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Real Estate is local and Cincinnati is still roaring!

Pockets of the area are still experiencing multiple offers- but not as many as in years past.  The second thing you’ll see is more days on market while some sellers figure out their property is overpriced.

The number of new listings in February 2023 was 1,286, equal to the previous month and -16.49% lower than 1,540 from February 2022. The February 2023 listings were at their lowest level compared to February 2022 and 2021.

New Listings

The number of properties sold in February 2023 was 1,045, up 7.29% from 974 from the previous month and -24.66% lower than 1,387 from February 2022. The February 2023 sales were at its lowest level compared to February 2022 and 2021. The absorption rate is the avg number of sales per month divided by the total number of available properties.

Property Sales & Absorption Rate

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 indicate a move toward a seller’s market. The DOM for February 2023 was 34 days, up 3.03% from 33 days from the previous month and 30.77% higher than 26 days from February 2022. The February 2023 DOM was at its highest level compared with February 2022 and 2021.

Days on Market

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Pricing remains the critical element and “comp sales” from 6 months ago may not be the best way to judge what is happening in today’s real estate market. 

Activity by county according to CincyMLS.

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