Jun 29, 2022 - Real Estate

Columbus homebuilding lags amid surging demand

Illustration: Maura Losch/Axios

Columbus ranks in the middle of its peers when it comes to building new homes in the U.S.

What they found: Columbus had 7.2 single-family building permits per 10,000 people in the first quarter of this year, per the latest analysis by real estate company Redfin.

  • That ranks 28th per capita among major U.S. metros.

Why it matters: As the number of homes for sale in Central Ohio remains low and sale prices continue to set records, building is one way to help ease an affordability crisis.

Zoom out: Single-family (one to four housing units) and multifamily (five or more) building permits are up from pre-pandemic levels in most U.S. metros, Redfin found.

Yes, but: "There still aren't enough homes to meet the pace of household creation, and we need to be more prepared," Redfin chief economist Daryl Fairweather says in the report.

By the numbers: The Building Industry Association of Central Ohio reported nearly 11,000 housing permits obtained in Central Ohio in 2021.

  • But a 2018 study found our booming region needs 14,000-21,000 units annually to keep up with population growth — and that was before the pandemic further ignited the housing market.

The bottom line: Ramping up construction should help move the market toward balance, if only a little.

Meanwhile, as we reported Monday, Columbus voters will be asked in November to support a $1.5 billion bond package as another possible solution, $200 million of which will support affordable housing initiatives.

Data: Redfin; Table: Thomas Oide/Axios

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