Pockets of the area are still experiencing multiple offers- and many are selling to cash buyers. Days on the market remain low with some listings dropping their list price after 10-15 days with no offers.
The number of new listings in May 2023 was 2,151, up 17.16% from 1,836 from the previous month and -17.43% lower than 2,605 from May 2022. The May 2023 listings were at their lowest level compared to May 2022 and 2021.
The number of properties sold in May 2023 was 1,697, up 21.04% from 1,402 from the previous month and -22.86% lower than 2,200 from May 2022. The May 2023 sales were at its lowest level compared to May 2022 and 2021.
The absorption rate is the avg number of monthly sales divided by the total number of available properties.
The average days on the 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 May 2023 was 24 days, down -11.11% from 27 days from the previous month and 9.09% higher than 22 days from May 2022. The May 2023 DOM was at a mid-level compared with May 2022 and 2021.
Market Snapshot of 4 county area in Cincinnati- home sales during May 2023
Activity by county according to CincyMLS.