The National Association of Realtors spotlights 2021 as a banner year for home sales.
- In 2021, existing-home sales totaled 6.12 million – an increase of 8.5% from the prior year and the highest annual level since 2006.
- At the end of December, the inventory of unsold existing homes fell to an all-time low of 910,000, which is equivalent to 1.8 months of the monthly sales pace, also an all-time low since January 1999.
- In December, existing-home sales on a seasonally adjusted annualized rate slowed to 6.18 million, a 4.6% decrease from November.
- Click here to see the entire article
Home sales in Greater Cincinnati are also breaking records. As you can see according to The Multiple Listing Service of Greater Cincinnati sales in our area were much higher in 2021 than in 2020. And nobody needs reminding about the price increases!
| 2020||# Units Sold||Avg Sale Price|| 2021||# Units Sold||Avg Sale Price
|Condos|| 2,877|| $184,467||Condos|| 2,970 || $205,195
|Single Family Homes|| 23,844|| $255,422||Single Family Homes|| 24,770|| $290,061
However, comparing stats for roughly the same time in 2021 versus 2022 signals a slight change in the local real estate market.
As market conditions change buyers and sellers need professional help to chart the smart path to a successful closing.