You're scrolling through national headlines about housing slowdowns and interest rate hikes, and you're wondering if Columbus, Ohio is about to follow the same path. Here's what I want you to understand right up front: what's happening in Los Angeles or Miami or Phoenix has almost nothing to do with what's happening here. Columbus is its own animal, and the fundamentals driving our market are completely different from the coastal cities dominating the news cycle.

I'm Blake Kircher, a local real estate agent who's been in the trenches with buyers all year, and I've watched qualified clients tour 30-plus homes and write 10-plus offers before finally winning. That's not a crash. That's a market where demand is crushing supply, and it's not letting up anytime soon. Columbus was ranked the 4th hottest real estate market in the entire country by Realtor.com, with homes selling in nearly half the time compared to the national average. We're sitting on 0.9 months of inventory, a severe shortage, and major employers like Amazon, Facebook, Intel, Google, and Honda are pouring jobs into the region faster than we can build houses to accommodate them.

So no, I don't think the Columbus real estate market is going to crash in 2023. I think it's going to get more expensive. In this article, I'm walking you through the local factors that matter: supply and demand, job growth, university talent pipelines, and what it actually takes to buy a home here right now. If you're relocating to Columbus or thinking about it, this is the reality check you need before you start house hunting.

Table of Contents

• Columbus, Ohio: Why This Market Keeps Climbing
• What It Really Takes to Buy Here in 2023
• Should You Buy Now or Wait?
• Conclusion

Columbus, Ohio: Why This Market Keeps Climbing

Columbus sits in central Ohio, and it's one of the most affordable major metros in the country. That affordability is exactly why so many people are moving here, and it's also why the market is so competitive. When you can get a home for $300,000 in a city with pro sporting events, amusement parks, water parks, and walking trails everywhere, it's a no-brainer compared to what that same money buys you on the coasts. But affordability doesn't mean easy. It means you're competing with everyone else who figured out the same thing.

Let's start with supply and demand, because that's the engine driving everything. If there are 20 homes for sale in Columbus but 200 buyers, demand outweighs supply, and prices rise. That's exactly where we are. We have 0.9 months of inventory right now, which is a severe shortage. A balanced market typically has around six months of inventory. We're nowhere close. Homes are going under contract in nearly half the time compared to the national average, and multiple-offer situations are the norm. I've seen properties get 10-plus offers before a buyer finally wins, and that's not slowing down.

Why aren't more homes hitting the market? Sellers are hesitant to list because they're locked into 2% to 3% interest rates from a few years ago. They don't want to give up that rate and buy into a higher one, so they're staying put. That's keeping inventory tight, and until supply catches up with demand, prices will continue climbing. The Columbus Board of Realtors president has already stated publicly that we don't have enough housing to support the incoming growth. That's not speculation, that's a fact from the people tracking this market every single day.

Now let's talk about why demand is so strong. Columbus has a diverse and strong job economy, and it's attracting major employers at a pace most cities would kill for. Amazon, Facebook, Intel, Google, and Honda have all made Columbus their home, and they're bringing thousands of jobs with them. Intel alone is building a massive facility that will employ thousands of people, and those workers will need places to live. Google and Facebook are expanding their footprint here. Honda has been a staple for decades. This isn't a one-industry town that's vulnerable to a single economic shift. It's a diversified economy with tech, manufacturing, healthcare, education, and venture capital all thriving at the same time.

Education is another huge driver. Columbus is home to top universities like Ohio State, Otterbein, Columbus State, and the Columbus School of Art and Design. The Cleveland Clinic is nearby, pulling in medical talent. These universities attract students from out of state, and once they get a taste of what Columbus has to offer, they stay. They graduate, they find jobs in the strong startup scene or with one of the big employers, and they buy homes here. That pipeline of talent keeps the economy humming and the housing demand high.

Columbus also has a strong venture capital and startup scene, which means young professionals are moving here not just for corporate jobs but to build companies. That's a sign of a healthy, forward-looking economy, and it's another reason why I believe home prices will continue rising over the next 5 to 10 years. When you combine affordability, job growth, university talent, and an amazing lifestyle, pro sports, parks, entertainment, things to do for singles and families, you get a market that's only going to get more competitive.

Here's the reality: this is an extremely competitive market. You will likely need additional funds beyond your down payment to win an offer. Appraisal gaps are common, and sellers are getting multiple offers on nearly every listing. I've worked with qualified buyers who had conventional loans, solid down payments, and extra cash to bring to the table, and it still took them 30-plus showings and 10-plus offers before they won. That's not a crash. That's a housing shortage, and it's not going away anytime soon. Build times are currently 12 to 14 months, so even new construction isn't a quick fix.

One more thing: focus on local real estate news, not national headlines. What's happening in Los Angeles or other distant markets doesn't affect you if you're buying in Columbus. Our demand far exceeds supply, and that's the opposite of what some national trends are suggesting. Work with a local agent who knows this market inside and out, and you'll save yourself a lot of frustration.

What It Really Takes to Buy Here in 2023

I want to be honest with you about what it's like to buy a home in Columbus right now, because if you're relocating here, you need to know what you're walking into. This is not a market where you tour a couple of homes, write one offer, and move in. It's a grind, and you need to be prepared mentally and financially.

I worked with a client this past year who was well qualified, conventional loan, money for a down payment, and additional funds to offer the seller on top of that. We looked at over 30 homes. We put in over 10 offers. And we finally found the perfect home and won. That's the reality for a lot of buyers right now, especially in the more desirable parts of the city. It's not impossible, but it's very, very tough, and you need to go in with your eyes open.

You will most likely need additional money beyond your down payment to win an offer. That could mean covering an appraisal gap, offering above asking price, or waiving certain contingencies to make your offer more attractive. Sellers are in the driver's seat because they're getting so many offers, and they're picking the cleanest, strongest deals. If you're not prepared to compete at that level, you're going to lose out to someone who is.

Reach out to a local real estate agent before you even start looking. Ask them how many homes are for sale in the area you want versus how many buyers are competing. Ask them how many offers are typically on a home in that specific area. That information will save you a lot of time and help you understand how aggressive you need to be when you write an offer. This market rewards buyers who are prepared, decisive, and willing to move fast.

Should You Buy Now or Wait?

I get this question all the time, and my answer is simple: buy now if you can, or consider building. Here's why. The Columbus real estate market is not going to get cheaper over the next 5 to 10 years. I believe prices will continue rising because demand is outpacing supply, and that gap isn't closing anytime soon. If you wait a year or two, that $300,000 home you're looking at now could easily cost you $450,000. I'm not exaggerating, that's the trajectory we're on.

If you're not moving here for a year or two, building might be a perfect option. Build times are currently 12 to 14 months, so you can lock in today's prices and build some equity while the home is under construction. By the time you're ready to move in, you'll have a brand-new home at a price that's already below market. That's a smart play in a rising market.

Even if you're not ready to move yet, I highly recommend contacting a local real estate agent and getting the process started. You don't have to buy tomorrow, but you want to be in position when you're ready. This market moves fast, and the buyers who win are the ones who are prepared and know exactly what they're looking for.

Conclusion

The Columbus, Ohio real estate market is not going to crash in 2023. It's going to get more expensive. We have a severe housing shortage, a strong and diverse economy, major employers bringing thousands of jobs, top universities attracting talent that stays, and one of the most affordable and livable metros in the country. Those fundamentals don't point to a crash, they point to continued growth.

If you're thinking about moving to Columbus, reach out to me. I'm a licensed real estate agent here, and I work with clients from all over the world who are relocating to this area. I'd love to help you find the right home, navigate this competitive market, and make sure you're set up for success. Ready to make your move? Call me today, and let’s talk!