The Central Ohio Housing Market was mostly unchanged in January. Home sales and pending contracts were slightly lower than last year, while home values kept rising by double digits.
Home Sales Down – Inventory Remains Low
The chart below shows how Pending Contracts (green) and Closed Sales (red) hardly changed from January 2021. The Inventory (blue) was identical to Closed Sales – a consequence of high demand and limited supply of new listings.
New Listings Did Not Change for Years
The number of homeowners listing their property for sale during the month of January remained constant over the past 10 years (see chart below).
Home Values Keep Rising by Double Digits
While home value appreciation seemed to slow down in the second half of 2021, the median and average sales price increased by more than 10% in January.
Below you can see how the median sales price changed every month since January 2021.
Affordability Still High in Central Ohio
In their Home Affordability Report Attom Data Solutions revealed that in 77% of US counties a median-priced single-family home was less affordable in the fourth quarter when compared to historical averages.
A property is deemed affordable if the average wage earner spends less than 28% on housing payments (assuming 20% down payment on their mortgage).
Despite quickly rising home values and increasing interest rates, Columbus and the State of Ohio are among the most affordable places to buy a home.
On average, a Franklin County homeowner spends only 21.8% of their wage to cover mortgage payments.
House Hunting Report from the Trenches
House hunting has been challenging over the past few weeks. With fewer than 1,600 active listings on the MLS, we see an onslaught of buyers whenever a new listing becomes available.
In the last few days I had four scheduled showings cancelled because the seller accepted a curb offer within hours of activating the listing.
As a buyer you have to plan on offering at least 10% over list price to be competitive on a reasonably priced listing. And, you may have to waive all contingencies.
If you want to become a homeowner in 2022 before interest rates climb much higher, I can help you write winning offers.
Call or Text me TODAY at (614) 975-9650!
Columbus Housing Charts – Always Up-to-Date
We are updating housing data every week. You can find all the charts on my website. Just click the buttons below!Monthly Housing Stats Weekly Market Updates
Housing Stats for January 2022
Here’s a summary of home sales data for January 2022 as reported by the Columbus Association of Realtors:
- Closed Transactions – 1,872 – DOWN by 2.8%
- Inventory – 1,862 – UP by 2.3%
- New Listings – 2,178 – DOWN by 0.4%
- Days on Market – 22 – DOWN by 12.0%
- Average Sales Price – $290,847 – UP by 10.4%
- Average Price / Sqft – $167.29 – UP by 13.8%
Go to Columbus Realtors to see the full report.
Are You Planning on Buying or Selling in 2022?