Columbus Housing Market: Trends & Prices
Columbus Real Estate Market Overview
(Last Updated – 10/2020)
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 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 one of the most competitive markets around.
Homes for sale in Columbus typically receive multiple offers, some with waived contingencies. Columbus homes generally sell for about 0.7% above list price and sell in around 38 days.
$214,000
Avg. Home Price
$134
Avg. Price Per Sq. Ft
38 days
Avg. Time on Market
Columbus Housing Market Forecast
For those wondering what the Columbus real estate market might look like in a few months, Zillow anticipates that the median home price in Columbus Ohio could fall by 0.6% within the next year.
This drop would likely be appreciated by home hunters as home values rose by 8.4% over the past year.
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: $52,971
Median Age: 32.3
College Educated: 36%
Homeowners: 45.1%
Married: 38%
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:
1,721
Median Age:
27
Housing Units:
850
Bike Score:
91
Walk Score:
92
Transit Score:
63
Average Household Income:
$73,382
Short North Housing Market
The housing prices in Short North are red hot at the moment! In the past year alone, housing prices rose by 50.7% in this area.
Short North houses generally stay on the market for around 43 days and sell for about 4% below their list price.
Average Home Price
$407,000
Average Price Per Sqare Ft.
$251
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:
2,612
Median Age:
32
Housing Units:
1,449
Bike Score:
70
Walk Score:
90
Transit Score:
61
Average Household Income:
$78,545
German Village Housing Market
This neighborhood’s real estate market isn’t super competitive, but homes for sale do occasionally receive multiple offers.
German Village homes typically sell for about 0.9% below their list price and sell in around 51 days.
Average Home Price
$395,000
Average Price Per Square Ft.
$289
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:
14,960
Median Age:
27
Housing Units:
8,547
Bike Score:
81
Walk Score:
81
Transit Score:
69
Average Household Income:
$78,515
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 2.9% below their list price, but can take a while to sell (on average 69 days).
Average Home Price
$236,000
Average Price Per Square Ft.
$258
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:
34,632
Median Age:
22.8
Housing Units:
11,133
Bike Score:
85
Walk Score:
84
Transit Score:
56
Average Household Income:
$46,237
University District Housing Market
The University District housing market is considered to be very competitive, with many homes for sale receiving multiple offers.
On average homes in this area sell for about 1.6% above their list price and sell in around 42 days, but more popular homes can sell for about 5% above their list price and can sell in just around 21 days.
Average Home Price
$340,000
Average Price Per Square Ft.
$206
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:
12,725
Median Age:
33.7
Housing Units:
7,480
Bike Score:
70
Walk Score:
57
Transit Score:
45
Average Household Income:
$52,470
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 3.4% below their list price and generally sell in around 63.5 days.
Average Home Price
$380,000
Average Price Per Square Ft.
$183
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.
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