Is A Home You Can Afford Today Going To Be a Home You Can Afford Tomorrow

Home prices in Franklin Country were up 10% for the month of February.

From the Columbus Realtors “2022 Annual Report on the Columbus Region Housing Market”, The average sales price of homes in Central Ohio for 2022 increased an average of 11%. As an example, on a $350,000 home, that would be an increase equal to $38,500.

The largest percentage increase last year was in New Albany Corp Limit with an increase of 26.2%. The average sales price went from $801,960 to $1,012, 307, equalling an increase of $210,347.

For 2023, Zillow is forcasting the Midwest to have the nation's healthiest housing markets this year and Realtor.com says Columbus will be the nation's 14th healthiest housing market in 2023. Last year's price gains cap three years of unprecedented price hikes in Columbus. The median price of a central Ohio home has now risen from $209,900 to $290,000 since 2019, by far the biggest price increases seen in the area. Even in the height of the housing boom in the early 2000s, Columbus-area home prices were rising only 4% or 5% a year, healthy by historic norms but nothing close to what has happened the past few years.

Those looking for Columbus-area home prices to drop this year might be disappointed. Realtor.com projects that Columbus home prices will rise 5% this year, more in keeping with a healthy, but not crazy, market.

To view stats for specific Central Ohio area, view the Columbus Realtors “2022 Annual Repprt on the Columbus Region Housing Market” below.