15 years ago local Cincinnati single-family closings were hot during the month of November. Moving forward 5 years, the number of single-family homes sold was down but sale prices were just starting to dive. Another 5 years and the numbers for November 2016 were are climbing along with sold prices.
Compared to 5 years ago November 2021 is a smoking hot winner. High number closings at record prices.
The number of single-family homes closed in November 2006 versus 2021 increased by +23% (Data sources: Multiple Listing Service of Greater Cincinnati)
And after suffering the housing market crash average sale prices for single-family homes continue to escalate. The average price for November 2021 versus 2006 increased by +39%. (Data sources: Multiple Listing Service of Greater Cincinnati)
Buyers and sellers waiting for the market to improve are playing a dangerous game. Local real
estate home values are projected to rise with the shortage of homes for sale. The one unknown is when interest rates will rise and by how much. When rates rise buyers lose buying power and the housing market adjusts.
Locally home sales have remained steady. Cincinnati’s economy is stable and doesn’t depend on just one industry for jobs. But greater Cincinnati is suffering from the same fate as other areas around the country- too few homes for sale and not nearly enough affordable housing in the pipeline to satisfy buyers.