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Columbus’s housing market is a dynamic landscape with various trends and factors influencing residents’ choices. From affordable neighborhoods to luxury living options, this article delves into the overall market trends, neighborhood insights, market dynamics and renting scenarios in the Arch City.
Overall Columbus, Ohio, housing market trends
The Columbus, Ohio, housing market exhibits a diverse range of trends, catering to individuals with varying preferences and budget constraints. Let’s take a deeper dive into Columbus real estate.
Columbus’s real estate market is categorized as “somewhat competitive”. On average, homes typically sell close to the listed price and enter pending status within approximately 39 days. Alternatively, certain homes may sell for approximately 2% above the list price and enter pending status in around 26 days.
In December 2023, Columbus witnessed a 6.0% increase in home prices compared to the previous year, with a median selling price of $265K. The average time homes spent on the market in Columbus was 43 days, slightly less than the 46 days recorded last year. The number of homes sold in December this year was 731, a decrease from the 820 sold in the same period last year.
- Clintonville: This neighborhood, known for its tree-lined streets and community-centric vibe, recently featured a property at 3403 Littler Ln. that sold for $300,000, exactly at its list price. This three-bedroom, one-and-a-half-bath home was on the market for only 20 days, reflecting Clintonville’s appeal due to its blend of urban and suburban feel.
- Hilliard: A suburban area with a strong sense of community and excellent schools, Hilliard saw the sale of a two-bedroom home at 3703 Falls Circle Dr, Hilliard, OH 43026 for $249,000, just slightly under the list price of $249,900. The property spent 34 days on the market, indicating a balanced demand in this family-friendly location.
- Dublin: Known for its high-quality schools and affluent communities, Dublin recently had a four-bedroom home at 5992 Myrick Rd, Dublin, OH 43016 sell for $415,000, exactly at its list price. The home, on the market for 37 days, is indicative of Dublin’s popularity among families and professionals.
- West Columbus: An area offering more affordable housing and a diverse community, West Columbus recently featured a three-bedroom home at 1361 Wild Oats Dr, Columbus, OH 43204, which sold for $332,500, slightly over its list price of $329,900, after 89 days on the market. This neighborhood is appealing for its accessibility and value.
- Upper Arlington: A prestigious and historic neighborhood known for its beautiful parks and strong community, Upper Arlington recently saw a home at 2479 Nottingham Rd, Upper Arlington, OH 43221 sell for $411,500, 10% over its list price of $374,900. The three-bedroom, one-bath home was on the market for just 48 days, showcasing the high demand in this affluent area.
The dynamics of the Columbus housing market are influenced by many factors, including economic conditions, job opportunities and urban development initiatives. These factors fluctuate between the varying Columbus neighborhoods. Home prices, buyer demand and overall Columbus housing market trends are dependent on the individual neighborhoods.
Renting in Columbus
The rental market in Columbus offers a diverse array of options, featuring varying prices and living experiences depending on the specific neighborhood. Let’s delve into the current status of the rental market in Columbus.
Rental price trends
Columbus has experienced fluctuating rent prices, just as other large US cities have as well. Fifth by Northwest stands out with an average 1-bedroom apartment rent of $1,772, which is a 79% rise in rent YoY.
Areas like Northwest Columbus and Northern Lights saw a small change of 4-5%, raising their one-bedroom options to $1,427 and $965, respectively. Conversely, affordable options are available in Easton and Northeast Columbus, where average 1-bedroom rents are down 3%, bringing rent to $1,511.
Affordable neighborhoods in Columbus, Ohio
In Columbus, the most affordable neighborhoods for renting a one-bedroom apartment include Forest Park East, with an average rent of $720, and Hyde Park, where the average rent is $749. Old North Columbus also offers competitive rental prices at around $750 on average.
For those searching for similarly priced options, North Linden and Indianola Terrace are worth considering, with one-bedroom apartments typically renting for $750 and $800 respectively. These neighborhoods provide more economical living options compared to the Columbus city average of $1,410 for a one-bedroom apartment, catering to budget-conscious renters seeking value and convenience.
- East of High: Known for its close proximity to Ohio State University, East of High offers a blend of historic charm and modern amenities, making it a popular choice for students and young professionals alike.
- Indianola Terrace: This peaceful, residential neighborhood is characterized by its relaxed atmosphere and convenient location, providing a quieter living experience near the city’s busy areas.
- University District: As the heart of Ohio State University, the University District buzzes with youthful energy, diverse dining options and cultural activities, appealing to students and academics.
- Dennison Place: Dennison Place, with its historic Victorian homes and unique urban layout, is a community-centric neighborhood known for its architectural beauty and proximity to the Short North Arts District.
- South Campus: Adjacent to the Ohio State University, South Campus is a lively area teeming with student activities, cafes and shops, making it a hub for campus life and convenience.
Whether individuals are arriving in search of new opportunities or departing for different horizons, tracking these migration patterns contributes to a comprehensive understanding of the Columbus housing dynamics. According to Redfin market data gathered Oct 2023 – Dec 2023, 23% of Columbus homebuyers searched to move out of Columbus, while 77% looked to stay within the metropolitan area.
People are coming to Columbus from:
People are leaving Columbus for:
Luxury living options
In Columbus, some of the more luxurious neighborhoods include Weinland Park, where the average rent for a one-bedroom apartment is approximately $1,802, and Dennison Place, with an average rent of $1,790.
For those looking for slightly less expensive options, Tuttle West and the Brewery District are attractive, with average rents for one-bedroom apartments at $1,740 and $1,695, respectively. These neighborhoods offer rental prices that are above the city average of $1,410 for a one-bedroom apartment in Columbus, yet they are known for their unique amenities and desirable locations.
Taxes play a significant role in the overall cost of living in any city. Columbus, Ohio’s minimum combined sales tax rate is 7.5%. This is the total of state and county sales tax rates.
Columbus is calling
Columbus’ housing market is full of diverse options, catering to a wide range of preferences and budgets. Whether you’re drawn to the affordability of specific neighborhoods or the luxury living options in the city’s busy and popular districts, this guide will assist you in making informed decisions in the pursuit of a home in the Arch City.
With a focused and persistent approach in your hunt for your perfect place, you’ll undoubtedly discover the right one in a remarkably short time.