Jul 18, 2022 - Real Estate

Columbus' real estate market isn't cooling just yet

Illustration of a white picket fence shaped like arrows trending upwards

Illustration: Sarah Grillo/Axios

Columbus' real estate market is holding steady for now.

Why it matters: We keep hearing about a market crash but, so far, local data doesn't support that.

  • Pending home sales are down just 0.5% and median home sale prices are up 14% from May 2021 to May 2022, while new listings were down 4.2%.

Yes, but: These changes are very small and 2021 was a record-shattering year.

  • If more listings flood the market this summer and buyers don't bite, that’s when we could start to see more power shift into buyers' hands.
<b style='color: #8a0098'>New listings</b> and <b style='color: #00ab58'>pending sales</b> of Columbus-area homes
Data: Redfin; Chart: Kavya Beheraj/Axios

Zoom out: Nationally, mortgage applications were down 24% during the same time period. On average, 6.5% of sellers dropped their asking price each week in June, per Redfin's latest market update.

  • In June, national pending home sales were down 13% from this time last year — the largest decline since May 2020, Redfin's report stated.

The bottom line: We're not seeing major changes in Columbus just yet, but we're starting to see early, albeit slight, signs of a cooler market ahead.


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