Today’s prices are above the peak housing market in 2005 when the average sale was $184,473 compared to the sales through June 2017 with an average sale price of $204,922. The data for average sale prices are compliments of the Multiple Listing Service of Greater Cincinnati for 2006 through the end of June.
Many buyers with high mortgages who purchased during the peak years still cannot afford to sell. However, if the Cincinnati real estate market continues to appreciate most sellers should find themselves in a better financial position.
Mortgage rates remain unbelievably low, the number of homes for sale is low and predictions about the economy down the road are mixed. All of these conditions point toward homes continuing to sell at slightly higher prices and the continued shortage of homes for sale to keep our real estate market busy for the next several months.