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Cincinnati is following national trends of surging luxury home sales during Covid.

In the Cincinnati, real estate market closing on single-family homes is up about 1% from the same timeframe in 2019 (01/01/19 to 10/31/19 vs 01/01/20 to 10/31/20).  Total MLS single-family homes 19,568 in 2019 vs 19,748 in 2020.

Locally, luxury homes priced at $500,000 and up increased by +15.5% over last year.

And according to Multiple Listing of Greater Cincinnati sales/closings of single-family homes priced $500,000 and up soared in all 4 counties.

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COVID demands on space inside homes seem to be fueling higher-priced sales.  Normally homes with pools are not a hot ticket item in winter but with a 6 month to 1-year wait for a pool installation- buyers are snapping up properties with in-ground pools.  

However, don’t confuse the fast-selling market as an opportunity to overprice your property.  In the 4 county area according to the Cincy MLS, the days on market for single-family homes sold 1/1 through 10/31 this year is 59 DOM.  Current pending sales (sold but not closed) is 91 DOM.  So the market may be slowing down slightly.  The most eye-opening number is 1029 DOM the longest it took a home to sell. 

Whatever is behind the surge will probably extend for the next several months- only time will tell.  Shortage of available homes and a weakening economy may impact the 2021 real estate market.

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