I get this question almost daily from buyers and sellers: is the Columbus housing market about to crash? With everything you're hearing in the national news about interest rates, inventory, and price corrections, I understand why people are nervous. But here's the thing, what's happening nationally doesn't always match what's happening in our backyard.

I'm Blake Kircher, and I've been helping people buy and sell homes in Columbus for years. I've watched this market through multiple cycles, and I want to give you my honest take on where we are right now and where I think we're headed through the end of 2024 and into 2025. This isn't fear-mongering or hype. It's what I'm seeing on the ground, in the offers I'm writing, and in the conversations I'm having with other agents, lenders, and appraisers every single day.

Let's talk about what's actually happening in Columbus and what you should be watching if you're thinking about buying or selling.

Table of Contents

• Current State of the Columbus Market
• What's Driving Prices in 2024
• Interest Rates and Buyer Behavior
• My Predictions for Late 2024 and 2025

Current State of the Columbus Market

The Columbus housing market is not about to burst. I'll say that up front because the headline might have you worried. What we're experiencing is a recalibration, not a collapse. Prices have stabilized after the wild run-up we saw in 2020 and 2021, but we're not seeing the kind of inventory flood or price drops that would signal a crash.

Inventory is still tight compared to historical norms. We have more homes on the market than we did two years ago, which is good news for buyers who felt completely shut out during the bidding war era. But we're nowhere near the oversupply that caused problems in 2008. Homes that are priced right and show well are still moving. Homes that are overpriced or need work are sitting longer, which is actually a return to a more normal market.

Days on market have increased. A well-priced home in a desirable neighborhood might sit for two or three weeks now instead of going under contract in 48 hours. That's not a red flag. That's a market where buyers have time to think, schedule inspections, and make informed decisions instead of waiving everything just to compete.

What's Driving Prices in 2024

Columbus continues to attract new residents, and that's keeping demand steady. We're seeing corporate relocations, remote workers who want a lower cost of living than the coasts, and young professionals who are drawn to the job market here. Intel's project in Licking County is still a major factor. Even though construction timelines have shifted, the long-term impact on housing demand in the eastern suburbs is real.

New construction has picked up, but it's not flooding the market. Builders are being more cautious than they were a few years ago. They're completing projects they started, but they're not breaking ground on massive new developments the way they were in 2021. That means the supply of new homes is growing slowly, which supports prices without creating a glut.

The middle of the market is where most of the activity is happening. Homes in the $250,000 to $400,000 range are still competitive, especially in suburbs with good access to downtown and decent school districts. The luxury market has cooled more noticeably. Homes over $600,000 are taking longer to sell, and sellers in that range are having to be more realistic about pricing.

Interest Rates and Buyer Behavior

Interest rates are the biggest factor changing buyer behavior right now. We're not in the 3% world anymore, and that's shifted affordability for a lot of people. A buyer who could afford a $350,000 home at 3.5% is looking at a very different monthly payment at 7%. That's forced some buyers to adjust their expectations, look at smaller homes, or wait on the sidelines.

But here's what I'm seeing: buyers who are serious are still buying. They're not waiting for rates to drop back to pandemic lows because most people understand that's not happening anytime soon. They're getting pre-approved, they're being strategic, and they're negotiating repairs and closing costs in ways they couldn't two years ago. If rates do come down in 2025, those buyers will have the option to refinance.

Sellers are adjusting too. The days of listing your home $20,000 over comp value and getting it are mostly over. Sellers who price aggressively are sitting on the market and eventually reducing. Sellers who price based on recent comparable sales and make their home show-ready are still getting solid offers.

My Predictions for Late 2024 and 2025

I think we'll see continued stabilization through the end of 2024. Prices will stay relatively flat in most Columbus submarkets. Some neighborhoods might see slight appreciation, especially areas with new infrastructure or development. Others might see small dips, particularly in the luxury segment or in areas where inventory has built up.

Inventory will continue to increase slowly. More homeowners who were locked in by low rates are starting to make moves because life circumstances change. People get new jobs, they need more space, they downsize. That will bring more homes to market, but I don't expect a flood.

Interest rates will be the wildcard. If rates drop even a point, we'll see buyer activity pick up significantly. If they stay elevated, we'll continue in this more balanced market where buyers have options and sellers have to be realistic. I'm not predicting a crash, but I'm also not predicting a return to the frenzy of 2021.

For 2025, I think Columbus will remain a strong market. We have job growth, population growth, and a cost of living that's still attractive compared to other major metros. The fundamentals are solid. If you're thinking about buying or selling, the key is to work with someone who knows the local market, not just the national headlines.