As home prices soar nationwide, Greater Cincinnati keeps up with the trend. What’s significant about the current spring selling season? “The strong demand, low housing supply, and low interest rates continue to drive significant price increases,” says Stephanie Sudbrack-Busam, President of the Cincinnati Area Board of Realtors. Competition continues to be harsh as buyers battle to view new listings as soon as they hit the market. Below are the statistics for our metropolitan area as of the close of April, 2021.
∙ The monthly median sold price was $235,069, up 23.7% compared to last April.
∙ The 30-year fixed rate mortgage dropped to as low as 2.93% in the first quarter of 2021, while averaging 3.57% last year.
∙ Hamilton, Butler, Warren, and Clermont counties all experienced increased median sale prices, units sold, and number of new listings. However, all saw a decrease in active inventory, indicating that supply is not keeping up with demand.
∙ Hamilton County median home prices were up 2.5%.
∙ Butler County median home prices were up 31.9%.
∙ Warren County had the highest median sales price at $315,000.
∙ Clermont County saw a 61.4% decrease in active inventory, the largest decrease in the local area.
∙ Number of new listings in April: 2,884.
∙ Number of sold homes in April: 2,071
∙ Number of homes still active (on the market) at the end of April: 1,571
∙ Median days on market before a home was pending: 2. This is down 60% compared to a year ago!
Worried about entering this competitive market as a buyer or seller? Contact Platinum Service Realty for the most accurate data on your area and for professional strategies needed to navigate a tight housing market.
Statistics are from the Cincinnati Area Board of Realtors® and the Greater Cincinnati MLS.
Real Estate Term of the Week
Median Sold Price: The sale price in the middle of a data set when you arrange all the sale prices from low to high. The median sale price, then, represents the figure at which half of the properties in the area sell at a higher price and other half at a lower price. This should not be confused with “average sold price,” which totals the prices of all homes in a data set and divides the total by the number of homes included in the data. An average can be skewed by even a small number of homes that were far higher or lower than most home prices.