The Impact of BC, PC and DC on Cincinnati Home Sales

The Impact of BC, PC and DC on Cincinnati Home Sales

Source: Photo by David McBee from Pexels

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The impact of BC -before COVID, PC -pre-COVID, and DC- during COVID- on single-family home sales in Cincinnati.

Source: Photo by David McBee from Pexels

The best way to measure the impact of COVID on the local real estate market is to compare sales.  2019 was a normal year- winter weather, low-interest rates, and not enough homes for sale.  The first 2.5 months of 2020 had us on edge.  Reports of spreading COVID virus.  Normal winter weather, low-interest rates, and not enough homes for sale.  Remember, Ohio posted a state of emergency on March 9,2020.

2021 started off with winter weather, low-interest rates, and not enough homes for sale.  And like previous years the demand is really outstripping the supply-to the point where buyers are really frustrated.  New homes are cropping up but with rising lumber prices affordability is disappearing for many potential home buyers.

The one constant thing in the greater Cincinnati real estate market is rising average sale prices.

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Below is a chart showing single-family home sales for January 1 through March 15 in 2019, 2020, and 2021:

  2019
Units
2019
Avg Sale Price
2020
Units
2020
Avg Sale Price
2021
Units
2021
Avg Sale Price
Cincy MLS3189 $213,5193341$224,3343607$258,002
Colerain Twp73$141,60081$156,49894$180,471
Mason60$351,41654$442,62963$433,038
West Chester106$287,016101$317,18182$366,138
Liberty Twp107$315,12685$326,36694$403,647
Anderson Twp104$271,73690$318,036106$351,759
Delhi Twp54$148,46054$146,79757$200,611
Fairfield68$184,08567$178,05554$228,728

2021 is on track to be another record-breaking year with rising prices.  Interest rates are creeping up but remain incredibly low compared to just a few years ago.  The number one problem with the real estate market today is the lack of homes for sale.  Potential sellers are terrified to list without having their next home secured.  And let’s face it-not many buyers can buy without securing a sale first.

There are no fixes on the horizon.  Until home prices settle or demand falls off the cliff -we’re in for a wild spring and summer housing market in Cincinnati.

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