Real estate has become a popular avenue for people looking to diversify their income streams and potentially hedge against inflation. Whether you’re a seasoned pro or just getting started in investing, Columbus, OH, is certainly worth considering.
Founded in 1812, the city of Columbus was built to be a political center for the state and later played an important role in the Civil War due to its location and connections to the Erie Canal and numerous railways.
Today, the city is known for its innovative art scene and booming tech industry, which is attracting young professionals in droves. Affectionately nicknamed “the biggest small town in America,” this midwestern city simply has so much to offer.
But what about the Columbus real estate market? What do stats and trends look like, especially right now? Facts and figures are constantly changing, so we’ve gathered all the most up-to-date information for you.
Here are some of the top trends for May 2024 in the Columbus real estate market:
Columbus General Statistics
Population (city proper): 909,676 (up .2% since 2020)
Population (metro area): 2,161,511
Area (city proper): 220.4 sq. mi.
Area (metro area): 4,796.5 sq. mi.
Median Age: 36.9
GDP: $169.1 Billion
Unemployment rate: 3.8% (up 1.1% since December 2023)
Top employers: Abercrombie & Fitch, American Electric Power, Bath & Bodyworks, Bread Financial, Big Lots, Cardinal Health, Designer Brands, Greif, Huntington, Mettler Toledo, MI Homes, Nationwide, Scotts Miracle Gro, Vertiv, Victoria’s Secret, Worthington Industries.
Highest paying jobs: Anesthesiologist, Cardiothoracic Surgeon, Neurosurgeon, Radiologist, Physician, Internal Medicine Hospitalist, Hospitalist Physician, Internist, Operator and Truck Driver, Associate Professor - Physician.
Median income (per capita): $36,434
Median income (household): $61,727
Columbus Real Estate Market Statistics
Neighborhoods: 249
Homes for sale as of May 2024: 2,130
Median list price: $284.9K (up 3% since January 2024)
Median sold price: $262K (up 3% since August 2023)
Sale-to-list price ratio: ~100%
Median price per square foot: $195
Median days on market: 24 (down 23% since January 2024)
Rental vacancy rate: 4.1%
Homeowner vacancy rate: 1.5%
One-year appreciation rate: 6.9%
Average rent: $1,248
Price-to-rent ratio: 19
Most expensive neighborhoods:
Neighborhood | Average Monthly Rent | Median Listing Price |
Downtown South | ||
Marble Cliff Crossing | ||
Harrison West | ||
Blacklick North | ||
Franklinton East |
Least expensive neighborhoods:
Neighborhood | Median Monthly Rent | Median Listing Price |
Glenbrook | ||
Valleyview Heights | ||
Milo-Grogan | ||
Arlington Park | ||
Shepard |
Final Thoughts: Columbus Real Estate Market Trends in May 2024
The Columbus real estate market is constantly changing and evolving. But the potential for investors to profit is near-constant. Whether you’re an experienced real estate investor or brand new to the industry, the Columbus real estate market could provide ample opportunity to build your portfolio.
Get Started Buying Homes With Evernest
Whether you’re purchasing one Columbus home or one hundred, you don’t have to go it alone.
If you’re ready to buy your first (or next) investment property, here are three steps to get started today:
Subscribe to our podcast: The Evernest Real Estate Investor Podcast—for all things real estate investing, being a landlord, growing your portfolio, and more.
Find a property: Make sure you sign up for our Pocket Listings to get notified of all the deals that come across our desk daily.
Get an investor-friendly agent: We can help with that—we would love to help you buy your next rental property investment.
This content was originally published at Evernest.co.
