Relocation inspection demand is on the rise in Columbus, Ohio, as the region undergoes a shift in the real estate industry. The real estate market is constantly changing, and with more properties coming into the market because of high demand, more clients are requesting relocation inspections to avoid significant issues.

Agents and brokers with listings in the area who want to stay on top of their game must keep up with these current trends. Identifying shifts in the market will help keep your real estate business steady in a challenging economy and protect your clients from property pitfalls.

Relocation Inspections Are on the Rise and Changing the Narrative

Columbus is the capital of Ohio and the second-largest city in the Midwestern region, immediately behind Chicago. According to Realtor.com, it is one of the hottest real estate markets in the U.S. based on market activities and the number of days it takes to sell a house. Moreover, because of in-migration and relative affordability, demand for property in Columbus is increasing. Matching this progress is the growing call for relocation inspections.

Several factors make the Columbus real estate market appealing to investors. First, despite rising housing prices, the market remains “extremely affordable” compared to the national average for home listing costs. And second, Columbus’s real estate market is influenced by its economy. Major sectors of the economy include finance, education, and technology. If you are yet to enter these key market areas, think about doing so in the coming months.

Columbus’s Top Market Trends

1. Columbus Is Quickly Becoming the New Tech Hub

Columbus is rapidly becoming the Midwest emerging tech hub, where start-ups can get all the resources they need to build successful businesses.

According to Crunchbase data, venture capitalists have invested over $3 billion in the city over the last twenty years, primarily in start-ups in the healthcare and insurance industries. Investment in city start-ups began to rise in 2017 and surged in 2021. So far, in 2022, Columbus start-ups have received $110 million in funding.

Columbus has also piqued the interest of big companies, such as Facebook, Amazon, and, most recently, Intel, a manufacturing company offering world-changing technology to enhance the lives of everyone on the planet. This activity makes Columbus a new tech hub, giving real estate investors good investment opportunities.

2. A Hot Company Emerging

When Intel announced its plans to invest more than $20 billion in building two new leading-edge chip factories in Ohio to boost production to fulfill the demand for cutting-edge semiconductors, power a new generation of advanced Intel products, and satisfy foundry customers’ needs, many people regarded Columbus to be the new tech hub.

Intel plans to shape the future with computing and connectivity technologies, and the company’s establishment in the region is a significant economic development endeavor, generating up to 121,000 jobs directly and indirectly and including a 1,000-acre campus in Licking County, just outside of Columbus.

This development is attracting a growing number of people to the area in search of jobs and new experiences, generating steady growth in the Columbus, Ohio, housing market.

3. Robust Population Growth

Columbus’s historical population growth has been “sturdy,” with the metro area adding almost fifty new residents daily. The U.S. Census Bureau’s most recent study shows that Columbus’s population has increased by 15% in the last ten years. Central Ohio’s population is still expanding and makes up a growing portion of the state and country’s populations. According to reports from Roofstock, Columbus’s population is growing by 0.75% per year, while the median household income increased by 4.93% within the same time frame.

One of the important market indicators real estate investors look for is strong population growth because the more people there are, the greater the demand for houses in Columbus.

With the anticipated expansion, recent public and private and public initiatives have shown that Central Ohio should prioritize housing construction, create new transit solutions, and enhance development patterns to promote a better quality of life.

The Bottom Line

Columbus’s real estate market is constantly changing, and staying updated with the latest trends can be challenging. But keeping up with the latest developments means you’ll always be one step ahead.

With Columbus at the core—and as a driving force—of the region’s expansion, rehabilitation and community redevelopment are critical components of a prosperous future. It is crucial for towns throughout the region to collaborate to provide secure, decent, and inexpensive housing options and invest in transport to link neighborhoods with jobs and services.

Amid these changes, relocation inspections performed by a professional and experienced property assessment company, such as Home & Commercial Inspections LLC, give buyers and sellers security and peace of mind and keep your real estate business ahead of the curve, guaranteeing success in the Columbus, Ohio, real estate market