The real estate market is always changing, and that’s part of what makes investing in it so much fun. There are always opportunities, and certainly, there is never a dull moment.
For our market here in Franklin County, the greater Columbus metro area has continued to see outsize population growth over the past several decades. According to a study by McKinsey & Company, the Columbus region’s population growth has increased by a third from 2000 to 2021, and it’s the fastest-growing metropolitan area in the Midwest.
Not surprisingly, all that growth has had an impact on the real estate market.
As of September 2023, year-to-date metrics for housing sales in Franklin County continue to trend favorably for investors. Here are some key real estate numbers to note based on recent MLS residential listing data.
- Closed sales: 11,168
- Average sales price: $345,516
- Median sales price: $300,000
- Days on market until sale: 19
- Number of new listings: 13,198
The months’ supply of inventory is currently hovering around a month to a month and a half. Per the National Association of Realtors, six months of supply is historically associated with moderate price appreciation, and a lower level of months’ supply tends to push prices up more rapidly.
As you continue to watch real estate trends in the New Year, don’t hesitate to reach out to us with questions about the Franklin County market. Our team at RL Property Management has been managing properties throughout the greater Columbus area for more than a decade. We keep close tabs on changing market conditions to ensure our clients are successful with their real estate investments.
