Cincinnati housing market: Everything you need to know

Nestled along the picturesque Ohio River, Cincinnati offers a dynamic blend of passionate sports culture, abundant professional opportunities, and a vibrant downtown. Moreover, it boasts one of the most affordable big-city housing markets in the U.S., making it an attractive prospect for both buyers and sellers. In this blog post, we’ll delve into the current state of the Cincinnati housing market, explore key trends and statistics, and provide essential tips for those looking to make a move.

Cincinnati Housing Market Overview

While some housing markets across the country have seen a slowdown, Cincinnati stands out with its resilience. Despite facing similar challenges such as rising mortgage rates, the city has witnessed a noteworthy 7.4 percent year-over-year increase in home prices as of July 2023, according to data from the Realtor Alliance of Greater Cincinnati (RAGC). Additionally, inventory has decreased by 6.8 percent, indicating high demand and limited supply. This is excellent news for sellers. However, buyers can also find comfort in the fact that the median home price remains below $300,000.

Cincinnati Housing Trends & Stats

• The median sold price for a home in July 2023 was $290,000, showing a 7.4 percent increase from July 2022. This figure, though on the rise, still falls significantly below the national median home price of $410,200.
• Homes in Cincinnati are selling at a remarkable pace, spending an average of just 3 days on the market, according to RAGC. Redfin data aligns closely, reporting an average of 6 days, a substantial 35-day decrease from the previous year.
• Homes are selling for approximately 1.6 percent above the list price, marking a nearly 1 percent year-over-year increase.
• Closing costs in Ohio typically amount to 2 percent of a home’s purchase price. On a median-priced $290,000 Cincinnati home, this translates to approximately $5,800.

Should You Buy or Sell in the Cincinnati Housing Market?

For Home Sellers:

Cincinnati homeowners considering selling are in an advantageous position. In June 2022, homes were taking an average of 41 days to sell. Fast forward to today, and they’re flying off the market in just 6 days, with nearly 50 percent selling for more than their list price. Cincinnati is currently rated as “very competitive,” with particularly sought-after listings being snatched up in just 3 days, often at 7 percent above list price. To optimize your selling experience, partnering with a local real estate agent well-versed in the Cincinnati market is crucial.

For Home Buyers:

While homes sell quickly in Cincinnati, the market still offers affordability, especially when compared to other major U.S. cities. Getting preapproved for a mortgage is key to acting swiftly when you find a home you love. This step not only strengthens your offer but also provides clarity on your budget. Despite the pace of sales, the median home price in Cincinnati is over $100,000 less than the national median.

Cincinnati Housing Market Predictions

Cincinnati is defying national trends, with robust market performance projected to continue. According to Zillow, the city’s home sale rates and value growth rank among the top in the nation. Real estate company Knock anticipates that Cincinnati will remain a seller’s market for the foreseeable future.

Conclusion

In a dynamic market like Cincinnati’s, a knowledgeable local real estate agent is an invaluable asset. Whether you’re selling or buying, an experienced agent can guide you through the process, ensuring you make the most informed decisions. With the Cincinnati housing market’s unique blend of affordability and demand, now is an opportune time to explore your options in the Queen City.