Looking to sell your home in Cincinnati, Ohio?
Lately, the Cincinnati real estate market is one of the hottest in the country. However, it is best to familiarize yourself with current market trends first before making any selling decisions. Don’t worry, because we are here to help!
Read on to learn more about the Cincinnati real estate trends of 2021 and what we should look forward to in 2022.
Cincinnati Real Estate Trends 2021
Like most markets in the country, Cincinnati was also hit by the coronavirus pandemic. However, this year there have been signs of recovery.
For the 20th straight month, average home prices in Cincinnati are up. Real estate news from Forbes reports that Cincinnati is one of the three hottest real estate markets in Ohio, based on key performance indicators such as median prices, days on market, and sales-to-.list price ratio.
Due to low housing inventory and higher demand, 2021 started strong for the city’s real estate market. Sellers mostly benefited from this, with the help of low-interest rates.
Home values have also increased by about 18.5% in the last year and by 60.3% in the past five years. According to a report by Comey and Shepherd Realtors, the average sale price for Greater Cincinnati in June was $301,969. The median sale price for properties however, sits at around $240,000, increasing by 18.9% year over year.
Great variations in price could also be seen depending on the neighborhood. The most expensive neighborhood is Mount Lookout, with a median listing price of $492,000 while the most affordable neighborhood is East Price Hill with a median listing price of $126,500.
Spectrum News 1 reports that last June, listed homes in the Greater Cincinnati area were only on the market for an average of nine days, compared to the 23 day average this time last 2020.
According to the same report, this goes for a variety of listings, including entry-level and luxury homes, especially if they are ready for move-in.
Cincinnati Real Estate Market Forecast 2022
As there exists a limited supply of homes, Cincinnati remains to have a tight housing market, with an estimated 1.8 month supply of housing. This gives sellers an advantage during price negotiations. In the next 12 months, Zillow predicts that the median listing price might increase by 12.1%.
Due to the ongoing coronavirus pandemic, there is still some uncertainty as to whether inventory will stay the same. However, predictions are still positive that Cincinnati would stay as a seller’s market in the coming year because of a growing population along with the persistent imbalance in supply and demand.
This persistent imbalance has also resulted into what is called “buyer’s fatigue”. According to Bob Dorger, owner of The Dorger Difference, a Cincinnati-based real estate agency associated with Comey & Shepherd Realtors in his interview with Spectrum News 1, “We’re seeing a little bit of buyer fatigue right now. We have buyers who have tried to buy four, five, six houses and have lost out.”
As a result, Dorger says, some buyers are hitting pause on their search for a new home until early next year when inventory is expected to increase a bit, hyping up expectations that 2022 will be a strong year for the Cincinnati real estate market.
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