Jul 18, 2022 - Real Estate
Columbus' real estate market isn't cooling just yet
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.
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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