Hot or not: With more sales, listings, has Columbus housing market finally rebounded?

Central Ohio started the year with the first home sale increase in 18 months, suggesting that the housing market may be wakening from a long slumber.

More than 1,500 central Ohio homes changed hands in January, 2.8% more than a year ago. It was a modest increase, but the first one since May 2022, before high interest rates sucked the air out of the housing market. Last year, home sales fell 13.5% from the previous year , the second straight year of double-digit declines.

Statewide, home sales rose 4.4%, for the first sales increase since 2022.

“In a promising start to 2024, home sales have surged," said Ohio Realtors President Ali Whitley in a news release.

The number of Columbus-area homes that went into contract in January (but haven't closed yet) also rose slightly, hinting that January's numbers may be the start of a broader recovery.

In another encouraging sign for the market, more homeowners are posting for-sale signs. In January, 2,066 central Ohioans listed their home, a 10% bump over last January.

As of the end of January, 2,890 central Ohio homes were listed, 17% more than a year earlier. By Tuesday, that number had fallen to 2,494, but officials are hopeful they will see more homes come on the market as winter turns to spring.

“We’ve been seeing some positive signs when it comes to increases in inventory over the last six to eight months,” Columbus Realtors President Scott Hrabcak said in a news release.

“On average, homes are taking just over a month to sell, but we’re still seeing homes sell in under a week in high-demand areas.”

More: Three Ohio cities among nation's "hottest" real-estate markets for 2024

For buyers, the increase in inventory may be a blessing, but it has not so far translated into a slowdown in home prices. The median sales price of a central Ohio in January was $286,098, an 8.9% climb from a year ago and more than $100,000 more than buyers paid five years earlier.

Interest rates remain elevated, with an average 30-year rate of 6.9% this week, but are down from an October peak of 7.8%.

jweiker@dispatch.com

@JimWeiker

This article originally appeared on The Columbus Dispatch: Hot or not: With more sales, listings, has Columbus housing market finally rebounded?