The winter blast over the holidays and market conditions are slowing single-family home sales.  And that’s good news! 

Source: ShutterstockBasic_320405033

We couldn’t continue the craziness of the 2021 and 2022 real estate markets.  As sales and prices begin to settle- Cincinnati is inching its way into normalcy.

The overview below shows real estate activity from January 2022 to December 2022. You will see data comparisons between November and the previous month, the last three months, and November 2021.

The number of properties sold in December 2022 was 1,409, down -2.96% from 1,452 from the previous month and -30.18% lower than 2,018 from December 2021. The December 2022 sales were at their lowest level compared to December 2021 and 2020.

The absorption rate is the avg number of sales per month divided by the total number of available properties.

New Listings

The number of new listings in December 2022 was 1,070, down -23.68% from 1,402 from the previous month and -17.82% lower than 1,302 from December 2021. The December 2022 listings were at their lowest level compared to December 2021 and 2020.

Property Sales & Absorption Rate

The median sales price in December 2022 was $247,000, down -4.87% from $259,650 from the previous month and 2.92% higher than $240,000 from December 2021. The December 2022 median sales price was at its highest level compared to December 2021 and 2020. The average sales price in December 2022 was $293,821, down -2.59% from $301,638 from the previous month and 3.93% higher than $282,707 from December 2021. The December 2022 average sale price was at its highest level compared to December 2021 and 2020.

Average & Median Sale Prices

The average days on market (DOM) is the number of days a property is on the market before it sells. An upward trend in DOM tends to indicate a move toward a buyer’s market, and a downward trend tends to show a move toward a seller’s market. The DOM for December 2022 was 25 days, up 19.05% from 21 days from the previous month and 19.05% higher than 21 days from December 2021.

The December 2022 DOM was at its highest level compared with December 2021 and 2020.

Days on Market

Search

Pricing is still a critical element as real estate becomes more balanced between buyers and sellers. 

Activity by county according to CincyMLS.

Early January report:  Based on information from Multiple Listing Service of Greater Cincinnati, Inc. for property type(s) Single Family in the price range of $0 – $999,999,999 for the period Oct 2022 – Jan 2023. Jan 2023 stats are compared to the previous 3 months’ average. Source data is deemed reliable but not guaranteed.

The market continues to change. For in-depth reports on sale prices in your neighborhood-send a request for a full market evaluation.  Anything else – Call/Txt