Authored by Dr. Lawrence Yun, Chief Economist and Senior Vice President of Research at the National Association of Realtors®, the report covers a wide range of topics affecting the current and future real estate market. In general, the local Cincinnati real estate is in sync with national trends.
(All the charts and information cover sales of single family homes)
The median sale price for a single family home in greater Cincinnati for 2016 through the end October is $158,000 and the average sale price is $196,789 slightly lower when compared to the national trend shown below.
In 2016 through the end of October data from the Multiple Listing Service of Greater Cincinnati shows 18,770 existing homes closed and 805 newly constructed homes closed. The comparison to the data below is skewed because many newly build homes do not appear in the MLS.
Personally the numbers that catch my eye cover the falling rates of home ownership and while the national stats are a bit depressing- our MLS has no way to track -so we really don’t know if we’re better off or not.
Obviously the real estate boom/bust took its’ toll on people wanting to own a home but the next chart may be the best indication of the future of real estate -or at least an indicator that something in the housing market will have to change in order to attract younger buyers.
What do you think?