Building Costs Per Square Foot in the City of Columbus (OH), USA

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Newly Built House in Columbus City -5938 Bears Run Road, Columbus, OH43232 - 4 Bed and 3 Baths and 2 x Attached Garages on Gross Floor Area 2,336 sqft - Built in 2022 - Price $361,720

Newly Built House in Columbus City -5938 Bears Run Road, Columbus, OH43232 – 4 Bed and 3 Baths and 2 x Attached Garages on Gross Floor Area 2,336 sqft – Built in 2022 – Price $361,720

Residential Construction Market Analysis in the City of Columbus, USA

Building costs are 5% above the national average in the City of Columbus in Ohio. There are some goals that all people have: to buy a car, to have a good job, to have good friends or loved ones, and one of the biggest is to have a home of your own. In the current world in which we live, the latter seems to be one of the most difficult goals to achieve, but fortunately, it is not impossible.

Buying a property, especially a house to live in, is a tiring and stressful task. The real estate market is always changing, and some particularities make it vary depending on where you are. Not even in the same state does the real estate market work, in the same way, so you should always be alert and have as much information as possible.

In this article, we will focus specifically on the real estate market and residential construction in the city of Columbus, Ohio. If you are an individual looking to buy your new forever home, if you want to build on a piece of land from scratch, or if you are an investor from out of state who wants to learn more about Columbus, then you are in the right place.

Here we will deal with the particularities of the real estate market in this city. From the value of the median home and trends (present and future) in the real estate market to information on residential construction projects that are coming this year or in the coming years, and also the construction outlook of the city so you know that you know what the image of the city is and what is coming next.

Columbus Construction Outlook

Columbus is the most populous city and the capital of Ohio, a state located in the midwest of the United States. Many people sleep on the midwest and think it’s not a great place to live, but Columbus shows otherwise. In fact, in a ranking carried out by Money Magazine it was named number 8 as the most livable city in the United States, which shows why more and more people from other states move here.

This arrival of new inhabitants is causing the construction outlook of Columbus to change rapidly. There are more and more buildings under construction, and there are some buildings similar to the skyscrapers of other big cities (although they are not that many).

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The construction outlook of Columbus is characterized by residential neighborhoods with modest one or two-story houses, prepared to be the home of large families. Residential neighborhoods have different types of construction, here we will tell you a little about them.

The Victorian Village neighborhood is characterized by having almost all Victorian-style houses. It is something so distinctive that there are tourists who drive hours just to see these construction styles. The Short North is another residential neighborhood, and since there are so many art galleries and artisans in this area, there are many residential houses that have adopted artistic facades. In German Village, you will find 19th-century brick houses, which also look like something out of a fairy tale.

Columbus Housing Market Analysis and Forecast

Columbus’s real estate market is constantly growing, and it is one of the most well-maintained when compared to other places in the midwest. Sales increased by 10% during the first 7 months of this year when compared to the same period during 2021.

Something that characterizes this real estate market is that there are not many properties listed, but there are people interested in buying. This makes it more competitive, but its prices are not as high as other cities in the country. It is believed that during the summer the number of properties on the list will increase, so you have to take advantage of that time of year to see a greater number of properties. Values ​​tend to drop during the winter months, but there are also fewer properties listed, so you’ll have to be prepared to see less variety.

Prices are expected to rise a further 7% in the remainder of this year, bringing the total to a 17% annual increase. Even with these projections, Columbus still has some of the lowest sales prices, which continues to attract people from out of state.

In Columbus, the average time a home is listed is 40 days, which sounds like a high number but is lower than the national average. The most expensive neighborhoods, but where the houses are selling faster, are Victorian Village and German Village. The cheapest houses are in South Linden.

Columbus Average House Price (Median Home Price)

The median home value in Columbus is $240,000. Remember that this number is a fairly general average, so the values may be higher or lower depending on where you are.

In the German village, the average value ranges from $500,000 to $600,000, as it is one of the most luxurious neighborhoods in the city. But in South Linden, the average is below $200,000, since it is a middle-class neighborhood.

Proposed Residential Building Projects in Columbus

Among the residential construction projects in Columbus, you will find a great amount of variety. There are buildings, condominiums, residential neighborhoods of luxury houses, houses for middle-class families, everything you can imagine.

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In the commercial district and in the center of the city of Columbus there are some construction projects of buildings. Only one or two will be skyscrapers like you would see in other big cities. The rest are buildings that exceed 10 floors in some cases, but they are modern constructions. They are construction companies that are characterized by making modern buildings, so you can expect minimalist constructions with glass windows everywhere.

Near the University of Columbus, there are projects to make condominiums or small buildings of less than 10 floors, designed to be rented by students who are temporarily in the city.

In neighborhoods like Victorian and German Village, there are some houses under construction but these have the same aesthetics as the other houses in the neighborhood so as not to break with the image they have already created.

Newly Built Home in Columbus City - 336 Hosack Street, Columbus, OH43207 - 3 Bed and 3 Baths with 1 Attached Garage on Gross Floor Area 2,200 sqft - Built in 2022 - Price $350,000

Newly Built Home in Columbus City – 336 Hosack Street, Columbus, OH43207 – 3 Bed and 3 Baths with 1 Attached Garage on Gross Floor Area 2,200 sqft – Built in 2022 – Price $350,000

Building Costs Per Square Foot for Single Family Homes in the City of Columbus (OH), USA

Building costs are 5% above the national average in the City of Columbus in Ohio.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Columbus City ranges from $362.13 per sqft to $555.14 per sqft, with the average being $476.21 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Columbus City ranges from $220.09 per sqft to $337.37 per sqft, with the average being $289.41 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Columbus City ranges from $142.28 per sqft to $216.10 per sqft, with the average being $185.61 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Columbus City ranges from $103.83 per sqft to $159.23 per sqft, with the average being $136.55 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Columbus City ranges from $84.28 per sqft to $129.08 per sqft, with the average being $110.74 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Columbus City ranges from $66.48 per sqft to $101.89 per sqft, with the average being $78.42 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

 


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