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.
The local housing market update March 2022 has been release by Columbus Realtors. Here are the numbers!
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 March 2022 1. New Albany: $682,500 2. German Village: $667,500 3. Powell: $638,000 4. New Albany Plain LSD: $535,000 5. Grandview Heights: $535,000 6. Upper Arlington CSD: $525,000 7. Big Walnut LSD: $520,000 8. Olentangy LSD: $500,000 9. Dublin: $481,000 10. Short North: $480,000 11. Granville CSD: $460,000 12. Dublin CSD: $430,000 13. Jonathan Alder LSD: $413,500 14. Bexley: $410,000 15. Pickerington: $408,000 16. Worthington: $408,000
Top 15 Least Expensive Locations by Median Sales Price in March 2022 1. Whitehall: $160,250 2. Circleville CSD: $162,500 3. Newark CSD: $180,000 4. Lancaster CSD: $180,000 5. Hamilton LSD: $185,000 6. Obetz: $209,000 7. Miami Trace: $214,000 8. Columbus CSD: $234,000 9. Groveport Madison LSD: $237,500 10. Jefferson LSD: $240,950 11. Columbus: $248,000 12. London CSD: $250,000 13. South-Western CSD: $260,000 14. Blacklick: $270,000 15. Reynoldsburg CSD: $286,250
Overall Market Median Sales Price in March: $279,265 Based on the 10 Columbus Metro Area counties.
Top 15 Locations with the Highest Median Sales Price % Growth Between March 2021 and March 2022 1. Johnstown-Monroe LSD: +60.0% 2. Miami Trace LSD: +40.9% 3. German Village: +40.4% 4. Reynoldsburg CSD: +39.5% 5. Teays Valley LSD: +36.9% 6. Big Walnut LSD: +35.1% 7. Jefferson LSD: +30.2% 8. Jonathan Alder LSD: +29.2% 9. Pataskala: +28.6% 10. Northridge LSD: +28.5% 11. Groveport Madison LSD: +28.4% 12. Canal Winchester CSD: +25.6% 13. Hilliard CSD: +24.7% 14. Delaware CSD: +24.3% 15. Newark CSD: +23.3%
Top 15 Locations with the Lowest Median Sales Price % Growth Between March 2021 and March 2022 1. Circleville CSD: -22.6% 2. Lithopolis: -15.6% 3. Obetz: -8.1% 4. Buckeye Valley LSD: -3.0% 5. Bexley: -0.7% 6. London CSD: -0.4% 7. New Albany Plain LSD: +2.2% 8. Dublin CSD: +2.6% 9. Blacklick: +2.7% 10. Dublin: +4.1% 11. Grove City: +4.4% 12. New Albany: +4.7% 13. Sunbury: +5.5% 14. Worthington CSD: +9.7% 15. Westerville: +10.1%
Curiously, New Albany has not yet seen significant housing cost increases despite the news of the Intel development announced a few months ago, but that may just be due to the fact that housing prices there exceed all other markets by a good margin already.
Overall Market Median Sales Price % Change March 2022 vs. March 2021:+19.6% Based on 52 metro market locations.
Top 10 Locations with the Most New Listings in March 2022 1. Columbus: 1,161 2. Columbus CSD: 773 3. South Western CSD: 205 4. Olentangy LSD: 151 5. Westerville CSD: 144 6. Hilliard CSD: 121 7. Dublin CSD: 113 8. Pickerington LSD: 94 9. Worthington CSD: 85 10. Grove City: 84
Top 10 Locations with the Fewest New Listings in March 2022 1. Valleyview: 1 2. Minerva Park: 1 3. Lithopolis: 3 4. Sunbury: 10 5. Northridge LSD: 10 6. Obetz: 12 7. Johnstown Monroe LSD: 12 8. German Village: 13 9. Powell: 13 10. Jefferson LSD: 14 11. Whitehall: 14
Total New Listings in the Columbus Metro in March 2022:+2,901 Overall Metro New Listings % Change March 2022 vs March 2021:+3.7%
New listings did increase in March versus a year ago, but only slightly. Listings tend to increase as the weather warms up.
Top 10 Fastest-Selling Locations by # of Days Homes Remain on the Market Before Sale in March 2022 1. Lithopolis: 2 2. Miami Trace LSD: 3 3. Minerva Park: 3 4. Pickerington: 4 5. German Village: 5 6. Westerville: 5 7. Worthington: 5 8. Worthington CSD: 5 9. Dublin: 7 10. Gahanna: 7 11. Groveport Madison LSD: 7 12. New Albany: 7
Top 10 Slowest-Selling Locations by # of Days Homes Remain on the Market Before Sale in March 2022 1. Northridge LSD: 78 2. Downtown: 60 3. Granville CSD: 52 4. Short North: 51 5. Grandview Heights: 38 6. Oberz: 27 7. Circleville CSD: 25 8. Delaware CSD: 22 9. Hamilton LSD: 22 10. Johnstown Monroe LSD: 22
Top 10 Locations with the Greatest % Decline of # of Days on the Market Before Sale March 2022 vs. March 2021 1. Lithopolis: -96.6% 2. Miami Trace LSD: -85.7% 3. Pickerington: -84.6% 4. Dublin: -81.1% 5. Worthington CSD: -76.2% 6. Big Walnut LSD: -75.5% 7. Worthington: -72.2% 8. German Village: -70.6% 9. Westerville: -68.8% 10. Powell: -67.3%
Top 10 Locations with the Lowest % Decline of # of Days on the Market Before Sale March 2022 vs. March 2021 1. Canal Winchester CSD: +466.7% 2. Johnstown Monroe LSD: +450.0% 3. Northridge LSD: +254.5% 4. Granville CSD: +126.1% 5. Hilliard: +100.0% 6. Hamilton LSD: +69.2% 7. Obetz: +50.0% 8. Whitehall: +44.4% 9. London CSD: +30.0% 10. Grove City: +28.6% 11. Teays Valley LSD: +28.6%
% Change for the # of Days Homes Remain on the Market Before Sale Across the Metro Overall: 20.4 Overall Metro Days on Market % Change March 2022 vs March 2021: -12.1%
