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Can the Cincinnati housing market keep up the pace in 2021?

Single-family home sales in the 4 county area ended 2020 on a high note.  The number of homes sold as well the average sale price left COVID worries in the dust.

Data from the Multiple Listing Service of Greater Cincinnati closings for single-family homes in Butler, Clermont, Hamilton, and Warren Counties below:

• 2020 versus 2019 closings up + .9%
• Average List Price up +6.8%
• Average Sale Price up +9.1%
• Average Days on Market down -24%

And the old adage…” the best offer is usually the best first offer” may still be true.  In 2019 72% of all the homes sold in the 4 county area had contracts within the 30 days of listing.  These fast-selling homes sold for 98.41% of the asking price.  In 2020 the number jumped to 81% within 30 days with a selling price of 99.40% of the asking price.

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Buyers caught in bidding wars understand why the prices continue to rise.  Good news 2021 is off to a great start (yes we’ll have a few snow days) with prices rising.  The supply of homes for sale continues to be the biggest problem in greater Cincinnati.

Potential sellers are afraid to list because they don’t have the next move plotted yet.  Other sellers aren’t really motivated.  They’re putting a sign out front with an outlandish price and hoping to hit the jackpot.  Not the best strategy in any market.  Realtors® can guide you through pricing and marketing.  So take advantage of their expertise.

High demand for housing in 2021.

Virtual work and school are driving lots of buyers into the housing market.  And indicators show many businesses remaining remote for months (if not years) into the future.  Sellers will remain in the driver’s seat until the supply catches up with demand.