Update- Historic Residential Pages

I added a few dozen more houses to the Historic Residential pages, mostly to the Other Residential page. These are some of the site’s most popular pages, so if anyone out there has old photos of homes or neighborhoods around Columbus, I would love to add them! In the meantime, enjoy the more than 325 featured historic homes.

Housing Trends of Columbus

***Originally Posted May 23, 2014, updated with 2014 data 9/18/2015 and again on 5/29/2016 with 2015 data***

I posted a graph recently showing housing permits for Franklin County to show how construction was trending. Today, I found more long-term data for both the city and county that continue to show some interesting trends.

First, let’s look at just the city of Columbus.

The chart above goes back through the mid-1990s. The first thing to notice is the housing boom from 1999-2002. Both single-family and multi-family construction was booming. The very good economic conditions, or seemingly good ones, during the 1999-2000 period is probably most responsible for this. What’s most interesting is that the boom seemed to last through at least part of the mild recession experienced in 2001-2002. After that, housing of both types started to decline through the late 2000s. This shows that construction in the city began to decline as early as 2002-2003, before the peak of the general housing boom in the mid-2000s.

Another interesting fact is at the end of the period. Multi-family units have recovered and are back in boom territory. This boom, however, is much different than the one that occurred more than a decade ago, as shown by the below chart.

During the 1999-2002 housing boom, multi-family housing averaged 59.3% of all the units constructed. In the current boom, which began in 2012, multi-family housing has averaged 81.4% of all the units constructed. The average difference between the types 1999-2002 was just 18.6 points. In the current boom, the difference is almost 63 points! In that regard, there really is no comparison between the housing boom a decade ago and the current one. Multi-family construction is in MUCH higher relative demand now than it was at any time in the last 20 years, including during the last housing boom.

But what does this tell us about where the housing is actually being constructed? Well, for that, we have to look at the entirety of Franklin County. Is the county also seeing a similar multi-family boom, or has single-family construction recovered there more than in the city?

This chart, in some aspects, is the opposite of the one for the city. While in the city, multi-family units consistently outnumbered single-family, the opposite is true for the county as a whole. This is likely because the county takes into account all the suburban areas, most of which are dominated by single-family housing. In only a few instances did multi-family housing units outnumber single-family before 2010. After 2010, it’s clear that the multi-family boom is hitting the rest of the county and not just Columbus itself. This may actually represent an even greater shift in housing construction. While it appeared that single-family construction was gradually rising since 2011, it once again fell off some in 2015 while multi-family went up. It appears that the new reality is, at least for now, holding steady.

Here’s the % of total chart for the county.

So it’s also clear that the county is seeing most of its construction in recent years be multi-family units.

Top Housing Markets of 2015

The 2015 housing market was one of the strongest since before the recession, and 2016 looks to do even better. An ongoing problem, especially within the more urban markets, is a historically low inventory of available homes for sale. This has been a problem for several years now, as construction has failed to match demand.

That lack of inventory really shows up in the yearly % change chart. Few urban markets have increased year over year, as they have a much more limited supply of housing, even as demand for urban housing has increased.

Let’s see how this impacted prices.

While urban markets were not necessarily the most expensive compared to suburban, more of them were generally towards the top half of price increases last year.

Year in Review: 2014 Housing Stats

In terms of housing in the Columbus area, the big story of 2014 housing was that there simply weren’t that many places for sale. The housing supply was consistently lower than demand throughout the year, pushing prices higher in every month.

Here are the final numbers for the 22 Columbus area markets that I looked at.

2014: Year in Review- February

Development
February was not a super busy month for residential development, as is often the case during the dead of winter, but still offered plenty to be excited about.
-Local business Café Brioso announced plans to expand to Franklinton, in another showing of the newfound popularity of the the downtrodden neighborhood. http://www.columbusunderground.com/cafe-brioso-expanding-to-east-franklinton-cw2014
-Strongwater Food and Spirits opened up in Franklinton as well.
http://www.dispatch.com/content/stories/business/2014/02/11/dining-spot-emerges-in-young-arts-complex.html
-Work continued on revitalizing the long-declined Metro West apartment complex on the West Side behind Westland Mall.
http://www.bizjournals.com/columbus/news/2014/02/11/demolition-of-408-metro-west-apartment.html
-A new 4-story, 16-unit apartment building was first proposed for 40-42 W. 3rd Avenue in Victorian Village. As part of the development, the 19th century home on the site would be renovated as well. The site is here: http://goo.gl/maps/y5M1I
-The first renderings for the 7-story, multi-building Hubbard Park Place project in Victorian Village were released here: http://www.columbusunderground.com/wood-companies-unveils-hubbard-park-place-renderings-bw1
-And we heard about the task force that would begin a study to determine the feasibility of a Downtown-Port Columbus passenger rail line. Yay! http://www.columbusunderground.com/new-task-force-will-explore-airport-downtown-rail-connection
-Also on the transportation end, Lyft announced it would begin car-sharing service in Columbus. http://www.columbusunderground.com/lyft-launching-in-columbus-bw1
-Dublin’s Bridge Street Corridor plan got another boost with the announcement of the 392-unit Tuller Flats residential development. http://www.columbusunderground.com/castos-bridge-street-district-proposal-calls-for-392-units-bw1

Economy/Other
-It was announced that 2013 had been a busy year in terms of housing construction.
http://www.dispatch.com/content/stories/business/2014/02/05/central-ohio-builders-were-busier-in-2013.html
-The Columbus Metro posted an unemployment rate for the month at 5.5%, down half a point from January and down 1.1 points from February 2013.

Weather
February continued the historic winter of 2013-2014. The 15.9″ of snow that fell during the month was the 6th snowiest on record, and the 7.1″ that fell on the 4th was the 7th highest daily February total since 1879. Even more, the 7.1″ daily was part of a 2-day single storm that produced the 3rd largest February snowstorm at 10.6″.
Temperatures for the month were also cold, coming in 6.9 degrees below normal. This was the 20th coldest February of all time.