COLUMBUS, Ohio — The housing inventory in Columbus is the highest it's been since the COVID-19 pandemic. In July, there were more than 3,500 homes for sale in the city, according to a report.
“We found houses that seemed to check a lot of boxes for people,” said recent homebuyer Roy Slagle, from Powell.
The Slagle family just bought a house in Powell after looking for five to six months.
“End up in some bidding wars. There were probably three or four houses that we found that they would get a lot of offers,” said Slagle.
Columbus Realtors say the inventory of homes for sale is up nearly 38% compared to this time last year.
“Good to see the inventory go up a bit, but it’s still not meeting the kind of demand that we are seeing out there,” said Columbus Realtors President Scott Hrabcak.
However, local realtors say this does not mean homes are more affordable.
“People are coming to the market with a higher price and the prices are becoming a little bit more negotiable, but the sellers are still holding the cards,” said Realtor Andrew Robinson from Real Brokerage Technology.
With the demands high in the housing market, realtors say this could be a challenge for first-time home buyers.
“With the interest rates and houses going so quickly, it is hard for first-time homebuyers and a lot of people don't want to work with loans that first-time homebuyers typically have to use,” said Jennifer Slagle.
Realtors say the housing market is still not balanced in central Ohio and if you're strapped for cash, it's not easy to make a competitive offer.
“They are bidding with people that are potentially downsizing and coming into those transactions with cash or they are also competing with corporations gobbling up affordable housing," Robinson said.
Realtors recommend first-time homebuyers stay informed and prepared because the market is competitive.