Columbus home market cooling, but still above pre-COVID levels

Hoping to buy a home in 2023? This might be the time to jump into the fray.

What's happening: The Columbus region's housing market has moderated a little bit from the craziness of the past two years, though it's still nowhere near a return to pre-pandemic levels.

Why it matters: Any relief from sky-high home prices is welcome, especially as mortgage rates creep up.

By the numbers: The Columbus area's median home sale price was $279,900 in January, down nearly 6% from December.

• Year-over-year prices, however, are still up 5.4% from last year.
• Inventory was up over 7% from 2022, but remains low.
• Homes sat on the market for a median of 52 days in January — 11 days longer than this time last year — giving buyers more room to negotiate and time to make decisions.

Zoom out: Nationally, median home sale prices have crept up 1.3% from 2022.

• The national median home sale price in January was $383,000.
• Sales fell for the 12th month in a row, according to the National Association of Realtors.
• As demand falls, homes sit on the market a little longer, offering buyers more flexibility.

What's next: Spring, which is typically marked by high demand, more competition and higher home prices, is right around the corner.

• If spring 2023 follows typical trends, we should expect home prices to rise again in the near future.

Yes, but: Local experts predict 2023 will see a far less frantic housing market than in 2022.

The bottom line: We're starting to see a moderate market correction, but home values aren't plummeting — and many would-be buyers are still being priced out.