All we’ve experienced lately is a gigantic high. Maybe it’s time to take a closer look at the highs and lows of local real estate. One thing is for sure, Cincinnati real estate market continues to frustrate and challenge buyers, sellers, and agents.
The chart only goes to 2005 the beginning of a false high. In order to increase homeownership too many buyers were given adjustable-rate mortgages, which they couldn’t really afford. The backlash of buyers not being able to afford mortgage rate increases lead to the horrible lows in 2010 and 2011.
According to data gathered from the Multiple Listing Service of Greater Cincinnati the highs and lows for sales of single-family homes from 2005 until the end of 2021. As you can see we have finally passed the peak sales of 2005.
Home sales continue to climb and the pandemic through a new curveball into the already busy real estate market. Buyers flush with cash chasing too few homes for sale. The average sale price for single-family homes continues to escalate at a fast pace. According to the Multiple Listing Service of Greater Cincinnati, the average sale price has risen over $100,000 since 2005.
Nobody can predict where this market is headed. Mortgage rates are inching up and hopefully, that will slow the price hikes for homes- but don’t bet on it. We’re still in a real estate market with few homes hitting the market. Competition among frustrated buyers is driving the average prices up.
Real estate is local. Although the tough market we’re experiencing seems to extend to many metro markets. However, how we can come up with a way to help find potential sellers their next home before listing will help the current challenge.
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