Real estate sales continue to grow in Cincinnati, according to the recent sales number from the local Cincinnati Area Board of Realtors (CABR). Most of the indicators were positive showing the continued strength of our economy and the local housing market. The positive market is leading to some interesting home buying dynamics in the marketplace.
Increasing Demand for Real Estate
The strong job market is leading to an increased demand for housing. More people have more money in their pocket, and jobs are more stable and dependable. These factors are driving people to look beyond their rental apartment and towards purchasing a house of their own in the First Time Home Buyer market. This is putting positive pressure upwards. With demand increasing, supply of homes for sale is shrinking.
Fewer Homes For Sale
Increased demand is putting pressure on supply. This is a big deal for home buyers for 2 reasons; there are fewer available homes for sale, and the good homes that are for sale are selling quickly – some times in a matter of hours. In this environment we are working with our buyers and sellers closely to make sure we can get them access to homes quickly – often before they are publicly listed on the market.
Locally the median price for a home in Cincinnati increased 10% in the last year from $125,000 to $138,000. Nationally real estate media prices climbed 6% all the way up to $212,100. While Cincinnati prices are below the national average it is further proof that the city has attractive and affordable housing. This fact is one of the reasons that our city continues to have a highly rated quality of life.
If you are looking for more information about the local Cincinnati real estate market feel free to contact me!