The housing market is experiencing a shift that few people are talking about but that doesn't mean it isn't happening. Over the last 20 years the Columbus, Ohio and Central Ohio housing market has experienced a 136% appreciation. What is going to be hard for a lot of people to believe is that the 136% increase includes the down market that we experienced between 2006 through 2011 when home values actually went down. That makes the 136% increase in appreciation even more impressive.
The photo above clearly shows that during the last 13 years the Columbus, Ohio and Central Ohio housing market has experienced significant levels of appreciation in home values by a much as 15% in a single year. Take a close look at the 2024 numbers on the right side of the photos and you will see that the appreciation for the 1st 6 months in 2024 is barely over 1% compared to 8.5% appreciation in 2023. This is an indication that the demand for available homes is cooling off. I believe there are a few contributing factors to the lower appreciation numbers but the biggest shift is that there are more homes available to buy today than there were ij 2023. Last year there was an extreme shortage of available homes and there were still a lot of homes that received multiple overs with many selling over asking price. Today, fewer homes are selling above the asking price and homes on average are taking a bit longer to sell.
You may be wondering if the sky falling in real estate? No, not at all and believe it or not but in Central Ohio and Knox County Ohio which is the primary community that I serve we are still in a sellers market. My recommendation is to watch the market, pay attention to how long homes stay on the market before they sell and what are the average listing to sales price ratios in your community. Arming yourself with this information can be VERY helpful and you will have a better understanding of where the local housing market is headed.
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Sam Miller of REMAX Stars Realty 740-397-7800 SamMillerSells.com
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