The National Association of Realtors released an infographic detailing the 2015 national housing market. But real estate is local and greater Cincinnati is still suffering from a severe shortfall in the number of homes and condos for sale. And while mortgage rates continue to remain low-only buyers with good credit ratings reap the benefits while some borrowers still struggle to meet to get a loan. Renters, with good credit, are finally beginning to weigh the cost effectiveness of renting vs owning as the cost of rentals jumps.
The greater Cincinnati housing market has never been equal to national trends- we’ve missed the super high appreciation rates as well as losing entire communities to foreclosures. Locally, the average sale prices increased by 6.67% from 2013 the median list price increased 5.58%. If I were a betting person I’d put my money on 5.8% to 6.5%-appreciation for 2015. (Assuming more people list their properties -so we have some inventory to sell)
What are your thoughts about the 2015 housing market?