Columbus is the capital city of the state of Ohio. It is a bustling metropolitan city that straddles the Scioto River. Named after the renaissance-age explorer Christopher Columbus, it’s packed with things to discover about the Midwest, is a college town, and has become a highly sought after city to live in.
However, a few questions arise – are homes in Columbus, OH cheap? Is it a buyer’s or a seller’s market? Is the city itself a really great place to stay?
What to Expect?
Columbus is a relatively large city in the middle of the Midwestern plains. It exhibits a vibe of both rural and urban lifestyle that is increasingly popular.
The population of the city proper is around 900,000 right now. However, most of the people in this city are young, considering that most people came to Columbus for jobs or for college and stayed.
Speaking of jobs, most of the industries found in the city are in the area of computers and mathematics. Therefore, this place is a haven for people who are into technology. It’s also one of the best places in the United States to start a career because of the growing job market!
In terms of education, expect a quality level, with most of the best schools situated on the suburbs of the city. There are 115 schools anyone can choose from. At average, there are only 16 students per classroom.
The Costs of Living in Columbus
According to PayScale, Columbus is 10% lower in terms of cost of living. Housing is 23% cheaper and electric and water bills are also 22% cheaper.
Another great about the city is that their healthcare costs are 8% lower than the national average.
This attractive cost of living makes this Ohio gem very appealing to transplants from other states.
Columbus' Housing Market
Redfin tells us that the median home price for this city sits at $220,000. While this is average for the nation, it is relatively higher than the state average of Ohio. Most homes are single-family detached homes that have two to three bedrooms.
Prices are steadily rising, with a 2.41% average annual increase. This puts the appreciation rate at the lower side compared to the country.
Columbus’ house sales only spike during the summer months. In the past year, at least 1,200 homes were sold. Every year, Columbus is seeing a 12% average increase in houses being sold. Following this trend, it only takes an average of 36 days for a home to be sold in Columbus.
Columbus is without a doubt a buyer’s market. According to the latest data on Realtor, the supply of properties is currently greater than the demand for homes. With 2,196 homes for sale and only around 1,200 homes sold each year, it’s truly a buyer’s dream.
Final Thoughts
Columbus, OH is a great place to start a life out of college or move to in any stage of life. Consider getting a property in North Linden, Downtown Columbus, or German Village. The safest neighborhood is in Mount Air.
Columbus, OH presents a lot of great opportunities. As a buyer, seize the opportunity to buy homes. Sellers should continue marketing the properties since many people are still coming in and the trends will eventually turn their way. The city is the true definition of a dynamic real estate market. Expect it to be a seller’s market soon enough in the summer!
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