January 2025 Market Update

How’s the Market Looking? 

The housing market in Central Ohio took a bit of a nap this January, which isn’t unusual for the season. Fewer homes sold compared to last year, but there’s the bright side —more homes are popping up for sale, giving buyers some breathing room. Prices are still inching up too, so it’s not all quiet on the home front!

Here’s what’s going on:  

• Sales: Down to 1,506 homes sold, a 3.3% drop from 1,557 in January 2024. 
• Choices: 3,886 homes available now—way up 34% from 2,890 last year. 

• New Listings: Up 7.4% since last January—more sellers are jumping in! 

• Price Tag: Typical home sold for $299,900, a 4.8% bump from $285,900.  

• Selling Speed: Homes hung out for 43 days, up from 35 days in 2024.  

• Deals: Buyers paid 98.3% of the asking price, snagging a 1.7% savings. 

Mortgage Rates 

Borrowing costs climbed a bit, which might explain the slowdown. The average 30-year fixed mortgage rate hit 7.09% in January 2025, up from 6.72% in December 2024. Higher rates mean bigger payments, so some buyers might be hitting pause, while others might be turning to new home builds to take advantage of their lower interest rates.

Where’s the Action?

Some parts of Central Ohio are buzzing more than others. Check out these standouts:  

• Columbus (City): 840 sales, down 11.6% from 951 last year— calmer city feel. 

• Marysville: 22 sales, up 57% from 14. This area is buzzing!  

• Teays Valley: 23 sales, a massive 92% leap from 12. Talk about a hot zone!  

• Grove City: 36 sales, up 44% from 25. Buyers can’t get enough! 

What Does This Mean for You? 

If you’re thinking about buying, there are more homes to browse and a chance to negotiate a little off the price—just watch those mortgage rates, as they’re making loans pricier. Selling? You’re in a good spot with prices rising and more listings hitting the market, though it might take a tad longer to seal the deal.  

Looking Ahead 

January’s usually a slow starter, but with more homes out there and prices staying strong, things could perk up if rates ease up later. New Home Builds around Central Ohio could provide a option for buyers to secure a lower rates. Marysville, Teays Valley, and Grove City are the cities to watch right now!  

Looking to Buy or Sell?

If you or someone you know is thinking about buying or selling a home in central Ohio, now is a great time to start the conversation! With an evolving market and increasing inventory, our team is here to provide expert guidance and help you navigate the process. Referrals are the heart of our business, and we appreciate the opportunity to assist your friends, family, and colleagues with their real estate needs.

Contact us today to get started!

Source: Columbus & Central Ohio Regional MLS