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How’s the Cincinnati Market?
The Cincinnati market is thriving regardless of what the rest of the nation is doing. Cincinnati had a very strong week last week. The Greater Cincinnati Market update below shows New listings, Under Contract, Showings and Total Closings all increased over the previous week.
The market’s going to do what the market’s going to do. There is always someone who needs to buy or sell regardless of what the market is doing.
Headed for Another Market Crash?
I was asked last week if I think the market will crash. I do not. We have a very different scenario than in 2008. Lending practices have changed, we have a shortage of inventory this time and many buyers looking to buy. Prices continue to rise here in Cincinnati because of the shortage of inventory.
If you look hard enough you can find housing predictions with bad outlooks and vice a versa. These are typically national and have nothing to do with what’s going on locally. Real Estate is local and every market is different, even within the Cincinnati market each neighborhood can be different.
Affordability in Cincinnati
How’s the Cincinnati Market? It’s been thriving since before COVID and continues to be one of the best markets to do real estate in because of our affordability against the rest of the nation.
Are you seeing more out state plates like I am? I am betting they are here to look for affordable housing. The midwest is more affordable than the rest of the country according to the Housing Affordability Index. The median price of an existing single family home in the midwest is $275,800. While the NorthEast median price is $399,500, South median price is $354,100 and the West median price is $575,300.
While some in the Cincinnati Market feel we are no longer affordable, we are actually one of the most affordable in all of Ohio. Cincinnati real estate market has remained stable over the last decade and home values have appreciated by 4.6% over the past year, which is in line with the national average. The forecast for the remainder of 2023 and for 2024 remains positive and expected to continue it’s upward trajectory along with the interest rates forecasted to start trending down again possibly as soon as this summer. The best time to buy and sell? As soon as you are ready!
