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.
Located in the heart of Ohio, the city of Columbus is a crossroads for those traveling through the state. This capital is known for its vibrant arts scene and up-and-coming small business culture. The city is also home to one of the largest collegiate campuses nationwide, Ohio State University, and is filled with young professionals and university students alike.
A city whose culture is steeped in the arts, residents can expect to find an abundance of industry jobs in fashion, culinary arts, and hospitality. Like most midwestern cities, the residents of Columbus are also known as diehard sports fans at all levels of competition.
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 August 2024 in the Columbus real estate market:
Columbus General Statistics
Population (city proper): 915,427
Population (metro area): 2,161,511
Area (city proper): 220.4 sq. mi.
Area (metro area): 4,796.5 sq. mi.
Median Age: 33.3
GDP: $169.1 Billion
Unemployment rate: 4.3% (up .3% since March 2024)
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 August 2024: 2,990
Median list price: $310K (up 4.1% since January 2024)
Median sold price: $250K (down 1.5% since January 2024)
Sale-to-list price ratio: 107.32%
Median price per square foot: $200
Median days on market: 24 (down 23% since January 2024)
Rental vacancy rate: 4.1%
Homeowner vacancy rate: 1.5%
One-year appreciation rate: 5.9%
Average rent: $1,248
Price-to-rent ratio: 19
Most expensive neighborhoods:
Neighborhood | Average Monthly Rent | Median Listing Price |
Downtown South | ||
Marble Cliff Crossing | ||
Fodor | ||
Harrison West | ||
Blacklick North |
Least expensive neighborhoods:
Neighborhood | Median Monthly Rent | Median Listing Price |
Milbrook | ||
Devon Triangle | ||
Shepard | ||
Valleyview Heights | ||
Beechwood |
Final Thoughts: Columbus Real Estate Market Trends in August 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.
