Cincinnati Home Prices on the Rise; home supply and housing demand
Home prices are on the rise in Cincinnati due in a large part to shrinking home inventory. The reality is that compared to last year there are fewer houses for sale, yet there are more houses being sold.
The basic rules of supply and demand are taking hold, and are increasing the value of real estate in the Cincinnati market.
The graph shows that there were 1,426 fewer homes for sale this October compared to last October, yet there were 460 more pending sales. and 204 more closed sales. When you add those differences up it is a total differential of over 2,80 units in one month! In conjunction with a strengthening economy, the basic laws of economics are helping to shift the market from a buyers market back to a balanced market. As the spring selling season begins to take shape home inventory may be the number one factor impacting the price of real estate in our market.
With prices on the rise this Spring may be the time for you to sell. Call me at 513-518-1140 for a free market analysis and conversation about the present and future value of your home.
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