Cincinnati Real Estate Market Update - June 2023
I’ve never been as popular with my peers as in July. Constantly, I’m asked how the market is performing.
“Are we in a bubble?” “Are prices still rising?” “Are buyers still buying?”
The Cincinnati real estate continues to twist and turn on a nearly weekly basis, with the overall theme still being "overall growth." After putting off moving for the last 3-4 years due to low-interest rates and challenging supply, we are finally starting to see move-up buyers entertaining the idea of transitioning to a new home even with the higher rates in place.
As a result, we are seeing increased demand but with a low "shadow" supply of homes. In other words, plenty of buyers also have a home to sell, but none are willing to sell before they buy first. This has been creating a bit of a gridlock.
Inventory is at an all-time low as sellers hold their homes off the market until they find their next home to purchase. A large portion of the market, therefore, is comprised of investors renovating homes or becoming landlords.
THE GOOD NEWS:
The increased demand coupled with the decrease in homes available is pushing us into a strong Seller's Market, with most homes selling in less than 2 weeks on average.
As I remind my clients regularly, homes are not just a financial asset, but also serve a purpose in how we live. At TREO, we want to help you to live your best life in the most fiscally responsible way possible.
AVERAGE LIST PRICE - $370,287
Median List Price rose 20% compared to Spring of '22, likely due to the increased supply of new construction homes listed for sale.
AVERAGE SOLD PRICE - $351,572
Median Sold Price rose 11% compared to Spring of '22
As a result, the supply of homes in secondary markets remains at an all-time low.
HOMES SOLD - 279
The number of Homes Sold is down 20% compared to March of '22 but shot up drastically compared to February of this year by 40%, indicating the surge of owner occupants re-entering the market.
HOMES AVAILABLE - 294
Number of of Homes Available for sale is down 17% compared to Spring of '22.
Information is assumed to be correct to the best of our abilities as of June 12th 2023 and is courtesy of NAR. Read their Q1 report for further details here.
There may never be a perfect time to buy or sell a home, but it's always the perfect time to reach out to us at TREO to see how we can help!
