Have prices for single family homes in greater Cincinnati begun to thaw as spring begins to take hold?
Anxious sellers and potential sellers quote newspaper articles and media coverage about the rising prices for home sales. And they’re right -prices are inching up…..but we’re not out of the hole just yet.
According to the Multiple Listing Service of Greater Cincinnati single family home sales are slowing climbing back up from the height of the market (2005-2007 time frame). The median sale prices for the four counties around Cincinnati comparing 2002 to 2012 reflect decreases ranging from 4% up to 11%. Taking one step further the median price decline comparing 2006 to 2012 ranges from 11%- 19%. It’s easy to misunderstand all the information being thrown at us about the state of real estate. Reviewing local prices seems to be the best way to understand exactly how much home owners have gained or lost.
(The median sales price for 2013 is shown-but it’s too early to predict how much ground will be gained this year.)
Comparing 2006 to 2012 -median sales prices dropped 19% in Butler County, 15% in Clermont, 11% in Hamilton and 17% in Warren County. In 2012 52 homes for $1,000,000 + in Hamilton County. Butler County and Clermont County recorded 1 sale each at $1,00,000 + and 5 homes $1,000,000 in Warren County. This is a broad brush look at the local real estate market and the numbers for your area may be higher or lower than the median for your county.
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