Median Prices for Cincinnati Homes
Median Prices for Cincinnati Homes
Median prices for Cincinnati Real estate are rising according to the latest report issued by the National Assocication of Realtors.
The economists at NAR using data and applying the price change in the related metropolitan areas to every county, it seems that, compared to a year earlier, home prices continue to rise in 98 percent of counties.
It’s important to understand that estimated median values listed below are not the same dollar value as “median sale price”.
Quite literally, median means “in the middle“. So, when you look at Meidan vs List Price, it means exactly half of homes listed are above this price and exactly half are below. For example, assume 5 homes for sale in your neighborhood priced- $175,000, $200,000, $250,000, $350,000, and $600,000.
The Median Price would be the one in the middle, or $250,000.
Median Price isn’t the same as Average Price. Using the same home prices listed above, the average price would be $315,000 which is significantly higher than the median of $250,000. example).
Why are Median Prices important?
When selling or buying a home, the most useful information associated with Median Listing Price is the trending. Downward price trends mean sellers are dropping their prices in response to a softening market. On the other hand, rising median price trends signal a “hot” market and buyers need to act quickly if they want to buy a home.
The median sale prices for Cincinnati homes isn’t always the same as median values as sellers in all the counties but Warren is experiencing.
The median sale prices (according to data from the Multiple Listing Service of Greater Cincinnati) appreciated when comparing median home sale prices for the 1st quarter of 2016 vs 2017.
Overall, single family home sale prices in Greater Cincinnati continue to show appreciating prices through the 1st quarter of 2017. It’s hard to believe that stores are advertising back-to-school sales before the middle of July. The local real estate market remains very busy but the demand for higher priced resale homes is showing signs of softening.
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