The latest study shows which month is best for potential Cincinnati homebuyers.
According to an article in NerdWallet using data pulled from Realtor.com, January is the cheapest month to buy a house in Greater Cincinnati as prices drop 12 percent from their median summer price. That means homebuyers who wait until the winter can see an average savings of more than $19,000.
A quick look at median sale prices for single family homes in January, 2015 $122,000 versus June, 2015 $160,000 and January, 2016 $128,472 and June, $171,777 reflects a much larger savings for buyers in greater Cincinnati.
Nerdwallet reports the national median sale price is 8.45 percent lower in the winter than the summer. List prices remain steady and don’t drop dramatically once summer ends but do drop through fall and into winter. In part the national study felt that higher summer demand was due to demand from parents hoping to move in the summer rather than the middle of the school year so their children can remain in their current schools. It would be interesting if data was available with details on Cincinnati buyers. It seems that many local moves are within the same school districts or within 5 -7 miles of current address.
Looking to buy or sell? The Nerdwallet report provides some thing to think about.