Nationally and locally we’ve seen the average sale price for single-family homes escalating. The 4 county area (Butler, Clermont, Hamilton, and Warren) experience month over month increases as the number of homes for sale dwindles. In the chart below the blue columns cover the 4 county area. The red columns encompass the entire Cincy MLS.
Using the data from The Multiple Listing Service of Greater Cincinnati for the 4 counties, the median price rose +6.5% from 2016 to 2017 compared to +5.75 for the whole MLS. From 2017 to July 15,2018 median prices in the 4 counties rose +6.7% versus a hefty +7.2% for the MLS.
The median sale price of the single-family home highlights price rises for the home right in the center of things. An equal number of home sales above and below. When the median sale prices rise faster than the average sale prices it gets harder for new buyers to break into the housing market. Not the end of the world but something to think about if you are waiting for the real estate market to cool. The next cooling point may have an even higher price point.