Home sales rose in September and are up overall this year in Columbus and central Ohio. Franklin County led in the number of closings, up 2.3% from Sept. 2024. Delaware County followed with 250 closings, but that was down nearly 2% from last September. Licking, Fairfield and Union counties all saw the largest percentage increases in closings.
WOSU’s Debbie Holmes spoke with Buffy Patterson, president of Columbus Realtors.
Debbie Holmes: Let's go over the home sales in Columbus and where do we stand overall this year in quantity and then prices?
Buffie Patterson: Overall, home sales year-to-day are at 22,294, which is up 2.1% over last year.
Debbie Holmes: And where are the prices then?
Buffie Patterson: Prices are $377,636 as an average overall. And our median sales price in central Ohio right now is $329,000. Both of those numbers are up over last year, about 2.8 to 2.9%. So, we are definitely seeing increases in both our sales and then also in prices.
Debbie Holmes: But something is happening though with a sales price, a seller putting a sales price, a listing price and then the actual purchase price is a little bit lower. Is that right?
Buffie Patterson: That is correct. What we are seeing as the year progresses, and this is typical because real estate is cyclical, we do tend to see there be more price adjustments as the year begins to close. And so right now, a seller can expect to receive in central Ohio about 96.5% of what they listed the home for originally.
Debbie Holmes: We were hearing not too long ago that there were bidding wars and such. So why do you think that that has changed?
Buffie Patterson: We are still having bidding wars in central Ohio. It really does depend on where the house is located, the amenities and the features of the home, and really how desirable it is in terms of its readiness, the neighborhood, location, schools, etc. Overall, I think that a part of the impact may be that there is some uncertainty overall with the economy. Prices have increased not only in housing but just overall. You know our groceries are a little more. Materials for housing are more. We are, on a positive note, seeing a decrease or a decline in the interest rate this year and so that is contributing to the increases that we're seeing overall on sales.
Debbie Holmes: What's the average interest rate?
Buffie Patterson: It does change, but right now we're at about 6.24, 6.25%.
Debbie Holmes: Large percentage increases in the number of sales show up in Licking, Fairfield and Union counties. Are people then moving away from Franklin County or are people moving here from outside the Columbus metro area looking at counties surrounding Franklin?
Buffie Patterson: People are generally moving from outside of the Columbus metro area, although not as large of a percentage increase. Franklin County is still experiencing an increase in sales as well. I think about 1.6%.
Debbie Holmes: Is that because the prices perhaps are more attractive to those coming in from somewhere else?
Buffie Patterson: Well, with other counties, and this is a great problem to have in central Ohio as a whole, we are attracting a lot of businesses, corporations, people who are bringing jobs to the central Ohio area. And so, as that is happening, there are more and more opportunities for communities outside of Columbus and Franklin County, kind of outside of our 270 belt to experience some of this growth.
Debbie Holmes: Inventory is up, which is good for buyers since they have more choices, but what does that mean for sellers?
Buffie Patterson: What it means for sellers is that you want to ensure that you are working with a real estate professional or realtor to ensure that you are pricing your home correctly. And so ensuring that your home is priced right, that you have taken the steps necessary to, you know, clean your home and declutter and make sure that it is available for showings when buyers are interested in seeing it, highlighting the features of your home. That made it attractive to you when you purchased the home. I think all of those things help.
Debbie Holmes: What's your advice then to buyers and sellers?
Buffie Patterson: I would say for buyers, certainly you want to connect with a reputable lender, a real estate agent, realtor can help you to do that. And just to ensure that you understand your financial picture as it relates to your affordability with buying a home and perhaps don't go all the way to the max right. And so, sellers just be mindful that it may take, you know, a few days longer to get that house in contract, but if you do all the things that I mentioned, you know, making sure that the home is prepared that it is you know, clean and well-kept. If there are any delayed or deferred maintenance-type activities that need to have happened that you go ahead and get those taken care of.
