Our goal here is to help you navigate the market here and learn a bit about Columbus in the process. Columbus, Ohio is a thriving city in the heart of the Midwest that’s known for its friendly people, vibrant culture, and affordable cost of living. Whether you’re a homebuyer looking for your dream home or a real estate investor seeking profitable opportunities, Columbus offers a wide range of options to suit your needs.
Columbus Real Estate Market Overview
The Columbus real estate market has been experiencing steady growth over the past few years, thanks to a combination of factors like a robust local economy, a growing population, and low housing inventory. Previous Mayor Michael Coleman really set the city up for growth. Amazon, Intel, and other large companies are buying up land in the area. According to Zillow, the median home value in Columbus is currently $210,000, which is up 10.3% from the previous year.
The market is currently experiencing a shortage of available homes for sale, which has resulted in multiple offer situations and bidding wars. This trend is expected to continue in the near future, as more people move to Columbus for its job opportunities, quality of life, and affordability.
Top Neighborhoods in Columbus
Columbus has a variety of neighborhoods to choose from, each with its own unique character and amenities. Here are a few of the top neighborhoods to consider (including my personal favorites):
- Short North: Located just north of downtown Columbus, Short North is a trendy and vibrant neighborhood known for its art galleries, restaurants, and nightlife. It’s a popular choice for young professionals and creatives who value walkability and a sense of community. High Street is the place to be on weekends.
- German Village: Situated just south of downtown Columbus, German Village is a historic neighborhood with beautiful brick homes, tree-lined streets, and quaint shops and cafes. It’s a popular choice for those who appreciate architecture and a strong sense of community.
- Grandview Heights: Located just west of downtown Columbus, Grandview Heights is a charming neighborhood with a mix of historic and new homes, as well as a variety of restaurants, shops, and parks. It’s a popular choice for families and those who value a strong sense of community.
Real Estate Investment Opportunities in Columbus
Columbus also offers a variety of real estate investment opportunities, from single-family homes to multi-family properties and commercial real estate. According to data from Mashvisor, the average rental income for a Columbus property is $1,300 per month, with an average cap rate of 6%.
Some of the top neighborhoods for real estate investors include Franklinton, Olde Town East, and Milo-Grogan, which offer a mix of affordable properties and growing rental demand.
Tips for Homebuyers in Columbus
If you’re looking to purchase a home in Columbus, there are a few things to keep in mind. Here are some tips to help you navigate the process:
- Get pre-approved for a mortgage before you start house hunting. This will give you a better idea of how much you can afford and help you make a competitive offer when you find the right property. Remember, generally speaking, you shouldn’t spend more than 30% of your income on housing.
- Consider working with a local real estate agent who knows the market and can help you find properties that meet your needs. Don’t have one? Contact us so we can help you.
- Be prepared for a competitive market. With low housing inventory, you may need to act quickly and be flexible with your offer terms to secure the property you want.
- Consider location carefully. Columbus has a variety of neighborhoods to choose from, each with its own pros and cons. Think about factors like commute time, school districts, and nearby amenities when choosing a location. Bexley, New Albany, and Dublin have great schools, but high property taxes to go with them. There are also some great private schools, like Columbus School for Girls. Linden and Hilltop are high crime rate areas.
Columbus, Ohio is a fantastic place to call home or invest in real estate. With a growing economy, diverse neighborhoods, and affordable cost of living, it’s no wonder that more people are flocking to Columbus every year. Whether you’re looking to buy a home or invest in real estate, Columbus has something to offer everyone. If you’re moving here, leave a comment to let us know why you’re moving here.