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Business & Economy

Central Ohio homes are taking longer to sell for less money

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Central Ohio homes continue taking longer to sell and are going for less money, but the market is still outperforming most others around the country.

Blaming a seasonal slowdown and rising interest rates, the group Columbus Realtors says it took an average of 21 days for central Ohio homes to sell in October.

Homes took an average of 18 days to sell in September and 14 days in August.

Although the average homes sale price of $327,768 is down about 9% from last October, it fell from the September average of $331,287. That follows an even steeper drop from August to September.

“Through the summer, we continued to see homes selling for slightly over the asking price, but we are seeing a small shift that can result in some added value for the buyer depending on the location they are seeking,” Columbus Realtors President Sue Van Woerkom said in a written statement.

There was also a big October drop in new listings, which fell 11% from September and 16% compared to October of 2021.

Rising rates have slowed the pace of U.S. home sales for seven straight months as frustrated buyers throw up their hands and give up, unable to afford the bigger payments.