More Homes, Less Hurry: What May 2025 Means for Buyers and Sellers
A Rebalancing Market
The Central Ohio housing market is showing signs of something we haven’t seen much of in recent years: balance. Fueled by a notable increase in inventory and a less frenzied pace from buyers, May 2025 delivered a calmer, more sustainable rhythm across the region. It’s not a buyer's market, but it's no longer a feeding frenzy either—and that means more breathing room on both sides of the transaction.
This local trend comes as the national market continues to face headwinds, from elevated mortgage rates to economic uncertainty. Let’s take a look at what’s happening locally and how it fits into the bigger picture.
Central Ohio Market Highlights
According to the latest data from Columbus REALTORS®:
Inventory rose to 4,828 homes in May, a 10% increase from April and up 36% year over year.
Days on market increased to 28, up from 22 days a year ago (+27%).
Median sales price increased 1.7% to $335,500.
Closed sales totaled 2,835, essentially flat from last May (-0.1%).
Homes under contract hit 3,192, up 0.4% year over year.
Homes are selling at asking price, on average.
"The home seller is the story of the summer so far," said Columbus REALTORS® President Buffie Patterson. "Our inventory growth has given buyers more choices, but we’re seeing buyers move at a more traditional pace."
National Market Overview
On the national level, the housing market is lagging behind Central Ohio’s resilience. According to NAR and HousingWire:
Existing-home sales fell to an annualized rate of 4.03 million in May—the slowest May since 2009.
Unsold inventory jumped 20.3% year over year to 1.54 million listings.
Months of supply nationally rose to 4.6, nearing a balanced market.
Despite the rise in listings, many buyers are hesitant due to economic uncertainty and elevated rates.
One reason for the soft spring? Mortgage rates.
Following the announcement of a global tariff regime in April, rates popped back up to 7%, further dampening buyer enthusiasm.
What to Watch: Interest Rates and the Fed
There may be some relief in sight. Federal Reserve Vice Chair Michelle Bowman recently voiced support for a potential rate cut as soon as July.
“Should inflation pressures remain contained, I would support lowering the policy rate as soon as our next meeting in order to bring it closer to its neutral setting and to sustain a healthy labor market,” she said in a speech this month.
If cuts materialize, that could bring renewed activity to the housing market by late summer or fall—but few expect rates to return to pre-2022 levels.
What Buyers and Sellers Should Know
For Buyers:
More listings = more options
Sellers are increasingly open to negotiation
Rates are high, but waiting might mean missing out on today’s available inventory
For Sellers:
Buyers are slower to act, so pricing and presentation matter more
Well-marketed homes in desirable neighborhoods are still moving quickly
We’re not in the high-stakes bidding wars of 2021, but you still hold the upper hand
Conclusion: A Market in Motion
May 2025 has proven to be a transitional moment for Central Ohio real estate. Inventory growth is giving buyers long-needed choice, and sellers are coming to market with confidence. We’re still in a seller’s market by definition, but the playing field is starting to even out.
Whether you're looking to buy or sell, this is a market full of opportunity—especially for those who act strategically and stay informed.
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