Columbus home prices, sales, jump in October

Columbus-area home sales and prices climbed in October, despite some indications that the Columbus housing market was starting to cool.

During the month, 3,395 homes sold in Greater Columbus, 5% more than a year ago, according to figures released Monday by the Columbus Realtors trade association. 

Columbus-area homes sold in October for a median price of $261,478, up 8.9% from a year ago. Through the first 10 months of the year, home prices are up 12.6% in Greater Columbus from the same period in 2020. 

A typical Columbus-area home sold in 15 days during the month, down from 19 days a year ago.

Competition for homes remained intense in part because the number of available homes declined in October, after rising a bit in previous months. 

During the month, 3,336 homeowners in the region put their homes on the market, fewer than a year ago. That decline, coupled with a rise in sales, led to fewer choices for buyers.

As Columbus home sales rose, they dropped 1.4% statewide, led by declines in Cincinnati, Dayton and Cleveland-area sales. 

The Columbus housing market, like markets coast to coast, has been on fire since the pandemic began, with intense competition pushing sales prices up $50,000 and radically changing how the market functions. 

Home sales continue to be driven by a desire for more space from stay-at-home workers, historically low interest rates and a rise in disposable income among many buyers.

“Among some of the workforce, there is an ongoing trend of flexibility to work anywhere, and this has contributed to an increase in sales in some parts of the country,” Lawrence Yun, chief economist with the National Association of Realtors, said in a news release.

"Record-high stock markets and all-time high home prices have worked to significantly raise total consumer wealth and, when coupled with extended remote work flexibility, elevated housing demand.”

Despite the continued rise of prices, homes remain more affordable in Greater Columbus than elsewhere. Nationally, the median sales price climbed 13.1% to $353,900, according to the National Association of Realtors.

jweiker@dispatch.com

@JimWeiker