Axios Columbus
February 19, 2025
1 big thing: 🏠 Building new vs. buying used
Central Ohio homebuyers are seeing an increasing disparity in cost between new builds and existing homes.
Why it matters: Buyers pay nearly $200,000 more for new builds as the Columbus real estate market continues rebounding from a pandemic-era housing shortage.
By the numbers: The median listing price for new construction in the Columbus metro area is $498,000, per Realtor.com data, compared to existing homes at just $309,000.
- That's a much greater disparity than the national median of $450,000 for new builds and $396,000 for existing homes.
State of play: Buffie Patterson, president of the Columbus Realtors board of directors, tells Axios "a significant shortage" of housing during the pandemic led to a spike in demand for all homes and price increases.
- As inventory rises, buyers have more options at their disposal and price increases have slowed, she says.
- Patterson notes the average timeline for a local home sale increased slightly from 24 days in 2023 to 28 days in 2024.
Between the lines: Patterson says new build communities are increasingly located outside of Columbus proper, "concentrated in more suburban and rural areas where there is available land and growth due to the entry of corporations like Anduril, Microsoft, and Intel."
- A home's age can play a role.
- New and existing homes in some suburban areas may have similar prices because the latter housing stock is newer and "still meets the needs of buyers entering the market," she says.
Yes, but: The higher prices of new builds can also be partially explained by the continued increase in building costs.
2. 📈 An uptick in HOAs
Homeowner association fees are adding another financial hurdle to home ownership in an already challenging local market.
By the numbers: About 38% of Central Ohio home listings were subject to HOA fees in 2024, just below the 41% national average, according to a Realtor.com report.
- Columbus area homes were significantly more likely to be in an HOA than in Cleveland (25%) or Pittsburgh (16%).
The big picture: HOA dues typically cover maintenance and amenities like pools and gyms, plus other costs that keep a community running.
- They're common in areas full of condos, townhouses and newly built single-family homes, per the report.
Threat level: Dues can stretch upwards of hundreds of dollars per month, adding an eye-watering expense on top of high home prices and mortgage payments.
3. 🛠️ What a home upgrade will cost you
DIY enthusiasts headed to the spring Home & Garden Show this week should expect to budget extra for their dream projects.
By the numbers: Median spending on home renovations is up 60% nationally since 2015, per a report from Houzz.
- Local data shows a similar trend.
Between the lines: Limited housing inventory and high mortgage rates have made renovation a more appealing option than moving for homeowners ready to upgrade, Houzz economist Marine Sargsyan tells Axios.
- Aging homes and rising labor and material costs are also a factor.
Zoom in: Kitchens and bathrooms are the most commonly renovated rooms — and typically the most expensive, Sargsyan says.
Stop by: The Home & Garden Show is 11am-7pm today-Saturday and 11am-6pm Sunday at the Ohio Expo Center. Tickets are $10.
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