Market Report

Your Real Estate Market Update:

Local Market Information provided by the Columbus Board of Realtors MLS. Last updated May 20, 2022.

Here you will find the latest local housing trends that will give you insights, updates and analysis to your local marketplace. If you have any questions about this report or anything else related to real estate, please feel free to reach out to us. We are proud to be a trusted adviser and help you make important business decisions when it comes to real estate.

CLICK THIS LINK TO VIEW YOUR LATEST NEIGHBORHOOD MARKET: https://marketstatsreports.showingtime.com/CR/sst/2022-02/main.htm

April 2022 Housing Report:

RISING INTEREST RATES ESPECIALLY CHALLENGING FOR FIRST-TIME BUYERS

Rising interest rates, lack of available homes and a decade of underbuilding are taking their toll on central Ohio housing activity as home sales have slowed in 2022 compared to the record-breaking pace set in 2021.

Thus far in 2002 (January through April), buyers are purchasing 80 percent of the homes available, down from 83.2 percent in 2021, leaving inventory 11.6 percent higher than last spring, but still well short of the inventory we need to meet the demand of our growing region.

The average 30-year fixed rate for a mortgage is now over five percent, up from just over three percent late last year and the highest since 2009.

“Even though we have more homes for sale today than a year ago, rising interest rates are preventing some buyers from making a move right now,” said Sue Van Woerkom, 2022 president of Columbus REALTORS®.

“For every one percent increase in interest rates, your buying power decreases by about 10-11 percent. And this is especially challenging for first-time home buyers.”

The average age of a first-time home buyer in central Ohio today is 31 years old and they purchase 38 percent of the homes sold.

Statewide, first-time buyers today tend to be 35 years old and represent 37 percent of Ohio sales, Nationally, this home buying segment is 33 years old, purchasing 34 percent of the homes sold.

The median price of a home sold in central Ohio this year ($270,419) marks a 12.7 percent gain compared to the price of homes sold during the first four months of 2021.

The median price a first-time home buyer is paying in central Ohio is around $218,000.

“Central Ohio is a top metro area for young professionals,” adds Van Woerkom. “Almost 16 percent of our population is age 25-34 and are, or will be, looking to purchase a home.”

“To accommodate them, we need more homeowners to become home sellers. Moving up – or transitioning to another type of living style such as a low maintenance home – is how we help get our first-time buyers into homes and on the first rung of the ladder to economic wealth building.”