2024 Market Recap: How Central Ohio’s Housing Market Performed

Central Ohio Year-End Real Estate Market Update

As we say goodbye to 2024, it’s time to take a look back at how the real estate market performed in Central Ohio. Whether you’re planning to buy, sell, or simply stay informed, here’s a breakdown of the key trends and highlights from the past year.

December’s Strong Finish

December wrapped up the year on a high note, with 2,169 closings—an impressive 13.1% increase from last year. This boost helped solidify an overall positive trend in the market.

How the Market Shaped Up in 2024

Total Sales on the Rise: With 28,754 closings, total sales were up 4.2% from 2023, meaning more opportunities for both buyers and sellers.
Increased Listings, Slightly Longer Market Time: More homes hit the market, giving buyers more options. However, rising home prices (up about 5%) meant properties took, on average, four extra days to sell compared to last year.
Price Growth Continues: The median sales price climbed to $320,000, marking an 8.5% year-over-year increase. Sellers are still securing around 98.5% of their asking price, with buyers typically saving about 1.5% at closing.

Shifts in Inventory

December saw a seasonal dip in active listings, dropping to 3,889 from November’s 4,600. However, inventory levels remained stronger than December 2023, when only 1,434 new listings hit the market. While new listings slowed, buyers still had more options than the previous year.

Local Market Standouts

Certain areas in Central Ohio saw notable increases in sales activity:

South-Western City School District: Sales jumped by 40%.
Grove City: A remarkable 60% surge in sales.
Marysville (Union County): Sales saw a 48% increase.

Looking Forward to 2025

The market is steadily returning to a more balanced state after the rapid fluctuations of the pandemic years. While prices are still rising, the pace has become more moderate, and inventory is improving, giving buyers more choices.

If you’re thinking about making a move in 2025 or just want to stay informed, let’s connect! I’d love to help you navigate the current trends and strategize your next steps.

Wishing you a fantastic start to the new year!