Columbus housing market surges as demand outpaces supply attracting buyers from across the country

Columbus, Ohio, is experiencing a real estate boom, with home sales in Central Ohio surpassing national averages in both interest and online views. This was the central theme at the Columbus Metropolitan Club meeting, where industry experts discussed the dynamics driving this hot housing market.

Panelists included Josh Barkin from Mi Homes, John Malkai of the Building Industry Association of Central Ohio, and Buffie Patterson from the Columbus Realtors Board of Directors. They highlighted two major factors fueling the market: significant job growth and a critical supply shortage of available homes. Barkin noted that Columbus is attracting new residents, including Ohio State students who are choosing to stay in the area rather than move to larger cities like Chicago or New York.

Malkai emphasized the region's population growth, predicting that 89 people will move to Central Ohio daily over the next decade. He pointed out that while many counties in Ohio are losing residents, Central Ohio is thriving, which presents both opportunities and challenges for housing. The panelists agreed that managing this growth effectively is crucial for the community's future.

Patterson shared insights on changing demographics among homebuyers, noting that the average age of first-time buyers has risen to 38, up from 35 last year. Many buyers are coming from higher-cost areas, which can drive up local prices as their expectations differ from those of long-time residents.

The discussion underscored the importance of collaboration among builders, lenders, and community organizations to address housing affordability and ensure that the growing workforce has access to suitable living options. As Columbus continues to evolve, the panelists expressed optimism about the region's potential, with a strong belief that the demand for housing will persist into 2025 and beyond.