Columbus Housing Market: Trends & Prices
Columbus Real Estate Market Overview
(Last Updated – 7/2023)
The beautiful city of Columbus often takes on a scarlet and gray tint thanks to some very loyal football fans. Columbus residents have a fierce loyalty for the Ohio State Buckeyes and it isn’t uncommon to see their favorite team’s colors adorning the streets.
While sports are beloved in Columbus, the city is also teeming with culture, music, theater, and art. Ohio State University and many local businesses attract an energetic workforce and can be very alluring to millennials.
A fair cost of living (10.3% below the national average) is also a draw for many Columbus residents. Compared to other large metro areas, the cost of living in Columbus is relatively low.
Columbus is a diverse city and is appealing to younger demographics as there are many family-friendly suburbs to enjoy. Keep reading to learn more about the Columbus real estate market, housing costs, and the benefits of living in some of Columbus’ most popular neighborhoods.
Overall Columbus Market Trends
The real estate pros at Redfin feel that the Columbus housing market is very competitive.
Homes for sale in Columbus typically receive multiple offers, some with waived contingencies. Columbus homes generally sell for about 2% above list price and sell in around 33 days.
$285,000
Avg. Home Price
$190
Avg. Price Per Sq. Ft
32 days
Avg. Time on Market
Columbus Housing Market Forecast
For those wondering what the Columbus real estate market might look like in the next year, Zillow anticipates that the real estate market in Columbus, Ohio could experience a growth rate of 6.3% by spring of next year.
This upward growth would likely be appreciated by home hunters and sellers alike.
Demographics of the Columbus Market
As previously mentioned, it’s clear that Columbus has a lot to offer. From museums, to football stadiums, to career opportunities, to family-friendly neighborhoods, Columbus clearly has it all.
Before settling on a specific neighborhood to buy a home in, let’s look at the overall demographics of the Columbus housing market that can affect residents, no matter where they decide to live.
Median Income: $58,575
Median Age: 32.5
College Educated: 37.9%
Homeowners: 44.8%
Married: 38.8%
Popular Columbus Neighborhoods
With dozens upon dozens of great neighborhoods to choose from in Columbus, it can be hard to know where to put down roots.
Every neighborhood will have its own unique perks and each neighborhood’s appeal will vary based on individual homeowners’ needs. That being said, we’ve rounded up some key demographics on five of Columbus’ most popular neighborhoods to help home hunters gain some valuable insight.
Short North
The Short North neighborhood is considered to be a pioneer in the urban revitalization of Central Ohio. This vibrant neighborhood leans into artistic pursuits, including home decor and fashion alongside more traditional art forms.
Today this neighborhood is a vibrant sector of art and culture, which may appeal to those looking for a less suburban feel. With over 300 businesses in this area, there are plenty of exciting job opportunities to be discovered as well.
Quick Facts
Population:
1,758
Median Age:
27
Housing Units:
966
Bike Score:
91/100
Walk Score:
95/100
Transit Score:
56/100
Average Household Income:
$79,450
Short North Housing Market
The housing prices in Short North have dropped significantly. In May 2023, housing prices were down 25.7% compared to the previous year.
In this non-competitive area, Short North houses generally stay on the market for around 48 days and sell for about 2% below their list price.
Average Home Price
$261,000
Average Price Per Square Ft.
$306
German Village
A quick trip over a highway bridge is all it takes for German Village residents to hop on over to downtown Columbus. This is an ideal arrangement for residents who enjoy the historic charm of German Village, but want to work amongst the modern hustle and bustle of downtown.
Architecture lovers will appreciate that the structures and sidewalks are crafted of orange masonry and about half the streets are still made of brick pavers.
Quick Facts
Population:
2,604
Median Age:
32
Housing Units:
1,519
Bike Score:
68/100
Walk Score:
90/100
Transit Score:
54/100
Average Household Income:
$88,284
German Village Housing Market
This neighborhood’s real estate market is very competitive, as many homes for sale receive multiple offers, some even with waived contingencies.
German Village homes typically sell for about 1% above their list price and go pending in around 33 days.
Average Home Price
$553,000
Average Price Per Square Ft.
$343
Downtown
Downtown Columbus is particularly charming thanks to its tree-lined streets, panoramic penthouses, and traditional townhomes.
Living in Downtown is a blast thanks to how easy it is to walk to great shops, restaurants, and attractions. For those who want to avoid suburban life, Downtown may just be the right fit.
Quick Facts
Population:
15,503
Median Age:
27
Housing Units:
9,787
Bike Score:
72/100
Walk Score:
81/100
Transit Score:
69/100
Average Household Income:
$82,710
Downtown Housing Market
The Downtown real estate market can be competitive at times, with some homes for sale receiving multiple offers.
Homes in this area sell for about 1% below their list price, but can take a while to sell (on average 50 days).
Average Home Price
$395,000
Average Price Per Square Ft.
$309
University District
The University District is a massive neighborhood that encompasses 13 smaller neighborhoods that surround one of the nation’s largest public universities, The Ohio State University. Hence this area’s collegiate name.
This bold and exciting area offers an eclectic mix of living options for students, working professionals, and families alike.
Quick Facts
Population:
33,312
Median Age:
25
Housing Units:
N/A
Bike Score:
84/100
Walk Score:
85/100
Transit Score:
50/100
Average Household Income:
$43,615
University District Housing Market
The University District housing market is considered to be somewhat competitive, with some homes for sale receiving multiple offers.
On average homes in this area sell for about 2% above their list price and go pending in around 36 days, but more popular homes can sell for about 5% above their list price and go pending in around 29 days.
Average Home Price
$385,000
Average Price Per Square Ft.
$207
Franklin Park
The residents of Franklin Park like to say that they “turn visitors into neighbors and neighbors into friends!”. This friendly neighborhood is conveniently located near the center of Columbus and has easy access to freeways and public transit.
Locals enjoy strolling through the Bryden Road Historic District in the Franklin Park neighborhood and taking in the charming architecture.
Quick Facts
Population:
12,343
Median Age:
33.7
Housing Units:
7,284
Bike Score:
67/100
Walk Score:
56/100
Transit Score:
44/100
Average Household Income:
$65,827
Franklin Park Housing Market
In the somewhat competitive real estate market of Franklin Park, it isn’t unusual for some homes that are for sale to receive multiple offers.
Homes in this area typically sell for about 1% below their list price and generally sell in around 58 days.
Average Home Price
$412,000
Average Price Per Square Ft.
$209
SoFi Home Loans
It’s easy to see why Columbus has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think Columbus could be your home sweet home, then you may need to consider your home loan options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms and conditions apply. Not all products are offered in all states. See SoFi.com/eligibility for more information.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SOHL20010