What’s Happening in the Columbus, Ohio Housing Market?

Disclaimer: PropStream does not offer investing advice or make any profit promises. This article is for educational purposes only. We recommend doing your due diligence and/or consulting financial professionals before investing in real estate in Columbus, Ohio.

Columbus, Ohio, was recently named the most popular housing market based on the number of views per listed property adjusted for market size. The city’s listings attracted 2.4 times the number of views on average than homes across the U.S.

Furthermore, Columbus had a high share of interest from outside its market: 32.1% of home shoppers came from outside the Midwest.

So what’s driving the growing demand for Columbus property, and what makes it an excellent location for real estate professionals? Read on to find out!

Property Sales Are On the Rise

In October 2024, the Columbus, OH, area had 2,539 home sales, up 7.6% from last year. Meanwhile, 2024 home sales through October reached 24,409, up 3.6% from the same period last year.

Some of this sale uptick may be the result of gradually falling mortgage rates. The average 30-year fixed-rate mortgage went from a recent peak of 7.79% in October 2023 to 6.6% as of 12 December 2024. That’s a 1.19% drop, which can significantly increase a homebuyer’s budget, driving more demand.

Home Values Are Growing But Still Well Below National Median

Another reason Columbus home sales are up may be the city’s relative affordability. In October 2024, the median home sales price was $315,000. That’s 3.3% more than last year but 26% lower than October’s national median list price ($424,950).

Meanwhile, Columbus’s average price per square foot in October 2024 was $201.65, up 4.1% from last year but down 11% from the national median. In other words, Columbus is affordable and growing, making it an attractive market for real estate professionals.

Real Estate Inventory Is Ramping Up

Columbus area homes for sale reached 4,880 in October, up 27.8% from last year. Similarly, months' supply of inventory (the number of months it would take to sell all listed properties at the current sales rate) hit 2.0, up from 1.6 last year.

Part of this inventory jump can be attributed to the “lock-in effect” easing. As mortgage rates fall, more homeowners are willing to give up their pandemic-era low rates by listing their homes for sale. Additionally, residential building permits have been on the rise since 2022, increasing supply as homes are finished.

Housing Demand Still Hot

That said, Columbus’s housing supply still lags behind demand. That’s why real estate prices are still rising and homes often sell within days of going on the market and above asking price. While days on market have grown from 22 in October 2023 to 28 in October 2024, they’re still well below the national average of 34. 

Part of what’s driving demand for Columbus homes is homebuyers looking to move from more expensive markets. For example, among out-of-state shoppers, homebuyers from New York showed the highest interest, followed by Virginia and California.

6 Reasons to Work In Columbus, OH

Now that you understand the current Columbus housing market, here’s why you may want to consider working here as a real estate agent or investor:

1. High population growth. In 2023, Columbus had a population of 913,175, up 0.8% from 2020 and 16.0% from 2010. As the city continues to grow, so will housing demand, pushing up home values and rents. This means higher potential commissions for agents and higher potential returns for investors.
2. Robust job sector. Columbus’s growth is partly due to its strong job market. In October 2024, the city had an unemployment rate of 3.3%, compared to a national rate of 4.1%. Furthermore, Columbus’s gross domestic product (GDP) keeps growing, hitting over $148 billion in 2023. Some of the city’s largest employers include JPMorgan Chase & Co., Nationwide, Amazon, and Honda.
3. Landlord-friendly regulations. Ohio ranks ninth out of all fifty U.S. states for being the most landlord-friendly. This means investors (and agents who serve investors) can expect fewer headaches from state regulators. For example, evictions generally take 5 to 8 weeks, not months.
4. Strong rental yield. Rental yield measures a property’s return by comparing its rental income to its market value (annual rent/property value = rental yield). Columbus has a relatively strong rental yield of 6.6% based on an average 3-bedroom single-family home rent of $1,738 and a median home value of $315,000.
5. Higher education opportunities. Columbus is home to Ohio State University (OSU), one of the largest universities in the U.S. with over 45,000 undergraduate students. OSU and other institutions of higher learning bring in thousands of college students each year, creating ample opportunities for investors and agents.
6. Transportation hub. Located within a day’s drive to major metros like Chicago, New York, and Atlanta, Columbus is a logistical hub. It’s connected to the rest of the country via major highways and the John Glenn Columbus International Airport.

Find Your Next Columbus Real Estate Opportunity with PropStream

To get the most out of the Columbus housing market, try PropStream. It’s a database of over 160 million property records and 165 search filters to help you find off-market opportunities and motivated sellers in no time.

Plus, our PropStream Intelligence™ platform, powered by AI data and predictive analytics, makes it easy to narrow your search results even faster. Filter categories include property condition, foreclosure factor, and estimated wholesale value.