Yes, until he leaves office.
Interestingly, the new Congress will be sworn in on 2 January, and Obama will not leave office until 20 January, so the House in the 113th Congress could, as its first act impeach him and send the matter to trial in the Senate with 18 days to remove him from office early.
(The resulting Biden administration would be very short-lived.)
Wow now that is interesting! I did not know that!