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