2024 Annual Housing Report
We love statistics since it does tell the true story and eliminate any emotions or guesses to make informed decisions for the future. Although interest rate was on the high side (or new normal as we call it now – since this rate will be here for a foreseeable future), Columbus market still see home prices were up compared to last year. The overall median sales price increased 5.9 percent to $319,900 for the year. Single-Family home prices were up 4.4 percent compared to last year, and Condo home prices were up 4.5 percent.
Although number of houses for sale increased it was still less than the housing demand in the market. Number of houses in contract and closed in 2024 was higher than 2023 with average days on market is 28 (this number changes when it comes to price range and areas).
The most fascinating number to us is the historical review from 1995 to 2024. We normally say houses price is double every 10 years and this chart proved to be true. The lesson learnt through history is don’t wait to buy real estate – Buy real estate and wait!
Curious about the price change in your specific area? Check the “Areas Overview” from the full report here: https://www.columbusrealtors.com/clientuploads/HousingStats/EOY/2024EOY_Report.pdf
Commercial Tenants - Be Ready!
