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The latest housing data points to a market that is becoming more balanced—but not necessarily cheaper.
Central Ohio buyers have more homes to choose from than they did a year ago, while sellers are still seeing property values hold up. At the same time, mortgage rates have moved back toward 7%, making the monthly payment and the quality of the deal increasingly important.
For buyers, sellers and investors, this isn’t a market to fear. It’s a market to analyze.
Columbus Buyers Are Finally Getting More Choices
The latest Columbus REALTORS® August housing report shows 6,124 homes for sale across Central Ohio, up 6.8% from August 2025. Inventory reached 2.4 months of supply.
At the same time, August closed sales declined 2.5% year over year to 2,749, while the median sales price increased 2.2% to $345,500. Homes spent a median of 30 days on the market. (Columbus Realtors)
That combination is important.
We’re seeing more inventory and slightly slower sales without a meaningful decline in home values.
For buyers, that can mean more time to evaluate a property and potentially more negotiating leverage—especially when a house has been sitting, needs updating or was priced too aggressively.
But with only 2.4 months of inventory, Central Ohio is still relatively tight. Desirable houses that are priced correctly can absolutely move quickly.
Sellers Can’t Rely on the Market to Do All the Work
Another number caught my attention: Central Ohio sellers received an average 96.9% of their original list price in August, compared with 97.2% a year earlier. (Columbus Realtors)
It’s a small change, but it reinforces what we’re seeing.
Buyers have alternatives now.
That means sellers need to think carefully about three things: price, condition and presentation.
The solution isn’t automatically a major renovation.
Before putting $30,000 or $40,000 into a property, I would want to know what comparable renovated homes are actually selling for.
Sometimes fresh paint, flooring, lighting, landscaping and addressing obvious deferred maintenance will generate most of the benefit.
Other times, a kitchen or bathroom renovation makes sense.
And sometimes the smartest financial decision is selling the house exactly as it is—at the right price.
My approach is simple: renovations should be investment decisions, not emotional decisions.
Mortgage Rates Are Back Near 7%
Financing remains one of the biggest challenges for buyers.
According to Freddie Mac’s September 17 mortgage-rate survey, the average 30-year fixed mortgage rate reached 6.95%, up from 6.76% one week earlier and 6.71% on September 3. (Freddie Mac)
That movement can noticeably affect purchasing power.
Freddie Mac estimates principal and interest on a $300,000 mortgage at approximately $1,896 per month at 6.5% versus $1,996 at 7%. (My Home)
That’s why I wouldn’t evaluate a purchase solely by asking whether you can negotiate another $5,000 off the price.
Sometimes negotiating seller-paid closing costs or money toward a rate buydown can have a greater immediate impact.
Buyers should compare lenders, understand the payment at today’s rate and structure the offer around their actual financial goals.
And I wouldn’t buy a house assuming you’ll definitely refinance next year. If rates eventually fall, refinancing could be a bonus. The property should make financial sense today.
The Fed’s Latest Move Adds Another Variable
On September 16, the Federal Reserve raised its federal-funds target range by a quarter percentage point to 3.75%–4.00%, saying inflation remains elevated. (Federal Reserve)
The Fed doesn’t directly set mortgage rates, so a Fed increase doesn’t automatically translate into an identical increase in a 30-year mortgage.
But the decision reinforces the bigger issue facing housing: borrowing costs may remain volatile.
For buyers and investors, I’d focus less on predicting the next Fed meeting and more on controlling the numbers you actually can control—purchase price, financing structure, renovation costs and your cash reserves.
Ohio Is Seeing the Same Shift
The statewide market looks similar.
According to the September 17 report from Ohio REALTORS®, Ohio recorded 11,718 home sales in August, down 4.2% from a year earlier.
Meanwhile, the statewide median sales price increased 4.4% year over year, and active listings reached 39,168, up from 38,427 a year ago and 29,812 in August 2023. Ohio had approximately 3.67 months of housing supply at the end of August. (Ohio REALTORS®)
That longer-term inventory comparison is worth paying attention to.
Buyers have substantially more choices than they did several years ago, but supply is still below the roughly six-month level generally associated with a balanced market.
In other words: buyers are gaining leverage, but sellers haven’t lost the market.
Buyers: Look at the House Other Buyers Overlook
This is one of my favorite parts of a market with increasing inventory.
The completely renovated house will almost always attract attention.
The house with dated cabinets, old flooring, ugly paint and 1990s bathrooms often won’t.
But ugly doesn’t necessarily mean expensive.
There is a huge difference between cosmetic problems and structural problems.
Paint, flooring, cabinets, countertops and fixtures can usually be estimated fairly accurately.
Foundation movement, significant water intrusion, sewer issues, major electrical deficiencies or failing mechanical systems require much more careful analysis.
If a dated property is discounted enough to cover the renovation and still leave you with equity, it may be a much better purchase than competing for the prettiest house on the block.
That’s where having someone who understands both real estate and construction can change the conversation from “This house needs too much work” to “What will the work actually cost?”
Investors Need More Margin Than They Did a Few Years Ago
Higher financing costs change investment math quickly.
If you’re flipping a property, those costs hit twice.
Your own acquisition and holding costs increase, while higher mortgage rates can reduce purchasing power for the eventual retail buyer.
That means I want more cushion in today’s projects.
I’m accounting for realistic construction costs, contingency, financing, taxes, insurance, utilities, commissions and a longer-than-perfect holding period.
I’m also being conservative with after-repair value.
If the deal only works because we’re assuming the property sells at the highest comparable price, construction comes in exactly on budget and the house sells immediately, there probably isn’t enough margin.
A strong deal should be able to absorb some bad news.
Don’t Treat Every Columbus Neighborhood the Same
One final point is especially important locally.
Central Ohio isn’t one housing market.
In August, closed sales in the Worthington school district increased 10.8% year over year, while Olentangy increased 12.2%. Worthington’s year-to-date sales were up 20.9%. (Columbus Realtors)
Demand can vary dramatically by neighborhood, school district, property condition and price point.
That’s why broad headlines about “the housing market” only tell part of the story.
The numbers that matter most are the ones surrounding the specific property you’re considering.
What I’d Do in This Market
For buyers, I’d use the additional inventory to become more selective, but I’d pay particular attention to dated properties where manageable improvements could create equity.
For sellers, I’d price against today’s active competition and spend renovation dollars strategically rather than automatically updating everything.
For investors, I’d increase contingency, underwrite a longer hold and make sure the deal works without depending on appreciation.
The Columbus market remains strong, but it’s becoming more nuanced. That’s actually where good advice becomes more valuable.
As a Realtor with construction and real estate investing experience, I look beyond the asking price. I want to understand what the property is worth today, what it needs, what those improvements should realistically cost and what the numbers look like after the work is finished.
If you’re considering buying, selling, renovating or investing in Central Ohio, reach out. Let’s look at the property—and the numbers behind it—before you make the move.
