The Cincinnati area real estate market is up by 8.9% year over year according to the Cincinnati Area Board of Realtors. The numbers show that home sale prices climbed in September 2011 vs September 2010 by 8.9% Last month’s average price was $151,015, compared to a year prior of $155,097. Average price for the first 9 months of 2011 was $153,209 compared to $159,260 the same 9 months a year ago.
Rising home values in Cincinnati
The rising home values are just one of a few positive measurements. The average months of inventory has declined by 18% from 11 months of inventory in 2010 to 9 months of inventory in 2011. Inventory of 6 months is considered a balanced marketplace. This and low interest rates continue to tip the market in buyer’s favor.
September Home Sales in Cincinnati
Closings Gross Volume Average Price
September 2011 1,419 $214,289,828 $151,015
September 2010 1,303 $202,091,490 $155,097
Variance + 8.90% + 6.04% – 2.63%