2017 Housing Market Expectations

The National Association of Realtors released an infographic projecting expectations for the 2017 national housing market.  

Real estate infographic

According to NAR the sale of existing homes will only show small gains in 2017 because of rising interest rates and lack of consumer confidence.  While greater Cincinnati is still considered to have affordable housing -one look at the Multiple Listing Service of Greater Cincinnati shows a lack of homes for sale under the $200,000 price range.  In addition many potential younger buyers are steering clear of buying (for now) and are willing to pay higher rents in lieu of owning.

In the past the greater Cincinnati housing market has never been equal to national trends- we’ve missed the super high appreciation rates as well as losing entire communities to foreclosures.  Locally, the 2016 average sale prices increased by 5.6% from 2015 the median sale price increased by  6.4%.  The lack of homes for sale may have the opposite effect on local prices- discourage buyers could decide to wait and sellers hoping for bidding wars may be disappointed.  Time will tell.