End of Year Report: Analysis of Metro New Construction Median Sale Price Per Square Foot in Columbus, OH (Jan-Nov 2023)

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End of Year Report: Analysis of Metro New Construction Median Sale Price Per Square Foot in Columbus, OH (Jan-Nov 2023)

Understanding Market Dynamics: Columbus, OH Real Estate Trends 2023

Executive Summary:
The analysis of the median sale price per square foot for newly constructed houses in Columbus, OH, from January to November 2023 reveals fluctuations and trends indicative of the local real estate market’s dynamics. While there were some fluctuations throughout the year, the overall trend exhibited moderate growth. Quarterly and annual averages were computed to provide a comprehensive understanding of market performance. Additionally, monthly percentage changes were calculated to assess the variability in price movements. Based on these insights, recommendations regarding the optimal timing for buying or selling properties in 2023 and predictions for the market in 2024 are provided.

Introduction:
In this report, we analyze the median sale price per square foot of newly constructed houses in Columbus, OH, from January to November 2023. The data, sourced from Zillow, provides valuable insights into the local real estate market, enabling informed decision-making for buyers, sellers, and investors.

Trends and Relationships:
Upon analyzing the data, we observe fluctuations in the median sale price per square foot throughout the year. The prices range from a high of $212.74 in January to a low of $201.42 in July, with slight fluctuations in between. This indicates some degree of volatility in the market but also suggests a relatively stable pricing trend overall.

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Highs and Lows:
The highest median sale price per square foot was recorded in January at $212.74, while the lowest was in July at $201.42. These highs and lows signify potential peaks and troughs in demand and supply dynamics and may offer strategic opportunities for buyers and sellers to enter or exit the market.

Monthly Percentage Changes:

Month Monthly Percentage Change (%)
Jan-Feb -4.14
Feb-Mar -1.11
Mar-Apr 2.71
Apr-May -1.18
May-Jun 2.00
Jun-Jul -3.99
Jul-Aug 5.38
Aug-Sep -4.76
Sep-Oct 1.27
Oct-Nov 0.76

Annual Average:
The annual average median sale price per square foot for 2023 is $206.03.

Quarterly Averages:

  1. Q1 (Jan-Mar): $206.47
  2. Q2 (Apr-Jun): $206.98
  3. Q3 (Jul-Sep): $203.64
  4. Q4 (Oct-Nov): $205.35

Closing and Ending Figures:
The median sale price per square foot in November 2023 was $207.14, slightly higher than the October figure of $205.57, indicating a positive month-over-month growth.

Conclusion and Market Outlook:
Based on the analysis, 2023 presented a mixed scenario for both buyers and sellers in the Columbus, OH real estate market. While there were fluctuations throughout the year, the annual average indicates a relatively stable market with moderate growth. However, buyers may have benefited from strategic entry points during months with lower prices, such as July, while sellers may have found favorable conditions during months of peak demand, like January.

Looking ahead to 2024, the market is poised for continued stability with potential for moderate growth. Factors such as economic conditions, interest rates, and housing supply will influence market dynamics. Buyers are advised to monitor fluctuations and seek opportunities during periods of lower prices, while sellers should capitalize on peaks in demand to maximize returns.

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In conclusion, 2023 provided valuable insights into the Columbus, OH real estate market, guiding stakeholders to make informed decisions and navigate the market with confidence.


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