Columbus, OH housing market

More than a quarter of homes for sale in Columbus have already cut their price, and that one number tells you most of what you need to know about this market right now. The typical home here is worth about two hundred seventy-nine thousand dollars, up just under one percent over the past year, so values are basically flat. But the median asking price sits around three hundred eleven thousand dollars, roughly thirty-two thousand dollars above what homes are actually worth. Sellers are starting high, and the market is pushing back. Homes are taking about 37 days to sell, and with roughly one thousand five hundred sixty homes for sale plus about one thousand one hundred thirty new listings coming on, buyers have real choices and they are using them. About 27 percent of listings have already taken a cut, which is what happens when asking prices outrun value. For a homeowner thinking about selling, the message is simple. Price to the market from day one, because overpricing here means sitting for over a month and then cutting anyway.