Columbus, Ohio Has 2.23 Million Residents and Barely 6,000 Homes for Sale

A metropolitan area of 2.23 million people should have a deeper housing market than what Columbus, Ohio is showing right now. According to Central Ohio MLS data cited by Barbara Gale of the Gale Group at Keller Williams Consultants Realty, only 6,098 listings are active across the entire Columbus metro, a figure that falls well short of the 10,000 to 15,000 listings Gale says would represent a more normal supply level. That gap between current inventory and historical norms defines the central tension in a market that cooled from its pandemic-era frenzy but never loosened up.

Gale has worked the Columbus and Dublin markets since the 1970s. She describes a market where buyer demand has softened, but supply remains too thin for prices to meaningfully decline.

A Correction That Didn’t Produce Enough Supply

From the COVID period through roughly early 2025, Columbus experienced the same bidding-war dynamics familiar to markets across the country, buyers paying $50,000 to $100,000 above asking price, low inventory, and intense competition. That intensity has faded. Rates have climbed into the high sixes and low sevens, and buyer demand has softened.

But the expected flood of new inventory hasn’t materialized. Total listings in central Ohio sit at roughly 8,600, with only about 6,100 of those active. For a metro of 2.23 million, those numbers create a structural tightness that persists even as individual buyers pull back.

Gale attributes much of the inventory lock to homeowners who refinanced or purchased at historically low rates during 2020 and 2021. Those owners have little financial incentive to sell and take on a new mortgage at current rates. Meanwhile, buyers entering the market now are balking at rates that, while historically average, feel high after a period of 2.5 to 3 percent financing. “The people that have the low interest rates that they got in 20 and 21, they’re not going to move,” Gale says.

Hesitancy Beyond Rates

The mood among buyers and sellers is cautious, and interest rates are only part of the explanation. Gale points to broader economic uncertainty, stock market volatility, and geopolitical tensions as factors weighing on sentiment. Real estate, in her experience, tends to track the stock market: when equities are up, housing follows, and the reverse holds too.

The result is a market caught between limited supply and dampened demand. Homes that are well-staged, well-priced, and in good condition still sell quickly, often at or above asking. Those that miss on any of those three factors sit. “There always has been and always will be three reasons the house doesn’t sell: price, location, and condition,” Gale says. “The price fixes all three every time.”

For sellers, the implication is direct: condition and pricing discipline matter more now than during the bidding-war years, when buyers competed aggressively enough to overlook shortcomings.

Where New Construction Is Reshaping the Landscape

One segment that continues to move is new construction, particularly in Dublin, where available land still allows outward development. Gale says buyers are gravitating toward newer homes when they can get them, which puts pressure on the resale market for older properties.

The dynamic plays out differently in Upper Arlington, a community south of Dublin that is landlocked; there is no undeveloped land left to build on. Instead of expanding outward, the market there is rebuilding in place. Developers are purchasing older homes, tearing them down, and constructing new ones on the same lots.

Gale describes a recent transaction that illustrates the scale of the price gap this creates: she sold a home in Upper Arlington that needed significant updating, had a two-car garage and a small lot – roughly 60 by 120 – for $600,000. The buyer, a builder, already has the property under contract to build a new home priced at $2.2 million on a street where surrounding values run closer to $700,000 or $800,000. The schools and the area’s reputation are driving the premium. “People think if you can live in Upper Arlington, you’ve arrived,” she says.

Because the community is landlocked, buyers who want to live there either accept existing housing stock or tear it down and build what they want. Gale expects the older homes will gradually give way to newer construction, with prices continuing to rise as that transition unfolds.

Opportunity in Older Neighborhoods

For investors looking at central Ohio, Gale points to older housing stock in established neighborhoods as the clearest opportunity. Upper Arlington is one target, but she also identifies Clintonville Beechwold, an area within Columbus city schools that draws interest because of its older homes with architectural character. Properties in these neighborhoods that need significant work are increasingly going to auction as demand from buyers willing to renovate pushes competition.

Columbus’s relative affordability compared to coastal markets remains a draw. Gale says buyers arriving from California, Colorado, and similar markets find they get significantly more square footage for the same money. She owns a one-bedroom condominium in New York – under 900 square feet – that cost over a million dollars, a sum that would buy substantially more space in Columbus.

The metro’s employer base reinforces the affordability advantage. Amazon, Google, and other major corporations have located offices in Columbus, and an Intel facility east of the city remains in development, though Gale notes it is currently on hold. That corporate presence supports steady job growth, which in turn supports housing demand even when transaction volume slows.

What Comes Next

Gale expects the market to remain slow as long as rates stay elevated and economic uncertainty persists. The structural inventory shortage, 6,000 active listings serving a metro of 2.23 million, keeps a floor under prices even as fewer transactions close. “That’s not a lot,” Gale says of the current supply level.

For buyers willing to act in a hesitant market, the trade-off is clear: competition is lighter than it was during the bidding-war years, but available inventory remains thin enough that well-priced homes in strong locations still move fast. The window is narrower than the mood suggests.

About the Expert: Barbara Gale is with the Gale Group at Keller Williams Consultants Realty, which has worked the Columbus and Dublin, Ohio markets since the 1970s.

This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.