Westerville Ohio Real Estate: How’s It Going In 2024?

The real estate market is ever-changing, but we as local real estate professionals have always made it our business to understand the national market and how it compares with our own local market here in Westerville, Ohio. So, how are things going with Westerville Ohio real estate market here in 2024? We’ll answer this question and many more below.

The State of the National Real Estate Market

Before we can truly understand what’s going on here at home in Westerville, it’s important to discuss the current health of the national real estate market and defining characteristics.

According to the National Association of Realtors, the market is currently categorized by high demand and low inventory, which has created a seller’s market. The median home price is currently $384,500, but we expect to see growth here since the demand for housing remains high and poised to grow due to population increases and job growth.

The Westerville Ohio Real Estate Market

Westerville, as an in-demand suburb outside of the major hub of Columbus, has always been an area where real estate thrives. That’s been more and more the case as we head into 2024 due to a variety of factors. Let’s break down what makes Westerville one of the strongest real estate markets in the country.

Strong Economy

As a suburb that’s only a stone’s throw from the City of Columbus, commuters flock to Westerville to enjoy their suburban slice of paradise, but that’s not the only demographic occupying Westerville.

Local business owners also make up a vast majority of the locale’s residents, and so the area is laden with small, local businesses that breathe life into the economy. No matter what industry you work in, there are many great employers located right in Westerville proper.

Westerville Ohio Real Estate – Location, Location, Location

Inventory remains at a low, making Westerville a seller’s market at this time, but that’s because the location is, in a word, perfect. Suburbanites like the natural beauty and quaint charm of the area, while those who prefer the conveniences of urban life are only a short distance from one of the biggest and best cities in the United States.

As such, the current median home value in Westerville is $400,000, slightly higher than the national average and growing steadily year over year. Considering how Westerville is among the best locations you can find anywhere in the country, property values are surprisingly affordable, making it perfect for future homeowners and real estate investors alike.

Looking Ahead: Where is Westerville Headed in 2025?

It’s relatively early in the year, making it more challenging to truly predict what we’ll be looking at this time next year, but the growth has been undeniable and, given the state of the local and national markets, we would be shocked if we didn’t see the Westerville Ohio real estate market continue to grow in 2025.

Home prices are on the rise, but inventory is still low and demand is high. Today, the average time a house spends on the market is 11 days, and 63% are being sold over asking price thanks to the seller’s market.

The market is competitive, but it’s still a great time to buy. If you’re looking for your dream home or your next lucrative investment, contact us today. Let us help you get what you’re looking for!