We can all agree, the housing market has been a bit of a roller coaster ride over the past few years. For those looking to buy a home, it can be stressful to figure out when is the best time to buy. Timing is everything in real estate, but your unique circumstances also weigh into the decision of when the right time is for you to buy a home.
We understand many potential home buyers have been holding off due to rising home prices and high mortgage rates. But those rates are starting to trend downwards, and while home prices have appreciated steadily, Columbus remains more affordable than many major metropolitan areas, offering excellent value for buyers.
Stabilizing Prices and Favorable Rates
While home values in Columbus continue to appreciate, the rate of increase has moderated to a more sustainable pace. The median sale price in Central Ohio reached $327,250 in July 2024, representing a 3.9% increase year-over-year. This steady, measured growth can provide buyers with confidence in their investment while keeping prices within reach.
Plus, when you buy a home, you’re not just securing a place to live—you’re also starting to build equity as property values increase over time. This creates more wealth that can help you accomplish other financial goals, like saving for retirement or starting a college fund for your kids or grandkids.
Mortgage rates have also shown signs of stabilization and even slight decreases in recent months. With rates trending downward from their peaks earlier in the year, now is an opportune time for buyers to lock in favorable financing terms. Trying to wait out additional rate decreases may result in higher home prices later that could potentially offset any savings on your mortgage.
Increased Inventory
One of the most exciting developments for buyers is the recent increase in housing inventory. As of July 2024, there were 4,325 homes for sale in central Ohio – a 37.9% increase from the previous year and the highest level we’ve seen since 2019. This means buyers have more options to choose from and face less competition when making offers.
A Vibrant City
Columbus continues to attract new residents, businesses, and investment, positioning it for long-term growth and prosperity. The city’s expanding job market, particularly in sectors like technology, healthcare, and education, provides a solid foundation for sustained housing demand. The market is showing robust activity, with closed sales up 12% in July 2024 compared to the previous year, indicating a healthy, active market with opportunities for both buyers and sellers.
As a trusted name in Columbus real estate, our team at Vutech | Ruff is committed to helping you navigate the Columbus housing market. Our experienced agents have in-depth knowledge of Columbus neighborhoods and can help you find the perfect home to meet your needs and budget. Contact us today to start your home-buying journey in Columbus.