Median Prices for Single-Family Homes in Cincinnati
Median Prices for Single-Family Homes in Cincinnati
Data: Multiple Listing Service of Greater Cincinnati 2020 YTD through July 31, 2020
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Climbing median sale prices in greater Cincinnati signals a strong real estate market.
Single-family home sales in Butler, Clermont, Hamilton and Warren Counties recovered from the recession and continue to improve.
Data: Multiple Listing Service of Greater Cincinnati 2020 YTD through July 31, 2020
What’s the Median Price?
The median price is the exact middle point for real estate prices. It’s not the same as the average price. The median price is the price in the very middle of a data set, with exactly half of the houses priced for less and half-priced for more. It’s important to know the median as well as the average sale price for your area. The sale of a few high priced homes can skew what is really happening in your market.
According to the National Association of Realtors, the national median existing single-family home price in the second quarter of 2020 was $291,300. On a year-over-year basis, this is a 4.2% climb, however, it is still a slower pace of appreciation compared to the pre-pandemic rate of 7.7% in the first quarter. Read the report.
Our friends at Zillow’s report also produced a report on Cincinnati Home Prices and Values. Most of the published numbers are lower than the chart above because I only looked at the 4 counties in our area. Most outside reports cover the entire Cincinnati MLS which covers an extended area.
Sellers getting ready to list need to ask about median as well as average prices for their neighborhood. Having all the information makes pricing easier than the “my house is better than that one” approach often used in a seller’s market.
