Columbus sees highest housing inventory in six years
COLUMBUS, Ohio (WCMH) -- There were more homes for sale in Columbus and central Ohio in September than there have been in six years, according to a new report from Columbus Realtors.
With 4,804 homes for sale, the inventory reached a two-month supply for the first time since August 2018. A two-month supply of housing means it would take two months for all homes on the market to sell at the current rate.
Columbus Realtors President Scott Hrabcak said the trend indicates a shift in the housing market.
“For the better part of two years, we saw a large majority of homeowners choosing to stay in their homes,” Hrabcak said. “As mortgage rates dropped and inventory increased, the market stabilized, but sales remained consistent. In the end, consumers have more choices.”
The median sales price in September was $324,000, indicating the surplus of home sales will likely not help fill affordable housing gaps. However, it does indicate benefits for buyers, as sellers on average only received 97.5% of their original asking price.
Homes were on the market for an average of 25 days, three days longer than in August and five days longer than September 2023.
Among the areas with the most homes sold were Lancaster with 75 and Gahanna with 48. The Teays Valley Local School District also saw 39 sales among South Bloomfield, Ashville and Amanda.
September also saw a 2.6% increase in closed sales from August with 2,508 closed sales. Including September's data, Columbus and central Ohio have seen 21,844 home sales in 2024.