A quick look at 2016 Cincinnati real estate trends points to a shrinking number of single family homes for sale and slightly higher average sales price compared to 2015. The average sale price in 2015 was $186,262 versus $196,261 in 2916
Early January showings and open houses have been very active. However, while the lack of properties for sale may help the sale of homes already listed- overpriced homes and will just continue to sit.
Year end numbers covering single family home sales volume for the 4 counties. Data pulled from the CincyMLS.
All 4 counties ended the year on high note with higher dollar sales volume in 2016 versus 2015. And lucky sellers experienced higher average sale prices during 2016. Not a bad ending for a good year in greater Cincinnati real estate.[table “” not found /]
While January has gotten off to a great start we can expect a few snowfalls to slow some buyers and sellers down. The watchdogs are warning of higher interest rates, more stringent credit requirements and the lack of homes for sale affecting the 2017 real estate market. Personally I feel the lack of homes for sale was and will continue to be the biggest hurdle during the next 12 months.