The Cincinnati real estate market is abuzz with excitement, as the area is one of the most in-demand locations in the country. Both home sales and volumes has risen this year, as much as 10% year-over-year, in fact, while the number of homes for sale has dropped even further.
What does this meal for Cincinnati real estate in 2022? Keep on reading to find out!
Real Estate News on Cincinnati, OH
So many prospective buyers are trying to get their hands on a piece of Cincinnati real estate, with homes staying only 5 days on the market before being snatched up by an eager buyer.
Because of the increased demand in Cincinnati real estate, the rentals have become more popular than ever, with nearly 60% of residents renting instead of purchasing houses.
Conveniently located along the iconic Ohio River, the Cincinnati metropolitan spreads across three states and is the largest city in Ohio. It is also recognized as having the fastest growing economy in the Midwest. It is predicted that by 2028, the Cincinnati workforce will grow by more than 6%.
Cincinnati, OH Real Estate Trends for 2022
As mentioned earlier, Cincinnati is one of the top three most popular cities in Ohio to move to. This rising popularity, as well as factors like a growing job market and strong economy, has increased the value of real estate in the city. In fact, 25% of the prospective buyers are from out of state, drawn to the Queen City in the West because of its affordability and quality of life.
Apart from being an idyllic place to live, Cincinnati has many major thoroughfares and highways, making it easy for residents to get to and from places.
Major interstate routes through Cincinnati include I-71, I-74, and I-75 connecting the metro area to Louisville, Indianapolis, and Columbus. Cincinnati is also home to the Cincinnati/Northern Kentucky International Airport (CVG) which services almost 9 million passengers annually.
According to the Zillow Home Value Index, in November 2021, an average Cincinnati home was around $215,291. This is a 17% increase as compared to 2020. More impressive than that, Cincinnati home values’ have increased by a total of 70.6% in the last five years alone.
In 2022, the median sales price of a Cincinnati home grew to $240,000. This is an 11.6% increase year-over-year.
Apart from being a strong renters’ market, Cincinnati is also a strong sellers’ market, with more people interested in purchasing a home vs. ones selling a home. This allows sellers to command high prices for their homes and to negotiate with prospective buyers for an even higher price. It is typical for a Cincinnati home to receive multiple owners in the same period of time and can sell for as much as 3% over its asking rate.
Need More Info?
If you’re looking to sell your home quickly while the real estate market is strong, you should consider selling to a cash home buyer in Cincinnati, Ohio. Who has the time to sell your property the old-fashioned way when you’re busy wading through the difficult emotions after a loved one has passed? We understand the urgency, and we’re here to help.
Sell your house to professional home buyers like us here at Offer Express. We buy houses in Cincinnati, Ohio, and we’ll act as your personal guide during your home selling process. We can provide you with the best price for your home while still ensuring a quick close so you can liquidate your inherited property ASAP. If you don’t want to worry about the hassle 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!