close deals before year-end or early spring.
Looking Ahead to 2025
With sales up 3.5% and new listings increasing 7.7% year-over-year, 2024 has outperformed 2023 across key metrics, setting the stage for a vibrant 2025. Buyers and sellers alike can benefit from partnering with experienced local agents who understand the nuances of Central Ohio’s dynamic market.
Whether you’re buying, selling, or simply exploring, the Central Ohio real estate market offers exciting opportunities as we head into the new year.
Ready to Make Your Move?
When it comes to navigating the Central Ohio real estate market, you need someone who knows the area inside and out. Bill Fannin, Jr. –The 5 Percent Guy – is here to guide you every step of the way. Whether you’re buying or selling, Bill’s expertise and commitment to delivering exceptional results make him the trusted partner you need in today’s market.
