Looking into 2025, there are definitely some notable trends and economic factors that will influence central Ohio’s housing market. Compared to last year, Columbus saw steady demand, moderate price growth, and a dynamic mix of housing options making it “one of the best places to invest in real estate in the US.” Because of its affordability, job growth, and strategic location, Columbus’s market has remained very strong despite rising inflation. Increase in demand has caused a 3.3% rise in housing prices in one year from 2023 to 2024. While the median sale price of a home is around $315,000, prices differ based on different factors like proximity to downtown, access to amenities, and local demand. Because of the higher demand and tight housing inventory, listings are on the lower side compared to other years causing heavy market competition. Often buyers will encounter multiple-offer scenarios causing sales in high-demand neighborhoods to skyrocket. Contractors are trying to keep up with the growing demand, but rising material costs, labor shortages, and zoning restrictions have put limits on the pace of new development. Recently Columbus has experienced a slowdown in the average number of days a listing is on the market (26 days from 22 days) which suggests that 2025 may see a steadier demand for buyers and an increase in housing supply. Although this is promising, we are only a month and a half into the new year and a lot can change from now until December 2025. I think it will be interesting to see how the new industrialization that we are expecting to see in the next couple of years will impact the supply and demand of housing in the future. If you want to look at more in-depth analysis and neighborhood specific data, I suggest looking at the article linked below.
Columbus Housing Market Analysis & Forecast
4 comments:
Any time I see housing prices going up because the current trend is for prices to go up but for wages to not follow that. However, it is nice to see that Columbus is doing somewhat well from a housing standpoint.
I will be so interested to read if you post the updates in your last blog of this semester and look at the numbers then.
As someone who plans on living in the Columbus area post graduation, I find this very interesting. Hearing all of the talk about how Columbus is on the verge of becoming the next major U.S city is exciting yet concerning. It appears as if every time i'm in Columbus, I see a new housing complex in the process of being built. I feel as if an interesting area to dig deeper is the amount of taxes Columbus citizens are paying. Have they increased to support these projects? It is definitely something I am going to consider when searching for jobs post graduation.
I find it interesting that Columbus's housing market remains strong despite inflation, driven by high demand and limited inventory, which has led to increased competition among buyers. I am particularly curious to see how upcoming industrial growth will affect housing supply and whether labor shortages and zoning restrictions will ease to support new developments.
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