Looking to sell your home in Columbus, Ohio?
Although Columbus is seen as a seller’s market, where buyers tend to outbid each other for listings, it is best to familiarize yourself with current market trends first before making any decisions. Don’t worry, because we are here to help!
Read on to learn more about the Columbus real estate market trends of 2021 and what we should look forward to in 2022.
Columbus Real Estate Trends 2021
Amidst the coronavirus pandemic, the Columbus real estate market has fared better than many major metropolitans across the country. Situated in Central Ohio, Columbus is the capital of the state and the second-largest city in the Midwest, right after Chicago.
With a vibrant city scene composed of around 900,000 residents, Columbus is currently a seller’s real estate market where housing demand exceeds supply. Due to their slow and steady growth, Columbus real estate trends are seen to thrive well in the foreseeable future.
As demand for homes in Columbus have recently risen dramatically, it is estimated that the number of houses on the market has sunk to nearly a one-month supply. On average, homes last around 40 days on the market before they are sold, with some already gone after a day or two.
In the last ten years, real estate in Columbus has appreciated by 65%, for an average annual home appreciation rate of 5.14%. Real estate news from Realtor.com reports that in August 2021, the median list price in Columbus, Ohio was $229.9k, with the listing price per square foot at $149.
Great variations in price could also be seen in different areas. The most expensive neighborhood in the area is Italian Village, with a median list price of $550k, while the most affordable neighborhood, South Linden sits at around $115k. Neighborhoods downtown tend to sell for higher prices than those in the south side.
One and two-bedroom single-family detached homes are the most common in Columbus, which account for 46% of the housing units. However, large apartment complexes, rowhouses, duplexes, and houses converted into apartments are also prevalent. These types are rising in value due to the two main types of buyers driving the market: millennials and empty nesters.
Columbus Real Estate Market Forecast for 2022
As demand remains intact, things are looking bright for the Columbus real estate market in 2022. Due to the limited supply of homes buyers are forced to compete. This results in higher prices and quick sales.
According to real estate marketplace Zillow, the home values in the Columbus Metro could rise by around 11.8% in the next twelve months. Because supply is not expected to keep up with demand any time soon, the Columbus real estate market is foreseen to remain strong and skewed towards sellers in the long term.
However, Zillow also predicts that buyers and sellers might wait out the end of the coronavirus pandemic, resulting in a decline in home appreciation in the Central Ohio area. Nonetheless, the housing market in Columbus still fares better than its counterparts, like Cleveland, Detroit, and other smaller Ohio cities.
It is also good to note the tax abatements in downtown neighborhoods that are driving the prices of the Columbus, Ohio real estate market, due to the city government encouraging residents to buy up and renovate properties to put up for rent or to live in themselves.
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