The average sale price for a single family home continues to climb during the greater Cincinnati real estate recovery.
A recent report from Housing View from S & P (Standard & Poors) highlights the current status of the national housing market. The graph below, S&P/ Case-Shiller National House Price Index and Existing Home Sales was produced from information from a variety of sources:
Taking a look at our local market with data from Multiple Listing Service of Greater Cincinnati:
Locally the best year was in 2015 when the average sale price was $186,306. The 2nd best year was 2005 with an average sale price of $184,473. This year (year-to-date) we’re on track to gain even more ground but won’t know for sure until the end of the year.
The 2nd take away is the local market is just now back (or slightly ahead) of 2005, so sellers assuming huge gains from inflation may not be happy with the actual sale price of homes. 2016 is shaping up to be another great year in real estate. Elections, interest rates and the lack of homes for sale will either slow the local real estate market or fuel more offers from frustrated buyers.