Various industry experts have declared the Cincinnati real estate market to be one of the hottest in the country, with homes staying on the market for roughly 5 days before going under contract. Surprisingly, even in light of the pandemic, demand for real estate in Cincinnati is on the rise, although inventory of properties for sale remains low.
Demand continues to climb, inventory remains tight, and house selling prices are steadily increasing, so 2022 looks to be another strong year for the Cincinnati real estate market. Although we are still living in unprecedented times, the Cincinnati real estate trends for Q2 of 2022 remain promising.
However, there is a downside to this favorable seller’s market–the housing market will be more cutthroat, making it harder for interested home buyers to purchase a property in their desired location.
If you’re wondering how competitive the real estate market is in Cincinnati, OH, you’re on the right page. Get the latest information on market conditions, price range, real estate trends, and more. Read on to find out the most recent real estate news in Cincinnati, OH for June 2022.
Cincinnati, OH Real Estate Trends for June 2022
For the first time in three years, thirty-year mortgage rates are approaching 4% nationally, up from 2.5 percent in late 2020. This can increase the average monthly cost by almost $200. Furthermore, property prices in the Cincinnati area have increased by about 14% in the last year, making homes even less affordable for many.
However, surging rates and home prices have left a lot of buyers in Cincinnati feeling a sense of sudden urgency, having lost out on several homes the past few months. Inventory will continue to be low, so buyers should expect rising home prices in the coming months or years.
The high demand for property in Cincinnati is likely one of the reasons why the city is increasingly becoming a renter’s market, with roughly 60% of residents renting rather than owning.
According to Redfin, home prices in Cincinnati increased 14.3% year over year, with homes in the area having a median price of $240,000. Homes in Cincinnati sell on average after 38 days on the market, down from 44 days last year. In April of this year, 787 residences were sold, up from 753 the previous month.
Reports from Realtor indicate that in April 2022, the median listed house price in Cincinnati, OH was $229,000, up 5% year over year. The average listed property cost $146 per square foot. Cincinnati also has quite a number of affordable apartments which interested clients can browse freely on their website.
If these real estate trends in Cincinnati sound like good news to you, it might be time to sell your extra property. Convinced to make a move by these real estate trends? You’re in luck, because we’re ready to lend a hand here at Offer Express. If you want to sell your Cincinnati, OH home, look no further. Here at Offer Express, we buy houses regardless of the condition. We are professional home buyers interested in all kinds of properties.
Need More Info?
Sell your house to professional home buyers like us here at Offer Express. We buy houses in Cincinnati, Ohio, and you can expect that we will act as your personal guide during the entire home selling process. We can provide you with the best price for your home while still ensuring a quick close so you can sell your property immediately. If you don’t want to go through the laborious task of listing your home and working with a real estate agent, just sell your home to us! We’ll take care of the rest.
Our home-buying process does not involve getting pre-qualified by a mortgage bank in order to obtain a home loan or listing the property on the MLS or any other listing platform. The reason our team at Offer Express is able to purchase properties very quickly is because we use our own money, which means the sale is more secure and we can close faster than traditional buyers. Get in touch with us here (614) 820-5777 and sell your home fast for cash today!