Normally reports covering home sales in greater Cincinnati focus on number of homes sold and the average sale price. And based on the time of year the month-to-month sales prices can bounce up and down often leading consumers to the wrong conclusion. Overall the median sale prices continue to increase at a modest pace (which is the norm for Cincinnati).
The chart below uses 2005 as a reference point to help both buyers and sellers understand that while prices have increased, we have just gotten back to the highs the housing market enjoyed prior the housing crash. The data on single family homes for the 4 counties was pulled from the Multiple Listing Service of Greater Cincinnati.
Comparing 2005 to 2015 the median sale prices in:
Comparing 2011 to 2015 the median sale prices in:
And comparing median prices from 2014 to 2015:
Predicting which way the real estate market is heading isn’t easy. Right now “economic indicators” and “housing specialists” are predicting good things for 2016. An article from Harvard Division of Continuing Education explains the housing cycle and according the information we should have several more years of stability in the real estate market. Presidential election years seem to have a funny effect on buyers and sellers -so it will be interesting to monitor listings and sales.
If you’re considering selling and need more information before making a decision I can help. Call/Txt