Central Ohio housing market report has been released from Columbus Realtors for September 2023 for the entire MLS.  Also comparisons from 2022 below.  Reach out and lets discuss your options, lenders and the area in which you want to buy or sell. Let our experience work for you!

"There were 2,445 sales and nearly 2,900 new listings added to the market, according to the latest central Ohio housing report provided by Columbus REALTORS® for the month of September 2023.  In September 2022, there were 2,858 closed sales with a median sales price of $290,000. One year later, the region witnessed a 14.5 percent decline in sales while experiencing a 6.9% increase in median sales price, up to $310,000.There were 2,875 new listings added to the Columbus and Central Ohio Regional MLS in September, and the total inventory of homes for sale in the MLS sits at 3,624, slightly lower than the 3,806 homes available one year ago. “Last year, when the market was at an all-time high, we expected some leveling off,” said Columbus REALTORS® President Patti Brown-Wright. “I think that the market has adjusted in a way that’s been gradual, and we’ve all had to adapt.” One of the most significant factors in the market has been the rise in mortgage rates over the last 24 months. In two years, consumers have gone from record-low rates of under 3% to mortgage rates not seen since the millennium. This may be the perfect time for everyone involved in real estate to have some perspective. “I think many of us remember the 1980s when mortgage rates were 16%, but we have to remember that most prospective buyers in today’s market do not remember those days. Over the last two decades, mortgage rates have been mostly under 5%. This is the world the majority of the public has come to know.” According to data from Freddie Mac, the average 30-year fixed mortgage rate in 1975 was 9.05%. Rates peaked in 1981 at 16.63% and remained in double digits until 1991, when they dropped to 9.25%. The first time the average 30-year fixed mortgage dipped below six percent was in 2003 at 5.83%. That ushered in a 20-year era with an all-time low of 2.96 percent in 2021. “REALTORS® have to know their history,” continued Brown-Wright. “The average 30-year mortgage rate since Freddie started tracking this in 1971 is just under 7.74%. Today’s current rate is *7.80% "