So let’s take a look at what’s happening in the greater Cincinnati area and how do these numbers affect the local real estate market? The number of active listings in the Multiple Listing Service of Greater Cincinnati for single-family homes is 3470. The median list price is $199,900 and the median sale price is $164,000.
Stats for single-family homes by zip code:
Active listings for the condo market is 420 units with a median list price $159,900 and a median sale price of $132,500.
Condo numbers by zip codes:
In some neighborhoods, it’s a seller’s market. We’re seeing homes and condos in “high demand” areas that are priced correctly can expect bidding wars and quick sales. Other areas are not experiencing the same buyer frenzy.
The initial “listing price” is critical. Safe to say if your home or condo are located in normal neighborhoods and have been for sale for more than a month – the starting price was too high. Slowly rising interest rates (still at a historic low) will limit buying power for marginal buyers. The Cincinnati real estate market needs more listings in all areas for prices for appreciation to continue.
Fears of a housing stall are hitting many parts of the country as buyers are putting house hunting on hold until more properties become available.
Call/Txt with questions or if you’re ready to list and sell.