Buying a Columbus home keeps getting pricier
Add Axios as your preferred source to
see more of our stories on Google.
More Columbus homes are on the market, but it keeps getting harder to afford one.
Why it matters: Things aren't getting any easier for homebuyers with mortgage rates spiking to their highest level in nearly three years.
State of play: Columbus' home prices and asking rents both rose in August from a year ago, per Freddie Mac and Zillow data. Other latest takeaways:
🏡 More homes are available. Central Ohio had 6,124 homes in inventory in August, up 6.8% from the previous year, according to Columbus Realtors.
- Sales fell 2.5% year-over-year, while the median sale price rose 2.2%, to $345,500.
😬 Meanwhile, borrowing is more expensive. The average 30-year mortgage rate has climbed to 7.28%, its highest level since late 2023.
💵 We're still comparatively cheaper. The national median home price was $83,600 higher than ours in August.
The big picture: It remains cheaper to rent in Columbus than to pay for a mortgage, though renters are getting little relief either.
- Columbus renters pay about $1,521 per month, per Zillow, up 2.6% year over year.
- And construction of apartments is expected to fall significantly this year compared with last, Colliers recently estimated.
The last word: "Central Ohio continues to offer a price advantage compared with much of the country," Columbus Realtors president Alonso Cannon said in a news release.
- "With inventory growing and year-to-date sales remaining positive, buyers and sellers still have opportunities."