Updated March 6, 2026
The Central Ohio housing market is heading into spring with a little more breathing room than buyers have seen in recent years. Mortgage rates are still hovering around 6%, inventory is improving, and buyer activity is picking up even though affordability remains the elephant in the room. In plain English: this is no frenzy, but it is no dead market either. It is shaping up to be a steadier, more traditional spring market.
Nationally, housing is still moving forward, just at a slower and more measured pace. Cotality reported that U.S. home price growth slowed to 0.7% year over year in January 2026, down sharply from 3.5% at the start of 2025. Realtor.com’s February data also showed active listings up 7.9% from a year ago, new listings up 2.4%, and pending home sales up 4.2%, while the national median list price slipped 2.1%. That tells us the market is gaining inventory and becoming less overheated, even while prices remain far above pre-pandemic levels.
As of March 5, Freddie Mac’s weekly benchmark showed the average 30-year fixed mortgage at 6.00%, up from 5.98% the week before, while the 15-year fixed averaged 5.43%, down slightly from 5.44%. Daily trackers were a touch higher by Friday: Mortgage News Daily showed 6.14% for a 30-year fixed on March 6, and NerdWallet’s Ohio average showed a 30-year fixed APR of 6.05%, with a 15-year fixed APR at 5.50% and a 5-year ARM at 6.40%.
For Central Ohio borrowers shopping local lenders, BMI Federal Credit Union was advertising 5.875% for a 30-year fixed mortgage with a 6.007% APR and 5.250% for a 15-year fixed with a 5.468% APR. That is a good reminder that national averages are just that—averages. Real quotes still depend on credit score, down payment, loan type, points, and lender pricing.
The main reason rates ticked up this week is that mortgage pricing follows the bond market more than it follows the Fed headlines. Reuters reported that Treasury yields and inflation concerns were being pushed around by a mix of geopolitical tension, higher oil prices, and shifting expectations for Federal Reserve rate cuts. At the same time, Friday’s jobs report showed U.S. payrolls fell by 92,000 in February and the unemployment rate rose to 4.4%, which added fresh uncertainty to the rate outlook. In other words, the market still cannot decide whether weak growth or sticky inflation is the bigger problem, and mortgage rates are wobbling right along with that argument.
The Federal Reserve’s current target range remains 3.50% to 3.75%, unchanged at its January meeting. That matters because the Fed has not cut again yet, and markets are still trying to guess when the next move will come. Until inflation cools more convincingly or the economy weakens enough to force the Fed’s hand, mortgage rates are likely to stay in this high-5s to low-6s neighborhood instead of falling sharply.
The latest full Central Ohio local numbers available are for January 2026, and they show a market that is steady, not sleepy. Columbus REALTORS® reported 1,504 total home sales in January, essentially flat from 1,506 a year earlier. Total inventory rose to 4,164 homes, up 7.2% from 3,886 last year, while the median sales price reached $319,000 to $319,900 depending on report format, up roughly 6.3% to 6.7% year over year.
New listings in Central Ohio totaled 2,226 in January, up just 0.4% from a year ago. Pending sales came in at 2,152, up 5.5% year over year. That is an important combination: sellers are starting to bring more homes to market, and buyers are still stepping up and writing contracts. It suggests demand has not disappeared at all—it has simply become more payment-sensitive and more selective.
Homes are also taking longer to sell, which is another sign that the market is getting healthier and less frantic. Central Ohio median days on market rose to 48 days in January, up 11.6% from a year ago, and months of supply increased to 1.7 months. That is still a seller-leaning market, but buyers have more room to compare homes, negotiate terms, and avoid the old “blink and it’s gone” nonsense that defined the hottest years.
If you zoom in on Columbus proper, Redfin reported the city’s median sale price was $289,900 in January, up 7.4% year over year. However, the number of homes sold fell to 522 from 561 a year earlier, and average days on market rose to 64 from 62. That says prices are still climbing, but transaction volume is not exactly sprinting. Buyers are active, but they are choosier.
The rise in inventory and new listings is likely being driven by two simple realities. First, lower mortgage rates than early 2025 have coaxed some sellers and move-up buyers back off the fence. Second, the calendar is doing what the calendar always does: spring is coming, and people would still rather move when the grass is green than when Ohio is pretending to be the Arctic. Realtor.com’s February national data also showed inventory and new listings rising, especially in the Midwest, which fits what we are seeing locally.
The fact that pending sales rose faster than new listings in Central Ohio suggests buyers are responding to slightly better affordability and more choices. At the same time, closed sales stayed flat because closings lag contracts. Pending activity is your forward-looking signal; closed sales are the rearview mirror. Right now, the windshield looks a little busier than the mirror.
There are also two practical industry changes worth watching in Ohio. First, FinCEN’s new Residential Real Estate Rule took effect March 1, 2026. It requires reporting for certain non-financed residential transfers to legal entities or trusts, aimed at increasing transparency around money laundering risks in real estate. Second, Columbus REALTORS® and Ohio REALTORS® are reminding agents that Ohio’s new Fair Housing Disclosure requirement under HB 315 takes effect April 3, 2026, requiring sellers to sign a disclosure before a property is marketed or shown. Those are not small housekeeping items—they are real compliance issues.
For buyers, this market is better than the one they faced a couple years ago, but it is not exactly a clearance sale. More inventory means more choices and a bit more leverage, especially on homes that have been sitting. Well-priced, move-in-ready homes in strong Central Ohio school districts can still draw quick interest, but homes that are overpriced or dated are more likely to sit and negotiate. The smart move is to focus on monthly payment, not obsess over every daily rate twitch, and be ready to act when the right home shows up.
For sellers, the lesson is simple: price for today, not for your favorite memory of 2021. Inventory is rising, buyers have options, and homes are taking longer to sell. The sellers winning right now are the ones who prepare the property well, price it correctly from day one, and market it hard online. The ones who overshoot and “test the market” are usually just helping the neighbor’s house look like a bargain.
Next week brings two big pieces of data that could move both consumer sentiment and mortgage rates. NAR’s February Existing-Home Sales report is scheduled for Tuesday, March 10, and the February Consumer Price Index is due Wednesday, March 11. Existing-home sales will tell us whether lower rates in recent weeks actually translated into more closings, while CPI will matter because any upside inflation surprise could keep pressure on Treasury yields and mortgage rates.
For Central Ohio, the most likely near-term trend is more new listings, firmer spring demand, and continued price support in desirable neighborhoods. I would expect competition to pick up for clean, well-priced homes, but with fewer extreme bidding wars than we saw during the pandemic-era peak. That is a more balanced market—and frankly, a more sane one.
This week’s housing story is pretty straightforward: mortgage rates are still near 6%, inventory is improving, buyer activity is holding up, and Central Ohio remains one of the steadier markets in the Midwest. The market is not booming, but it is moving. Buyers have more opportunity than they did a year or two ago, and sellers can still do very well if they price and present their home properly. That is not flashy, but it is real life—and real life is what closes deals.