August 2024: Columbus, Oh Market Update

I wanted to share a brief update on the real estate market in Columbus and Central Ohio for August 2024. Despite some fluctuations, the market remains steady, presenting opportunities for both buyers and sellers.

Market Highlights:

Sales Activity:
- 2,738 closed sales in August—a 4.8% decrease year-over-year.
- Year-to-date sales are up by 3.2% compared to 2023, with 19,313 homes sold through August.
Mortgage Rates:
- The 30-year fixed mortgage rate dropped to 6.2%, the lowest since February 2023.
- On September 18, the Federal Reserve announced a 0.5% rate cut, the first since 2020.
Home Listings and Sales:
- Approximately 3,500 new homes have been listed each month consistently.
- Homes are staying on the market for an average of 22 days, up from 18 days last August.
- Properties are selling at 99.5% of their last listed price.
Median Sales Price:
- Increased by 1.7% year-over-year to $322,450 in August.
- Peaked at $334,900 in June.
Local Suburb Insights:
- Grove City (South-Western City School District):
  - 173 sales (up 17% from August 2023) with a median price of $310,000.
- Bexley:
  - 20 sales (up 233% year-over-year) with a median price of $625,000.
- Plain City:
  - 20 sales with a median price of $451,684.

With mortgage rates decreasing and a steady rise in inventory, this autumn could be an ideal time to explore your real estate opportunities.