2020 Median Home Prices for Greater Cincinnati
2020 Median Home Prices for Greater Cincinnati
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Median single-family home prices continue to rise.
The economists at NAR using data and applying the price change in the related metropolitan areas to every county, it seems that, compared to a year earlier, home prices continue to rise in 98 percent of counties.
The numbers for the median are literally “the middle“. So, when you look at Median vs List Price, it means exactly half of the homes listed are above this price and exactly half are below. For example, assume 5 homes for sale in your neighborhood priced- $175,000, $200,000, $250,000, $350,000, and $600,000.
The Median Price would be the one in the middle, or $250,000.
Median Price isn’t the same as the Average Price. Using the same home prices listed above, the average price would be $315,000 which is significantly higher than the median of $250,000. example).
Why are Median Prices important?
When selling or buying a home, one of the most useful tools associated with Median Listing Price is the trend. Downward price trends mean sellers are dropping their prices in response to a softening market. On the other hand, rising median price trends signal a “hot” market, and buyers need to act quickly if they want to buy a home.
The rise in Median Home Prices also is a reflection on how much harder (or easier) it might be for a new buyer to afford a home.
The median sale prices (according to data from the Multiple Listing Service of Greater Cincinnati) appreciated when comparing median home sale prices January 1st through September 15th comparing 2019 vs 2020.
| 2019 | 2020 | |
|---|---|---|
| Butler | $205,950 | $217,500 |
| Clermont | $207,000 | $222,500 |
| Hamilton | $174,000 | $193,000 |
| Warren | $264,950 | $289,950 |
The holiday season is just around the corner and home sales in greater Cincinnati don’t show any signs of cooling down.
