2024 Housing Market Snapshot: Insights and Predictions for 2025.

The 2025 Central Ohio Housing Market is officially underway, and we’ve got a snapshot of the latest stats and trends to help you navigate what’s to come. With rising home values, strong buyer demand, and tight inventory, here's what you can expect in the new year:

Home Value Increases by Area:

• Blacklick: $340,365 (+3.4%)

• Dublin: $537,907 (+4.6%) - Pending in 12 days

• Delaware: $377,845 (+3.3%) - Pending in 26 days

• Granville: $491,574 (+3.9%)

• Gahanna: $355,025 (+4.4%)

• Hilliard: $364,054 (+4.1%) - Pending in 13 days

• Johnstown: $408,459 (+3.9%)

• New Albany: $595,568 (+5.3%)

• Pickerington: $401,971 (+4.6%) - Pending in 15 days

• Powell: $543,450 (+3.2%) - Pending in 16 days

• Reynoldsburg: $286,080 (+3.7%)

• Westerville: $416,158 (+4.0%) - Pending in 12 days

• Worthington: $451,307 (+3.9%)

This gives you an idea of how various areas in Central Ohio are growing, with many neighborhoods seeing consistent price increases and quick sales.

Source: Data provided by Zillow, accessed from www.zillow.com.

Key Takeaways for 2024:

1. Home Prices: In 2024, home prices raised between 3.2%-5.3% (depending on the area). Prices are projected to continue to grow by 2.5%–3.5% throughout 2025. Although increases may not be as dramatic as the past few years, suburban neighborhoods with desirable areas (good school districts, parks, and attractions) will likely continue to increase in value and demand.

2. Inventory: Inventory was tight in 2024, and will continue through 2025 — which means sellers still hold a significant advantage. With the large number or relocations to Columbus, there simply aren’t enough homes to meet demand, which will result in competitive offers and shorter days on the market.

3. Rental Demand: Rent prices are also on the rise. With home prices still on the rise, some potential buyers may opt to rent, further increasing demand for rental properties in sought-after suburban neighborhoods.

What it means for you:

For homeowners:

With rising home values and continued demand, 2025 is a great time to list your home. Homes that are well-maintained, particularly in desirable neighborhoods, will attract plenty of attention from buyers. Expect competitive offers and quicker closings, especially if your home is move-in ready. If you’ve been considering selling, the market conditions are prime.

For home buyers:

Although prices will continue to rise in 2025, the pace of increase is much more manageable compared to the pandemic years. If you’re planning to buy in the next year, now is the time to prepare. Get your financing in place, partner with a trusted real estate agent, and be ready to act quickly when you find the right home. While interest rates might not drop anytime soon, it’s important to lock in a home at today’s prices. You can always refinance later if rates improve, but you can’t go back to these prices.

For real estate investors:

The rental market is heating up in popular neighborhoods like Downtown Columbus, German Village, and Clintonville, with rent prices rising by 2% and vacancy rates dropping to just 4.2%. This makes it an ideal time to purchase investment properties in areas where rental demand is high. If you're looking to build wealth through real estate, these areas should be at the top of your list.

For homeowners thinking of staying put:

If your current home still suits your needs, staying put can be a smart choice as home values continue to climb. Not only will you build equity, but you can also consider making updates to further increase the value of your property. Renovations that enhance your home’s appeal can pay off in the long run, especially if you’re thinking about selling down the road.

Bottom line:

If you’re considering making a move this year, make sure to act quickly and stay informed about current market trends. It’s important to stay ahead of the curve.

Jill Beckett-Hill

Office: 614-457-4000 ext. 116
Mobile: 614-563-9819
Email: jill@beckettrg.com