Central Ohio Housing Market Update

As you may have read in this morning’s Columbus Dispatch, central Ohio home sales and prices set a record in May 2016.

Market Notes

  • Lack of Inventory Persists (1/3 as many homes on the market now than same time in 2011)
  • 2.1 months of inventory is far below 4–6 months for a balanced market between buyers and sellers (sellers enjoying market leverage)
  • Homes selling for 98.4% of list price (I’ve received +102% with my seller clients)
  • Homes on market 44 days until sold (45–60 days normal for deal when buyer(s) receiving mortgage)
  • First-time buyers represented 30% of purchasers (40% is historic average)
  • Mortgage rates still near record-lows (see below)

Select Market Reports


  • If a home shows well and is competitively priced, it shouldn’t sit in this market
  • In order to compete, as soon as a home hits the market, buyers must be ready to make an offer that includes a mortgage pre-approval letter from a reputable lender, or proof of funds (if cash purchase)
  • Sellers looking to trade-up or downsize will likely enjoy the equity that’s accumulated in recent years