Of the 3428 single family homes for sale in the 4 county area, 610 are advertised as new construction in the Cincy MLS. The new construction comprises about 18% of the available inventory but the average list price for newly built (or to be built) is significantly higher than the average list price. $327,429 for existing homes versus $502,547 for new construction. New areas are breaking ground to meet the continuing demand for new homes.
During the last 6 months 494 newly constructed homes were purchased/closed with an average sale price of $378,648 versus an average sale price on resales of $189,308. The percentage of new homes sold was only about 6% of the total number sold but the dollar volume made up approximately 12.6% or $187,052,086. In addition to fuel sales, the good news is that builders are not just concentrating on one or two areas-the new construction is spread out through all four counties and available in many price ranges.
According to CoreLogic the trend is not happening everywhere. happening across the country but for those of us from Cincinnati we were especially spoiled when we had spec homes available throughout the area. Hopefully as the new construction trend continues more established neighborhoods will find ways to incorporate both new and existing housing stock to meet demand.
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