The Housing Market Update October 2022 data from Columbus Realtors showed a significant slowdown in home sales, but that it didn’t mean homes got cheaper in the process.
Note: LSD= Local School District, CSD= City School District. In both cases, school district boundaries differ from city boundaries.
Closed sales are those sales that were completed during the month. They dropped significantly in most counties year-over-year as rising interest rates slowed the white-hot market. But what markets slowed down the most? Only a handful of markets saw an increase, including Johnstown, which is presumably seeing movement due to the Intel project. Most places on this list tended to be among the most expensive local markets, but not all.
Most counties continued to see price increases, though some were much more modest than others. Franklin County was in the middle of the pack.
Overall Market Median Sales Price in October 2022: $304,583 Based on the 10 Columbus Metro Area counties, the metro price saw about a $12,000 increase vs September, 2022 and a more than $30,000 increase over October, 2021. Overall Market Median Sales Price % Change in October, 2022 versus October, 2021: +10.6%
Now let’s take a look at individual neighborhoods and places within the metro area.
There are few surprises on this chart.
Only 3 markets had a median price below $200,000, 2 of which were within I-270.
Most counties saw new listing totals drop year-over-year. This is one of the reasons prices remained higher despite large sales drops.
Total Metro New Listings in October, 2022: 2,401 Total Metro New Listings Change from October, 2021 to October, 2022: -497 Year-over-year, new listings were down yet again.
Average # of Days Homes Remain on the Market Before Sale for the Metro Overall in October, 2022: 24.6 # of Days Homes Remain on the Market Before Sale for the Metro October, 2021 vs. October, 2022: +8.2 Homes across the market sold more than a week more slowly year-over year in October.
Aside from the half-dozen markets that saw declines, most saw fairly significantly increases in the number of days before sale year-over year.
Overall, the October housing market showed strong signs of a slowdown, but so far, this hasn’t prevented further price increases. Demand for homes seems to be continuing to outpace supply, but perhaps not quite to the level it was earlier in the year.
All data for the Housing Market Update comes from Columbus Realtors.
Note: LSD= Local School District, CSD= City School District. In both cases, school district boundaries differ from city boundaries.
Top 15 Most Expensive Locations By Median Sales Price in April 2022 1. New Albany: $650,000 2. New Albany Plain LSD: $635,000 3. Powell: $605,663 4. Grandview Heights: $585,000 5. Upper Arlington CSD: $580,000 6. Granville CSD: $566,500 7. German Village: $565,000 8. Bexley: $562,000 9. Dublin: $547,500 10. Olentangy LSD: $508,900 11. Worthington: $507,500 12. Dublin CSD: $480,000 13. Big Walnut LSD: $463,178 14. Hilliard: $450,000 15. Sunbury: $427,500
Top 15 Least Expensive Locations by Median Sales Price in April 2022 1. Newark CSD: $175,000 2. Whitehall: $190,000 3. Lancaster CSD: $190,000 4. Circleville CSD: $200,000 5. Miami Trace LSD: $210,000 6. Hamilton LSD: $214,500 7. Obetz: $220,000 8. London CSD: $244,750 9. Columbus CSD: $247,000 10. Groveport Madison LSD: $253,500 11. Columbus: $263,000 12. South Western CSD: $275,000 13. Jefferson LSD: $285,000 14. Reynoldsburg CSD: $299,850 15. Gahanna: $310,000 Even the cheapest markets are mostly above $200K now.
Overall Market Median Sales Price in April: $300,875 Based on the 10 Columbus Metro Area counties. This price was slightly lower than in May.
Top 15 Locations with the Highest Median Sales Price % Growth Between April 2021 and April 2022 1. Minerva Park: +59.6% 2. Lithoplis: +44.1% 3. Jefferson LSD: +43.9% 4. Miami Trace LSD: +40.0% 5. Pataskala: +39.6% 6. Granville CSD: +38.2% 7. Sunbury: +37.7% 8. Canal Winchester CSD: +36.7% 9. New Albany Plain LSD: +35.3% 10. Grove City: +30.4% 11. Groveport Madison LSD: +29.3% 12. Worthington CSD: +27.8% 13. Reynoldsburg CSD: +26.0% 14. Newark CSD: +25.0% 15. Upper Arlington CSD: +24.7%
Top 15 Locations with the Lowest Median Sales Price % Growth Between April 2021 and April 2022 1. Jonathan Alder LSD: -21.6% 2. Short North: -18.6% 3. Buckeye Valley LSD: -17.6% 4. Lancaster CSD: -5.0% 5. New Albany: -4.1% 6. Obetz: -2.3% 7. German Village: -0.9% 8. Beechwold/Clintonville: +4.3% 9. Dublin: +6.5% 10. Bexley: +6.5% 11. Dublin CSD: +9.8% 12. Hamilton LSD: +9.9% 13. Westerville: +11.9% 14. Columbus CSD: +13.8% 15. Olentangy LSD: +14.0% 16. Columbus: +15.1% Columbus core neighborhoods and Columbus overall saw some of the smallest or even negative price changes.
Overall Market Median Sales Price % Change April 2022 vs. April 2021:+19.8%
Top 10 Locations with the Most New Listings in April 2022 1. Columbus: 1,260 2. Columbus CSD: 856 3. South Western CSD: 223 4. Olentangy LSD: 170 5. Westerville CSD: 161 6. Hilliard CSD: 136 7. Dublin CSD: 131 8. Pickerington LSD: 99 9. Grove City: 93 10. Worthington CSD: 91
Top 10 Locations with the Fewest New Listings in April 2022 1. Valleyview: 1 2. Lithopolis: 3 3. Jefferson LSD: 5 4. Minerva Park: 6 5. Grandview Heights: 7 6. Northridge LSD: 8 7. Obetz: 10 8. German Village: 10 9. Sunbury: 11 10. Jonathan Alder LSD: 12 11. Hamilton LSD: 15 12. Granville CSD: 15
Total New Listings in the Columbus Metro in April 2022:+3,194 Overall Metro New Listings % Change April 2022 vs April 2021:-1.7%
Top 10 Fastest-Selling Locations by # of Days Homes Remain on the Market Before Sale in April 2022 1. Gahanna: 3 2. Jefferson LSD: 3 3. Minerva Park: 3 4. Worthington: 3 5. Blacklick: 4 6. Canal Winchester CSD: 4 7. Gahanna Jefferson CSD: 4 8. Jonathan Alder LSD: 4 9. Obetz: 4 10. Big Walnut LSD: 5 11. Hilliard CSD: 5 12. Powell: 5 13. Sunbury: 5 14. Dublin: 6 15. Hilliard: 6 16. Lithopolis: 6 17. Reynoldsburg CSD: 6 18. Whitehall: 6 19. Worthington CSD: 6 20. Hamilton LSD: 7 21. Miami Trace LSD: 7 22. Westerville: 7 23. Dublin CSD: 8 24. Groveport Madison LSD: 8 25. Upper Arlington CSD: 8 26. Beechwold/Clintonville: 9 27. Westerville CSD: 9 28. Granville CSD: 10 29. Marysville CSD: 10 30. Pickerington LSD: 10 31. Bexley: 11 32. Columbus: 11 33. Delaware CSD: 11 34. German Village: 11 35. Johnstown-Monroe LSD: 11 36. Lancaster CSD: 11 37. Newark CSD: 11 38. Olentangy LSD: 11 39. Pickerington: 11 40. Circleville CSD: 13 41. Grandview Heights: 13
Top 10 Slowest-Selling Locations by # of Days Homes Remain on the Market Before Sale in April 2022 1. Northridge LSD: 58 2. Downtown: 40 3. Short North: 31 4. London CSD: 24 5. Buckeye Valley LSD: 23 6. Grove City: 22 7. Pataskala: 21 8. New Albany: 20 9. Teays Valley LSD: 15 10. Columbus CSD: 14 11. New Albany Plain LSD: 14 12. South Western CSD: 14
Top 10 Locations with the Greatest % Decline of # of Days on the Market Before Sale April 2022 vs. April 2021 1. Miami Trace LSD: -86.3% 2. Gahanna: -76.9% 3. Gahanna Jefferson CSD: -75.0% 4. Granville CSD: -74.4% 5. Blacklick: -71.4% 6. German Village: -71.1% 7. New Albany Plain LSD: -64.1% 8. Obetz: -63.6% 9. New Albany: -59.2% 10. Upper Arlington CSD: -55.6%
Top 10 Locations with the Lowest % Decline of # of Days on the Market Before Sale April 2022 vs. April 2021 1. Lithopolis: +200.0% 2. Northridge LSD: +176.2% 3. Grove City: +69.2% 4. Sunbury: +66.75 5. Pataskala: +61.5% 6. London CSD: +60.0% 7. South Western CSD: +55.6% 8. Downtown: +48.1% 9. Westerville: +40.0% 10. Delaware CSD: +37.5% 11. Johnstown-Monroe LSD: +37.5%
Total # of Days Homes Remain on the Market Before Sale Across the Metro Overall: 13.7 Overall Metro Days on Market % Change April 2022 vs April 2021: -35.7% Homes were selling on average almost 8 days after than a year ago.
