Published August 7, 2023
August 2023 Market Update
August Housing Market Update!
INVENTORY IS ON THE RISE, BUT MEDIAN SALES PRICES CONTINUE TO CLIMB!
Inventory is up 8.1% when compared to last month!
The
median sales price has steadily increased since January when it entered
the new year at $262,750. Since then, the median sales price has
experienced a 22.6% increase from January 2023 to June 2023, topping out
at $322,205 this month.
Homes averaged 20 days on the market for the second consecutive month!
Over
the last six months, buyers have grown more comfortable with 6-7%
mortgage rates — sellers are sitting on mortgages at 3-4% who have been a
little more hesitant to enter the market.
The central Ohio
market is one of the hottest in the country, and that can confuse
potential buyers who may hear that housing markets are slowing down or
prices are dropping — That’s not the case in Columbus, so it is
important to work with a REALTOR® who is an expert in the neighborhood
you want to call home! It’s a great time to buy or sell in central Ohio
because we don’t see a cool down coming!
-Laura
