I get this question every single day: Is the Columbus, Ohio real estate market going to crash? Are we heading into another 2008 situation where prices plummet and inventory floods the market? Are buyers finally going to catch a break?

Here's the honest truth. Columbus was ranked the 4th hottest real estate market in the entire country in March 2023 by Realtor.com. By April, we'd slipped to 7th. That's not a cooling trend. That's a market so competitive that even a slight shift still keeps us in the top ten nationally.

I'm going to walk you through why this market isn't crashing anytime soon, what's driving prices up in suburbs like New Albany , Dublin , Westerville , Gahanna , Sunbury , and Olentangy , what's happening with high-rise condos in Downtown Columbus , and why Licking County is about to become one of the most important economic zones in the Midwest. If you're relocating here or thinking about buying in the next few years, you need to understand the supply and demand reality we're facing.

Table of Contents

• Why Columbus Won't Crash Like 2008
• New Albany: Competitive Market in a Top School District
• Dublin: Expect to Go Over Asking
• Westerville: Fast Sales in Good Condition Homes
• Gahanna: Bringing Extra Money to Closing
• Sunbury: Highly Desirable and Highly Competitive
• Olentangy: local schools, Multiple Offers
• Downtown Columbus: High-Rise Condos Selling Fast
• Licking County: Major Economic Growth Coming
• New Construction: Your Best Bet to Avoid Bidding Wars
• Which Area Is Right for You?
• Conclusion

Why Columbus Won't Crash Like 2008

Let me be clear: I do not believe the Columbus, Ohio real estate market is going to crash. Here's why.

Columbus and the surrounding areas, especially Licking County , have massive economic growth coming. Intel, Google, Facebook, Honda, these are just the companies we know about. There are many, many more that haven't been announced yet. When you bring thousands of well-paying jobs to a region that already has less than a month's supply of inventory, you don't get a crash. You get a housing shortage.

Real estate prices always come down to supply and demand. If there's more demand and supply is low, home prices will rise. Until supply exceeds demand, prices will not fall. They will continue to rise. That's not speculation. That's basic economics.

We don't have enough houses for the people who live here now. Imagine what happens over the next five years when thousands of workers move here for these new jobs. We're going to need to build homes fast, and even then, we'll be playing catch-up. This is great news for economic growth and great for Central Ohio in the long term. But in the short term, it means home prices will continue to rise and remain relatively unaffordable for a lot of people.

The 2008 crash happened because homeowners were overleveraged, had no equity, and were forced to sell when the market turned. That's not the case today. Plenty of homeowners here in Columbus have equity in their homes. They're locked in at 2 to 3% interest rates. They do not need to sell. So when they do sell, if the home is in good condition and in a good area, it's going to fly off the market with multiple offers. There's no wave of distressed inventory coming. There's just not enough supply.

New Albany: Competitive Market in a Top School District

New Albany is one of the most desirable suburbs in the Columbus area, and that desirability comes with a price. The school district is a major draw, and buyers know it. If you're looking to move here, expect to go over asking price. That's not a maybe. That's the reality.

Homes in good condition sell fast in New Albany . I'm talking days, not weeks. If a home is priced right and shows well, you're going to see multiple offers. Five to ten offers is common. Buyers are going $50,000 over asking, waiving home inspections, and bringing appraisal gaps to the closing table. An appraisal gap means you're bringing additional money out of your own pocket to cover the difference between what the home appraises for and what you're actually paying. That's how competitive it is.

If you want to live in New Albany , you need to come in aggressive. You need to have your financing locked down, and you need to be prepared to move fast. Do not expect to lowball somebody and win. It's just not going to happen in this market.

What It Takes to Win

You may need to bring extra money to closing. That's not a scare tactic. That's what I'm seeing with my clients. If the home appraises for $400,000 but you're offering $425,000 to beat out other buyers, you need to cover that $25,000 gap unless the seller agrees to come down. Most sellers aren't coming down right now because they don't have to.

New Albany is highly competitive, and that's not changing anytime soon. The school district, the amenities, the proximity to major employers, all of that keeps demand high. If you're serious about this area, work with an agent who knows how to structure a winning offer.

Dublin: Expect to Go Over Asking

Dublin is another suburb where the school district drives demand. It's highly desirable, and homes in good condition sell fast. If you're looking here, expect to go over asking price. That's the baseline.

I've seen buyers in Dublin bring appraisal gaps, waive inspections, and still lose to another offer. It's that competitive. The homes that sit on the market are either overpriced or have condition issues. Everything else moves quickly.

The same rules apply here as in New Albany . You need to be aggressive. You need to be ready to move. And you need to understand that if you're in that $400,000 range and below, you're competing with a lot of other buyers who want the same thing you do.

Why Dublin Stays Hot

The school district is a big part of it. But Dublin also has strong infrastructure, good access to major highways, and a reputation that keeps buyers coming back. When a home hits the market in a good neighborhood, it doesn't last long. You're going to see multiple offers, and you're going to need to bring your best offer upfront. There's no room to negotiate after the fact.

If you want to live in Dublin , get with a fantastic real estate agent and go over a game plan. Set proper expectations in the home buying process. You're not going to get a deal. You're going to pay market value or above, and you're going to need to be okay with that.

Westerville: Fast Sales in Good Condition Homes

Westerville is another highly desirable suburb with a good school district. Homes in good condition sell fast here. If it's priced right, if it shows well, and if it's in a neighborhood people want to live in, you're going to see multiple offers.

I keep emphasizing this because it's true across all of these suburbs. Westerville , New Albany , Dublin , they all operate under the same supply and demand pressure. There are not enough homes for the number of buyers looking. That means competition. That means going over asking price. That means bringing extra money to closing if you want to win.

Westerville has a lot going for it. The schools, the parks, the sense of community, all of that keeps demand high. And when demand is high and supply is low, prices go up. That's the reality of the market in 2023, and in my opinion, for the next few years to come.

What Buyers Need to Know

If you're looking in Westerville , you need to be prepared for a competitive process. You need to have your financing in order. You need to be ready to make decisions quickly. And you need to understand that if you're not willing to go over asking, someone else will.

Homes in good condition fly off the market. Homes that need work sit longer, but even those are getting offers. The key is to work with an agent who knows the area, knows how to structure a competitive offer, and can help you navigate a multiple-offer situation.

Gahanna: Bringing Extra Money to Closing

Gahanna is highly desirable, and the school district is a major draw. If you're looking here, expect to bring extra money to closing. That's not a worst-case scenario. That's what I'm seeing with buyers who want to win in this market.

Homes in good condition sell fast in Gahanna . If it's priced right and in a good neighborhood, you're going to see five to ten offers. Buyers are going over asking price, waiving inspections, and covering appraisal gaps. That's the level of competition you're dealing with.

If you're relocating to Columbus and Gahanna is on your list, you need to understand what it takes to win. You need to be aggressive. You need to be prepared to move quickly. And you need to be okay with the fact that you're probably not going to get a deal.

The Reality of Multiple Offers

When there are five to ten offers on a home, the seller has options. They're going to pick the offer that's cleanest, strongest, and gives them the most certainty. That usually means the offer that's highest over asking, has the fewest contingencies, and comes with proof of funds to cover any appraisal gap.

If you're not willing to structure your offer that way, you're probably not going to win. That's not me being harsh. That's me being honest about what the market looks like right now in Gahanna and across these highly desirable suburbs.

Sunbury: Highly Desirable and Highly Competitive

Sunbury is another suburb where the school district and the sense of community keep demand high. It's highly desirable, and homes in good condition sell fast. If you're looking here, expect to go over asking price and bring extra money to closing.

The same dynamics that apply in New Albany , Dublin , Westerville , and Gahanna apply here. There's not enough supply. There are too many buyers. And when a good home hits the market, it moves quickly.

Sunbury has a lot of appeal for buyers who want a suburban feel, local schools, and a little more space. But that appeal comes with competition. You're going to see multiple offers on homes that are priced right and in good condition. You're going to need to be prepared to compete.

What It Takes to Win in Sunbury

You need to be aggressive. You need to have your financing locked down. And you need to be ready to move fast. If you're working with an agent who knows the area, they can help you structure an offer that stands out. But you need to be realistic about what it's going to take to win.

Do not expect to lowball somebody and get a deal. That's not happening in this market. If you want to live in Sunbury , you're going to pay market value or above, and you're going to need to be okay with that.

Olentangy: local schools, Multiple Offers

Olentangy is highly desirable, and the school district is a major reason why. Homes in good condition sell fast here. If it's priced right and in a good neighborhood, you're going to see multiple offers.

I keep coming back to the same theme because it's true across all of these suburbs. Olentangy , New Albany , Dublin , Westerville , Gahanna , Sunbury , they all have the same supply and demand issue. There are not enough homes for the number of buyers looking. That means competition. That means going over asking price. That means bringing extra money to closing.

Olentangy has strong schools, good infrastructure, and a reputation that keeps buyers coming back. When a home hits the market in a good neighborhood, it doesn't last long. You're going to see five to ten offers, and you're going to need to bring your best offer upfront.

The Competitive Reality

If you're looking in Olentangy , you need to be prepared for a competitive process. You need to work with an agent who knows how to structure a winning offer. And you need to be realistic about what it's going to take to win.

You're probably not going to get a deal. You're going to pay market value or above. And if you're not willing to do that, someone else will. That's the reality of the market in 2023, and in my opinion, for the next few years to come.

Downtown Columbus: High-Rise Condos Selling Fast

If you're looking for more of that bachelor lifestyle, that urban living experience, Downtown Columbus has high-rise condos that are selling fast. These homes are priced from $800,000 to $1 million, and even at those higher price points, they're moving quickly.

That tells you something about the market. It's not just the suburbs that are competitive. It's everything. High-rise condos downtown, homes in the $400,000 range, homes in the $800,000 range, they're all selling fast because we have a supply and demand issue across the board.

If you're looking to live downtown, you're going to see competition even at higher price points. The lifestyle, the walkability, the access to restaurants and entertainment, all of that keeps demand high. And when demand is high and supply is low, prices stay strong.

What Downtown Buyers Need to Know

You're going to see competitive offers even on high-rise condos. You're going to need to move quickly. And you're going to need to be prepared to pay market value or above.

The good news is that if you're looking downtown, you're probably not dealing with the same level of competition as you would in the suburbs. But you're still dealing with a market where inventory is tight and buyers are motivated. If you find a condo you love, don't wait. Make an offer.

Licking County: Major Economic Growth Coming

Licking County is about to become one of the most important economic zones in the Midwest. Intel, Google, Facebook, Honda, these companies are expanding to the area, and that's just the beginning. There are many other companies that haven't even been announced yet that will probably be moving here in the years to come.

This is amazing news for Columbus, Ohio, and a big reason why the real estate market will not crash. When you bring thousands of well-paying jobs to a region that already has a housing shortage, you don't get lower prices. You get higher prices.

If there are plenty of jobs and well-paying jobs coming to the area and not enough houses, home prices will continue to rise. That's not a prediction. That's a certainty. We're already short of housing. Imagine how many more houses will need to be built to fulfill all of the workforce coming into the area over the next five years.

The Housing Shortage Reality

We have less than a month's supply of inventory on the current real estate market. That's not enough to meet current demand, let alone the demand that's coming. Over the next five years, we're going to need to build thousands of homes just to keep up. And even then, we'll be playing catch-up.

This is great news for economic growth and great for Central Ohio in the long term. But in the short term, this will cause home prices to continue to rise and be relatively unaffordable for a lot of people. If you're watching this video, do not get discouraged. There are plenty of great opportunities to buy a home here in Central Ohio. You just have to be strategic.

New Construction: Your Best Bet to Avoid Bidding Wars

I highly recommend if you are looking to move to the area or relocate, you look at new construction homes. This seems to be the best way to get in a home right now because there are no bidding wars. You do not have to go over asking price to win a home. If you like the home, if it's on a good lot, and you like the area that new construction home is in, you can buy the home without having to compete with somebody else on the existing home market.

I love this option for so many people. Building a home is a great option, less competition and it's a brand new home. Best of both worlds.

But if you are looking to buy a home on the existing market, I will say it's highly competitive, especially if you're in that $400,000 range and below. There are plenty of buyers in that price range still looking to buy homes. So on every single home, if it's priced right, if it's in a good school district, and the home is in great condition, there are going to be at least five to ten offers.

Why New Construction Makes Sense

New construction takes the competition out of the equation. You're not bidding against other buyers. You're not waiving inspections. You're not bringing appraisal gaps. You're just buying a home at the list price, and you get to customize it to your preferences.

The downside is that new construction can take time. You're looking at several months to a year depending on the builder and the community. But if you're relocating and you have time to plan, new construction is one of the smartest moves you can make in this market.

Which Area Is Right for You?

If you're looking to move to a highly desirable suburb such as New Albany , Dublin , Westerville , Gahanna , Sunbury , or Olentangy , any of those areas where there are good school districts and they're highly desirable and people want to live and the home is in good condition, you will most likely have to go over asking price to win that home and even bring a little extra money to the closing table.

If you want to live downtown and you're looking to live in a high-rise building and you're looking for more of that lifestyle, that bachelor lifestyle, those homes are also selling fast. High-rise condos, homes downtown that are priced from $800,000 to $1 million, those homes are selling relatively fast too.

It's just the reality of the market. Everything is selling fast. Remember, we have a supply and demand issue here in Columbus, Ohio. That is one of the reasons why homes will remain relatively unaffordable over the next five years for some people.

But if you're watching this video, you're relocating, you have a good salary, there are still amazing opportunities and amazing homes for you to buy within the next five years. You just have to be strategic. You have to get with a fantastic real estate agent and go over a game plan and set proper expectations in the home buying process.

Conclusion

So no, we will not have another housing market crash like we did in 2008 because there are plenty of homeowners here in Columbus, Ohio who have equity in their homes. They are locked in at a 2 to 3% interest rate. They have equity. They do not need to sell their home. So when they do sell their home, if it's in good condition, it's going to fly off the market because if there's not enough homes and if it's in a good area, there are going to be multiple offers.

Do not expect to get a deal in today's real estate market here in Columbus, Ohio. I just want to be honest with you. You cannot lowball somebody if you want to win an offer on a house. You're going to have to come in really aggressive. That's just the reality of the real estate market in 2023, and in my opinion, for the next few years to come.

If you're looking to relocate to Columbus, Ohio, I'd love to help you navigate this market. I'm a licensed realtor here, and I work with clients from all over the world who are moving to Central Ohio. Let's set up a time to talk about your goals, your timeline, and what it's going to take to find the right home for you. You can reach out anytime, day, night, or weekends. I've got your back.