Twelve years ago local Cincinnati home sales were hot during the month of November. Move forward 5 years, the number of single-family homes sold was down but sale prices were just starting to dive. Another 5 years and the numbers for November 2012 were dismal- down in price and numbers sold.
Compared to 5 years ago November 2017 is a winner for home values. Prices are higher and more homes are selling.
The number of single-family homes sold in November 2002 versus 2017 increased by 14% (Data sources: Multiple Listing Service of Greater Cincinnati)
And after several horrible years, the average sale prices are climbing. The average price for November 2017 versus 2002 increased by 22%. Adjusted for inflation the gain isn’t quite that much – so don’t expect a 22% return on your investment.
Buyers and sellers waiting for the market to improve may be sticking a finger in their eyes. Local real
estate home values vary up and down all the time. It’s hard to predict interest rates, the supply
of homes and economic conditions in the future. The average sale price during November
increased 26% compared to 2012. However, if you look at the increase in average sale price
compared to November 2005 prices are up 11.5%.
Locally home sales have remained steady. Cincinnati’s economy is stable and doesn’t depend on just one industry for jobs. But greater Cincinnati is suffering from the same fate as other areas around the country- too few homes for sale and not enough affordable housing in the pipeline to satisfy buyers.