Intro:

It’s the question everyone’s been asking since mortgage rates started jumping: “Are home prices finally going to fall?” Around Columbus, I hear it from first-time buyers, seasoned investors, even homeowners thinking about cashing out. The short answer? Prices aren’t “crashing” — but they are recalibrating. Let’s unpack what that really means for you.

1. Columbus Is Still Undersupplied

Even with higher interest rates, Central Ohio simply doesn’t have enough homes for sale. Between steady population growth, corporate relocations, and limited new construction, demand continues to outpace supply — especially in places like Powell, Dublin, and Westerville.

2. Price Growth Is Slowing, Not Reversing

Yes, bidding wars have cooled and list-to-sale ratios have normalized. But most markets aren’t seeing actual price declines — they’re just flattening. Sellers are adjusting expectations, and buyers are regaining negotiating power. That’s not a crash; that’s balance.

3. New Construction Creates Price Anchors

Builders like Pulte, Bob Webb, and 3 Pillar are still pricing new homes aggressively — which supports resale values nearby. As long as new builds hold firm (and they are), resale prices won’t collapse.

4. Affordability Is the Real Pressure Point

The wild card is affordability. If rates stay elevated, some buyers get priced out — leading to slower appreciation, not depreciation. The market’s cooling is a function of math, not panic.

5. Columbus Isn’t California (and That’s a Good Thing)

Markets that saw speculative booms — Phoenix, Austin, parts of Florida — are seeing sharper corrections. Columbus? Not so much. Our growth is grounded in jobs, universities, and stable migration patterns, not house-flipping mania.

CTA:

👉 Thinking of buying or selling in Columbus, Powell, or Dublin? Let’s talk through your timing — and what price trends really mean for your neighborhood.

[Contact Patrick Murphy, Realtor — Columbus, Powell & Dublin Expert]