How did the 2022 Cincinnati Real Estate Market Compare to 2021?
2022 was quite the year for real estate! After several years of a red-hot housing market, we finally began to see a slowdown in the last half of the year caused by a lack of inventory, a rise in interest rates, and some uncertainty about the current economy. This is poised to be another growth year for real estate!
CINCINNATI MARKET STATISTICS
The number of homes sold in 2022 dropped over 12% compared to the previous year. But due to a strong spring market, the average sales price in Greater Cincinnati still increased by over 7%. As a result, the average home sold after two weeks on the market at just over the asking price, similar to back in 2021.
Even with record-low inventory, life still moves on. Work relocations occur, and families grow, shrink & change, causing movement in the housing market. Buyers who put off house hunting in the second half of 2022 are already gearing up to find the perfect home in 2023.
NOW remains a fantastic time to sell.
If you're considering buying a home, rest assured that even though it's still a seller's market, fantastic new options will hit the market as the weather warms up. Buyers will also likely be able to return to writing safer offers, which include a home inspection, appraisal, and other contingencies to ensure no big surprises after closing.
“TREO was blessed this year with an increase in sales of over 14%! I could not be more proud of what this group has accomplished. Our team continues to evolve and grow in all areas of real estate, including residential, commercial, investment, property management, and leasing. So if you're looking to make a move in 2023, TREO Realtors is your key!“
BRETT KEPPLER - BROKER/OWNER/REALTOR