There are plenty of headlines these days calling for a housing market crash. But the truth is, they’re not telling the full story. The housing market is definitely shifting, but here’s what’s actually happening in Central Ohio right now—and spoiler alert – it’s not a crash.

The Central Ohio real estate market is currently characterized by a dynamic shift towards a more balanced environment, though it still largely favors sellers. Here are the key trends:

Interest Rates as a Factor: Interest rates remain a significant consideration. While there’s optimism for stabilization around the 6% range in 2025, these rates directly impact buyer affordability and thus market activity.

Increased Inventory and Buyer Options: This is perhaps the most significant trend. Central Ohio has seen a substantial increase in the number of homes available for sale. For instance, in May 2025, there were over 4,800 homes on the market, a 36% year-over-year increase. This surge provides buyers with more choices and less pressure to make quick decisions, leading to a healthier market.

Stabilizing but Still Rising Prices: While prices are still appreciating, the pace has slowed to a more “normal” and “healthy” rate compared to the rapid increases seen a few years ago. In May 2025, the median sale price for Central Ohio overall was around $335,500, showing a modest increase. In Columbus specifically, the median sale price was $290,000, holding steady with the previous year. This means sellers are still building equity, but buyers aren’t facing the extreme price jumps of the recent past.

Longer Days on Market: Homes are taking a bit longer to sell. In Columbus, the median days on market in May 2025 was 37 days, up from 35 days last year. Some neighborhoods are seeing homes sit on the market for a couple of weeks longer, giving buyers more time for due diligence and negotiation.

Shifting from Extreme Seller’s Market to Balanced: While still considered a seller’s market (with about 1.5 months of inventory, far from the 5-6 months typically indicating a balanced market), the increased inventory and longer selling times suggest a move in that direction. The decline in homes selling above list price and an increase in price drops also indicate that buyers have more room to negotiate.

Strategy is Key for Both Buyers and Sellers: In this evolving market, pricing homes accurately and presenting them well is more crucial for sellers. For buyers, the increased options mean more time to evaluate and potentially negotiate.

Continued Strong Demand Driven by Migration and Shortage: Despite shifts, Central Ohio continues to experience strong demand. This is largely fueled by net migration, with people moving into the region, often from areas with higher costs of living. There’s also an ongoing housing supply shortage relative to this demand, which prevents a significant downturn in prices.

Strategic Growth in Specific Areas: While the overall market is trending, certain areas within Central Ohio, like Union County and Pickaway, and specific cities like Grove City, continue to see strong sales activity and price increases, indicating localized hotspots.

Bottom Line

If you’ve been on the fence about your plans, now’s the time to get clarity. The market isn’t heading for a crash. It’s on track for steady, slow, long-term growth overall, with some regional ups and downs along the way.

Want to know what that means for our neighborhood? Because trends set the tone, but what really matters is what’s happening in your zip code. Let’s have a quick conversation so you can see exactly what our local data means for you.