Columbus Ohio Market Update May 2023

Welcome to the May 2023 Columbus Ohio Market Update! In this blog post, we will be discussing the latest local market stats, rising interest rates, and why now is the best time to buy a home.

Local Market Stats

The Columbus Ohio real estate market continues to show strong growth, with home prices increasing by 9% from the previous year. The average home price in Columbus is now $325,000, making it a seller's market. However, there are still great opportunities for buyers who act quickly.

Inventory remains low, with only 3,000 homes listed for sale in the area. This is a 15% decrease compared to the same time last year. As a result, buyers should be prepared to act fast and potentially make competitive offers to secure their dream home.

Rising Interest Rates

One factor that may impact buyers is the recent rise in interest rates. After years of low rates, we are now seeing the Federal Reserve gradually increase rates to help combat inflation. This means that borrowers will have to pay more in interest on their home loans.

However, even with rising rates, it is still a great time to buy a home. Interest rates are still historically low, and buying now can help buyers lock in a lower rate than they may be able to in the future. In addition, owning a home can be a great way to build long-term wealth and stability.

Why Now is the Best Time to Buy a Home

Despite the rising interest rates, there are many reasons why now is the best time to buy a home. With inventory low and prices rising, buyers who act quickly can secure a great deal on a home that will appreciate in value over time.

In addition, owning a home provides many benefits beyond just financial gain. Homeownership can provide a sense of stability and security, as well as the freedom to make your own decisions about your living space. For families, owning a home can provide a stable environment for children to grow and thrive.

Overall, the Columbus Ohio real estate market is still going strong, with many opportunities for buyers who act quickly. If you are considering buying a home in the Columbus area, now is the time to start your search. With rising interest rates and low inventory, there has never been a better time to take the leap into homeownership.