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The Columbus Real Estate Market

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Columbus

About Columbus

Columbus is recognized as one of the largest cities in the United States. The city is also well known for its residents’ passion for college football. Besides Columbus’s growing population and sports enthusiasts, it has a dynamic real estate market.

In 2023, the average price of Columbus houses increased by 11.5%. This has been influenced by the current shortage of homes for sale in this region. The housing shortage resulted in buyers swiftly purchasing houses as soon as they came on the market.
According to Zillow, Columbus has the third-hottest real estate market in 2024. Meanwhile, the Metropolitan Statistical Area (MSA) has forecasted Columbus’s real estate industry to increase by over 4% by December 2024.

Several factors have contributed to the appeal for Columbus’s real estate. Firstly, home values are stable. This typically sparks potential buyers’ interest by giving them a sense of trust in the market.

Columbus’s real estate is also more affordable compared to other major cities in the region. Columbus’ median home price of $330,000 is approximately 20% less than the national average of $412,000. As such, Columbus provides a cost-effective option for first-time homebuyers, renters, and families looking to establish roots in a vibrant urban environment.

 

Population Growth

Columbus is experiencing a surge in the real estate market primarily due to the area’s significant population growth. A recent study ranked Columbus as the fastest-growing city in the U.S. This trend is expected to continue. Forecasts by the Mid-Ohio Regional Planning Commission (MORPC) expect that Columbus will continue to experience an influx of over 750,000 new residents to its current population for the next 25 years. This means that a growing housing demand is set to increase consistently.

917,811

People live in Columbus, Ohio

1st

Columbus is the most populated city in Ohio

14th

14th largest city in the U.S.

0.54%

Annual population increase.

100 miles

Away from Cincinnati, Ohio

Job Market

Columbus has one of the fastest-growing job markets in the United States. The unemployment rate is currently below the national average of 6.0%, with the number of job opportunities steadily increasing. Projections for the next decade indicate a 34.2% job market growth, which is higher than the U.S. average. This is a testament to Columbus’s thriving economy.

34.2%

Job growth rate

3.2%

Unemployment rate

90.3%

High school or greater education level.

Additionally...

    • Columbus has seen a surge in remote job opportunities, with many companies embracing hybrid work models post-pandemic.
    • According to Indeed, there are currently over 20,000 available jobs in Columbus, Ohio.
    • In 2021, Smartasset ranked Columbus, Ohio as one of the top ten cities in the US with the best work-life balance.

     

Real Estate Market

The Columbus real estate market has seen a major upward trend since 2023, and this is set to continue in 2024. Despite significant construction efforts, the demand for housing still exceeds supply in Columbus. In fact, Zillow has stated that it expects Columbus to have one of the most active real estate markets for 2024.

5%

In 2023, home prices in Columbus went up by 5%.

$182

Median sale price per square foot

$270k

Median sale price of a home in Columbus

Strong Renters' Market

Columbus has a robust renter’s market. The combination of low cost of living, a growing population, and a thriving job market contribute to making it a desirable place to live. According to Zillow, rent in Columbus is slightly higher than they used to be. However, this has done nothing to reduce the increased demand for rental properties in the area.

 

Despite rental prices having increased to approximately $1500 per month, the median rent in Columbus is still well below the national median of $2000 monthly.

43 days

On average, Columbus homes spend 43 days on the market

$1500

Median rental price for a Columbus apartment

55%

of housing is renter-occupied housing

Quality of Living

Several studies indicate that Columbus is among the best places to live in the United States. Its affordability and blossoming job market, complete with a vibrant cultural scene, make it attractive to current and prospective residents.

Columbus also has a vibrant entertainment scene which includes a wide range of museums, theaters, and music venues. Additionally, Columbus has also placed significant emphasis on promoting healthy living. The city’s numerous green spaces are a testament to its commitment to residents’ well-being.

Affordability

Columbus’ cost of living is 8% below the national average. Rents are significantly lower than the national median average of $2000. Columbus also offers a wide range of affordable entertainment, allowing residents to enjoy many activities without breaking the bank.

Job opportunities

Columbus has a wide array of job opportunities that span across many different industries. In 2018, Forbes named Columbus one of the best places for emerging start-ups. Currently, the city has retained its status as a tech hub, drawing in numerous talents from all over the world.

Eco-friendly environment

Columbus houses over 400 parks featuring multiple playgrounds and nature preserves. There is also an extensive network of biking and hiking trails. These trails provide a sustainable mode of transportation for eco-conscious residents and visitors. This demonstrates the city’s commitment to eco-friendliness and promoting active lifestyles among residents.

Vibrant community

The Columbus area has a very strong sense of community due to its many strong neighborhood associations. Plus, the city’s local community events help foster unity among residents. The suburbs in the area are family-friendly with a diverse population.