Home sales so far this year are down from the same time in 2025, but home values are climbing and inventory is expanding.
With inflation up and interest rates remaining above 6%, what does that mean for central Ohio's real estate market?
WOSU's Debbie Holmes spoke with Gloria Alonso Cannon, president of Columbus Realtors.
Debbie Holmes: April data from Columbus & Central Ohio Regional MLS shows closed sales dropped by 13.6% to 2,202 compared to April of 2025. And the year-to-date total of 7,600 closings is down 4.2% over the first four months of the year. What does this tell us?
Gloria Alonso Cannon: What those numbers are telling us is that central Ohio is simply normalizing after years of unprecedented demand. It's still a very strong housing market. So, the numbers are a little misleading.
Debbie Holmes: And what is contributing then to this downward look at many of the numbers? Like interest rates have not dropped that much, if they've dropped at all since last year. There are higher grocery prices and gas prices and the overall inflation rate is up.
Gloria Alonso Cannon: I think that all of that contributes to the downward turn and quite frankly, there's no way that we could have continued with the market being at the speed that it was prior. So again, I just think that it's normalizing off a little bit, but the demand out there is still quite strong. We are still seeing a nice number of homes go into multiple offers and sell very quickly. Our buyers have just gotten much pickier and that's a good thing.
Debbie Holmes: So, what are average prices now? What's the median price out there right now for central Ohio? And how has that changed in the last year or two?
Gloria Alonso Cannon: So, that's interesting that you asked that question because the median sales price for April was $346,500. That's an 8.3% increase year over year. People that are waiting thinking that the market is going to downturn or they're going to save money. We do not anticipate that happening as we're going into summer.
Debbie Holmes: I guess then people still have the money to pay the prices that are being asked overall.
Gloria Alonso Cannon: That is what we're seeing. We're also seeing that there are still quite a few purchasers that are paying in cash.
Debbie Holmes: Are these regular buyers or are these folks from out of town that then resell the properties?
Gloria Alonso Cannon: No, the majority of the buyers that we're seeing are people that are here local. I guess what you would consider your typical buyer. We do have a lot of people that are moving into central Ohio and they are owner occupants that are buying these homes.
Debbie Holmes: Are there any bidding wars like in the past years?
Gloria Alonso Cannon: There absolutely are, those are making a comeback. We are seeing multiple offers come back into the picture again. Gone are the years, and I will be surprised if this does not hold through the summer, but gone are the years that we're seeing 20 and 25 offers on a home. But we are still in houses that are very well prepared and are priced where they should be priced. Those are going relatively quickly and for multiple offers.
Debbie Holmes: What do you anticipate then for the rest of spring and summer?
Gloria Alonso Cannon: We do anticipate a little bit of good news for our buyers. We do have available homes that have gone up. And so, there is a little bit more for them to choose from. Because of that, and because we're not going into those 20, 25 offers per home, the buyers do have a little bit more leeway and they aren't having to waive their inspections, which is just scary. We're not seeing as many appraisal gaps. We are seeing a little bit of relief for our buyers, which is fantastic as it should be.
Debbie Holmes: What do homeowners need to do then to quickly sell their homes?
Gloria Alonso Cannon: They need to work with their realtor to get prepared and be ready. Often what we find is that what homeowners think needs to be done to prepare their homes is not really what's going to make a big difference in the market. So, they need to contact their realtor ahead of time to give them time to prep and do what is going to be a good return and to prepare the home for showing. Whether it needs to be staging, decluttering, what is it that actually needs to done for them to get their biggest interest when they hit their market.
Debbie Holmes: Are you saying then a brand-new kitchen or brand-new bathrooms, they really don't change the price?
Gloria Alonso Cannon: Well, I didn't say that, but what I am saying is that oftentimes replacing a kitchen is going to cost you $30,000 and what you're going to get in return is $30,000. That might not be the best use of your money or time quite frankly. But there are things that you can do that are as simple as decluttering, painting, freshening up, cleaning carpet, that kind of thing. And again, each home is going to be individual. So, you need to work with somebody that can tell you what your best investment of not just your money is, but your time, to get the property ready to hit the market to be most desirable to the majority of the buyers that are out there. That's going to put you in the best position.
