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August 8th, 2019 by Marco Santarelli
How is The Cincinnati Real Estate Market 2019?
Buying real estate in Cincinnati can be a worthy investment opportunity. If you are looking at investing in the Cincinnati real estate market as a potential investment opportunity, you must read till the end. Cincinnati is a hot housing market. Cincinnati, like a number of other Midwestern cities is ticked off among those that used to be great.
What many don’t know is that these cities are experiencing a renaissance of sorts, whether it is a shift from manufacturing to services or inventing whole new industries like biotech. Annual real estate appreciation rates in Cincinnati have been quite strong for the past few years.
In the last twelve months, the investors in Cincinnati have found good returns on their investments. The Cincinnati housing market has an unusual combination of consistently high home values with a low cost of living, which makes it a solid choice for the savvy shopper.
Cincinnati have all the amenities of the urban lifestyle; access to nightlife, shopping, great restaurants and culture, along with good schools and some beautiful green spaces. Is Cincinnati going to be one of the hottest real estate markets for investors in 2019?
To answer this question, let’s look at the current state of the real estate market and the prospects of investing in the Cincinnati real estate in 2019. We shall discuss about up-to-date trends in the Cincinnati housing market, including information about the average listing price, average days on market and the forecast of the housing market.
Cincinnati Real Estate Market Forecasts 2019 & 2020
According to Zillow, the median home value in Cincinnati is $144,200. Cincinnati home values have gone up 7.8% over the past year and Zillow’s Cincinnati real estate market prediction is that the prices will rise 2.3% within the next year.
The median list price per square foot in Cincinnati is $134, which is higher than the Cincinnati Metro average of $125. The median price of homes currently listed in Cincinnati is $221,750 while the median price of homes that sold is $164,600.
Here is the Cincinnati real estate price appreciation graph by Zillow. It shows us the current home price appreciation forecast of 2.3% till June 2020.
Cincinnati Housing Market Forecast 2019 – 2021
The Cincinnati housing market forecast for the 3 years ending with the 3rd Quarter of 2021 is also positive. The accuracy of the Cincinnati housing market trend prediction is 84%. Accordingly, LittleBigHomes.com estimates that the probability for rising home prices in Cincinnati, OH is 84% during this period. If this Housing Market Forecast is correct, home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018.
Check this page each quarter for updates to the Cincinnati, OH Real Estate Forecast.
Cincinnati Real Estate Market Trends
As per Trulia.com, the Cincinnati real estate market trends indicate an increase of $12,500 (8%) in median home sales and a 0% rise in median rent per month over the past year. The average price per square foot for this same period rose to $123, up from $119. Trulia has 2,805 resale and new homes for sale in Cincinnati, OH, including open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The median sales price for homes in Cincinnati for May 1 to Jul 31 was $172,500 based on 1,530 home sales. Average price per square foot for Cincinnati was $123, an increase of 3% compared to the same period last year. The median rent per month for apartments in Cincinnati for Jun 28 to Jul 28 was $1,295.
As per the real estate company named Redfin, the Cincinnati housing market is somewhat competitive. Homes in Cincinnati receive 1 offers on average and sell in around 51 days. The average sale price of a home in Cincinnati was $173K last month, up 5.3% since last year.
The average sale price per square foot in Cincinnati is $108, up 5.9% since last year. Homes typically receive 1 offer. Homes in the Cincinnati housing market sell for about 2% below list price and go pending in around 51 days. Hot Homes for sale in Cincinnati for around list price and go pending in around 38 days.
Cincinnati Housing Market Statistics
There are 4,260 homes for sale in Cincinnati, OH ranging from $998 to $4.9M on Realtor.com. 386 of which were newly listed within the last week. Additionally, there are 469 Cincinnati rental properties, with a range of $150 to $6.5K per month.
In June 2019 the housing market in Cincinnati, OH was a buyer’s market, which means there were roughly more active homes for sale than there were buyers. The median list price of homes in Cincinnati, OH was $190K in June 2019, trending up 6.5% year-over-year. The median listing price per square foot was $114.
According to Movoto.com statistics, the median list price in the Cincinnati real estate market is $289,900. The median list price in Cincinnati was less than 1% change from July to August. Cincinnati’s home resale inventories is 40, which increased 0 percent since July 2019. The median list price per square foot in Cincinnati is $124. July 2019 was $127.
Cincinnati, OH Single Family And Multi-Family Homes
Following the housing market decline in 2007, single family rental properties became favorable options for investors, saving in construction or refurbishment prices. The quick turnaround for an owner to rent out their property means cash flow is almost immediate.
Single family rental homes have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single family rental units.
As per the real estate company called Neigborhoodscout.com, the median house price in Cincinnati, OH is $142,957, which indicates that home prices in Cincinnati are well below the national average for all cities and towns in the United States.
Single family detached homes are the single most common housing type in Cincinnati, accounting for 38.74% of the city’s housing units. One and two bedroom dwellings are the most common building size and type in single-family detached homes in Cincinnati
Other types of housing that are prevalent in Cincinnati include large apartment complexes or high rise apartments, duplexes and a few row houses. Cincinnati has a mixture of owner-occupied and renter-occupied housing.
Currently, there are 829 single family homes for sale in Cincinnati, OH on Zillow. Additionally, there are 146 single family homes for rent in Cincinnati, OH. Under potential listings, there are about 66 Foreclosed and 100 Pre-Foreclosure homes. These are the properties that may be coming to the market soon but are not yet found on a multiple listing service (MLS).
Cincinnati, OH Foreclosures And Bank Owned Homes 2019
According to Zillow, in Cincinnati 5.2 homes are foreclosed (per 10,000). This is greater than the Cincinnati Metro value of 3.1 and also greater than the national value of 1.2. The percent of delinquent mortgages in Cincinnati is 1.5%, which is higher than the national value of 1.1%.
With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Cincinnati homeowners underwater on their mortgage is 10.6%, which is higher than Cincinnati Metro at 7.6%.
There are currently 1,470 properties in Cincinnati, OH that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 1,864. In June 2019, the number of properties that received a foreclosure filing in Cincinnati, OH was 41% lower than the previous month and 49% lower than the same time last year.
Cost of Living In Cincinnati, Ohio
Housing is the biggest factor in the cost of living difference for any city around the globe. Cincinnati has one of the most affordable housing markets in the nation. If you’re considering Cincinnati for your retirement city, you’ll want to know how it measures up to other cities across the US.
According to Forbes, the cost of living in Cincinnati is 7.6% below the national average, but this number also breaks down into different divisions. Here is a brief overview of how expensive it might be to live in Cincinnati.
The average cost of living in Cincinnati Ohio is $42,271 (2016). The cost of living index in Cincinnati is 34.59% lower than in New York. The average salary in Cincinnati is $75,201. Housing is more expensive than in Memphis but still affordable, with the median house valued at $134,900, according to Zillow.
The rent expenses gobble up 16.31 percent of total earnings for renters who live alone, on average. Whether you are an expat or a US citizen, in order to calculate the total cost of living in Cincinnati, the first thing to look into is the housing cost in Cincinnati.
For a one-bedroom apartment for rent in Cincinnati, the average rent is around $909 a month while a two bedroom will cost you around $1,203. Basic utilities, including electricity, heating, water and garbage come in right around the national average, or about $128 for a 915 square foot apartment. As per Areavibes.com’s statistics, these are some of the relative figures of the cost of living in Cincinnati.
The city’s biggest employers include grocery chain Kroger Co., the University of Cincinnati and Procter & Gamble. While not as well known as other Midwestern cities, in 2016, Cincinnati was rated as one of the best places to live in the U.S. by U.S. News & World Report.
The city of Cincinnati is currently growing in the business world and attracting new people interested in growing their careers. If this trend continues to grow, the cost of housing in the Cincinnati area may continue to rise which means it would become a bit more expensive to live in Cincinnati, OH.
The average meal at an inexpensive restaurant will cost you around $12 in Cincinnati while you could get a three-course meal for two at a mid-range restaurant for about $45. For groceries, a gallon of regular milk runs around $2.66 and a dozen eggs comes in around $2.23.
Transportation in Cincinnati is just slightly below the national average but slightly higher than the entire state of Ohio. Gas runs about $3.40 in the city of Cincinnati, but local transportation is on the low end of the spectrum at around $1.75 for a one-way ticket on local transport.
The price of Monthly ticket public transport in Cincinnati, Ohio comes around $93. Despite comparatively affordable rent and Cincinnati’s low cost of living, buying a home may still be the most financially viable long-term investment. Cincinnati is one of seven U.S. cities with housing markets that are below their long-term pricing trend.
Best Places To Buy Real Estate In Cincinnati, OH
If you are looking to buy real estate in Cincinnati, you should know the best places to invest in. The three most important factors when buying a real estate anywhere are location, location, and location. Location creates desirability. Desirability brings demand. Demand would raise the price of your Cincinnati real estate and you should be able flip it for a lump sum profit.
When looking to invest in Cincinnati real estate, you need to find places where the expected property appreciation forecast is positive. The running costs for owning and managing an Cincinnati investment property should be low. The neighborhoods in Cincinnati must be safe to live in and should have a low crime rate.
The neighborhoods should be close to basic amenities, public services and shopping malls. There should be a natural and upcoming high demand for rental properties and a low supply of income properties.
There are 109 neighborhoods in Cincinnati. There are 125 elementary schools, 74 middle schools, 53 high schools and 97 private & charter schools.
Some of the best neighborhoods in Cincinnati, Ohio are Hyde Park, Oakley and West Price Hill. Montgomery has a median listing price of $469,000, making it the most expensive neighborhood. East Price Hill is the most affordable neighborhood, with a median listing price of $65,000.
Here are the 10 best neighborhoods in Cincinnati to invest in real estate because they have the highest appreciation rates (List by Neigborhoodscout.com).
Should You Invest In Cincinnati Real Estate In 2019?
Is it worth buying a house in Cincinnati, OH? Investing in real estate is touted as a great way to become wealthy. Many real estate investors have asked themselves if buying a property in Cincinnati is good investment? You need to drill deeper into local trends if you want to know what the market holds for the year ahead.
We have already discussed the Cincinnati housing market 2019 forecast for answers on why to put resources into this market. Although, this article alone is not a comprehensive source to make a final investment decision for Cincinnati but we have collected ten evidence based positive things for those who are keen to invest in the Cincinnati real estate in 2019.
Investing in Cincinnati real estate will fetch you good returns in the long term as the home prices in Cincinnati have been trending up year-over-year. Let’s take a look at the number of positive things going on in the Cincinnati real estate market which can help investors who are keen to buy an investment property in this city.
1. Cincinnati Real Estate Market Is Growing Again
Cincinnati was ranked the fastest growing power in the Midwest in terms of percentages. It is the seventh largest economy in the Midwest and 28th largest in the United States. The median age, here, is a positive sign. The media age for residents is 32, while the average age of people living in Ohio is 39.
There are people coming here and staying here, raising their children here. That demographic momentum will keep Cincinnati going strong for years to come.
2. Cincinnati Real Estate Is Affordable
Cincinnati was recently ranked the most affordable place for renters to live alone. The median home price in Cincinnati was around $160,000 in 2016. The average townhome cost around $140,000, while the average detached home cost around $200,000.
All these prices are lower than the Ohio (and national) average. This isn’t a surprise when you learn that the cost of living here is 8% below the national average. Cincinnati has an unusual combination of consistently high home values with a low cost of living, which makes it a solid choice for the savvy real estate investors.
Cincinnati have all the amenities of the urban lifestyle; access to nightlife, shopping, great restaurants and culture, along with good schools and some beautiful green spaces.
Once such affordable neighborhood in Cincinnati is Oakley. Oakley, Cincinnati is on the rise as a neighborhood for young professionals to get their start. Between its affordable rent, thriving business district, ample shopping, and cool and diverse locals, you’ll never want to leave.
3. The Tiny Home Market Is Unusually Strong
If you’ve heard of Cincinnati lately, there is a fair chance it is because one of several Cincinnati small home builders popped up in the news or was the star of a tiny house reality show.
Whether you want to build tiny homes to provide affordable options on the Cincinnati real estate market or think that tiny homes built here and exported elsewhere will help the local economy is your decision. Nearby Dayton has jumped on the bandwagon and been at the forefront of approving “tiny home” projects.
4. Jobs Keep People Here and Attract New Ones
Unemployment in Cincinnati is around 4%. That’s almost half the rate it was at the peak of the Great Recession. The economy has shifted somewhat from manufacturing to services, though manufacturing remains a major employer.
Several Fortune 500 companies are located here, though Kroger is the largest. The University of Cincinnati is the second largest, though it isn’t even the only major college in town. Healthcare, though, accounts for around a fifth of all jobs in the city.
5. University Of Cincinnati Real Estate
Landlords love populations that cannot or will not buy a home, so they’re certain to rent. Military bases provide such a large population of stable renters, and so do colleges. The University of Cincinnati provides a large student body (more than 40,000) that lives on and off campus.
Union Institute and University hosts more than a thousand students, while the Christ College of Nursing has almost a thousand students. Cincinnati State Technical College has around a thousand students. Cincinnati Christian University has almost a thousand students.
Xavier University educates over six thousand students. This means there are many opportunities in the Cincinnati real estate market for those who want to cater to students.
6. The Military Market
Wright-Patterson Air Force Base is about an hour drive from Cincinnati. For those investing in the Cincinnati real estate market, especially in the northern suburbs, could tap into this market with affordable single family homes conveniently located for those commuting to the base.
If you are looking for something closer to home, the Blue Ash Air National Guard Station supplies a constant stream of renters.
7. Cincinnati Rental Market Is Growing
Cincinnati was hit very hard by the Great Recession, the deep recession that officially started in 2008, officially ended around 2010, and in reality didn’t completely fade away until 2016.
Cincinnati finally saw the region’s labor force hit the same number in June 2018 that it had in June, 2008. This means that many residents have been out of work for years, their credit preventing them from being considered for a mortgage even if they have a job.
This explains why around 60% of households in Cincinnati rent and the Cincinnati rental market will continue to grow in the next few years. Though many are back to work or looking for work, it will be years before the city has a majority owning their own homes.
8. Cincinnati Forecast Shows Long-Term Growth
The Cincinnati forecast shows that the housing market is truly expanding for a number of reasons. The Dayton and Cincinnati metro areas are expanding along I-75 and expected to combine into one metro area by 2040.
This provides a known area where businesses and eventually people will move, so those who build up or invest in Cincinnati real estate here will have excellent future returns.
The Cincinnati forecast also shows that the real estate market certainly isn’t hurt by the Amazon distribution centers popping up in nearby Dayton. It doesn’t matter if the property is in the Cincinnati housing market if it is close to new employers like this.
9. Cincinnati Real Estate Market Is Landlord Friendly
Ohio is more landlord friendly than a number of other Midwestern states. There’s no maximum security deposit. There’s no statute stating how much notice you must give before increasing rent.
There is no law stating that a tenant must be allowed to make repairs and deduct said cost from the rent. You can evict a tenant three days after they’ve failed to pay the rent, and the lease can be terminated three days after notice that they’ve violated the lease.
There’s no statute saying the landlord has to hold onto abandoned property for weeks waiting for the tenant to get it. The Cincinnati housing market is one of the best in the area for real estate investors.
10. Cincinnati Apartments For Rent – Riverfront Redevelopment
Cincinnati has a number of sports venues downtown, but the true heart of the city is the downtown riverfront. Signs of redevelopment include the new 45 acre park between the Great American Ballpark and Paul Brown Stadium and a wave of new condos and retail buildings.
New restaurants and parking garages sit alongside new shops and apartment buildings. The Cincinnati apartments for rent are increasing due to riverfront re-development .
A new report by Apartment List, a privately held online rental company based in San Francisco, placed Cincinnati at No. 32 on its list that ranks the 100 largest U.S. cities by year-over-year rent growth.
Among the top 25 cities listed, just six increased growth rates in their rental markets between 2017 and 2018. Click here to view the study on the Apartment List website.
Downtown Cincinnati has developed from a relatively seedy neighborhood to one that’s packed with residences, restaurants, bars, attractions, and various other things to do. This area of Cincinnati is growing with number of new residential buildings, including everything from apartments to lofts.
Whether you want to buy a building to renovate into condos or find bungalows perfect for infill development, the Cincinnati real estate market could yield strong return on the investment if you’re a short trip from all of the new construction by the Riverfront. Note that this is one of the few options for those who want to invest in the upscale Cincinnati housing market.
11. Cincinnati Condos And Rental Properties
According to the data published in Huduser.gov, the rental housing market in Cincinnati is balanced with an estimated rental vacancy rate of 7.3 percent, down from 11.8 percent in April 2017.
The apartment market was slightly tight with a 4.3-percent vacancy rate during May 2017, unchanged from 1 year earlier. The average rent for an apartment in this submarket is currently $847, an increase of $21, or 3 percent, from a year earlier.
Since 2014, growing demand for apartments in downtown Cincinnati and state tax credits resulted in the highest level of multifamily construction, as measured by the number of multifamily units permitted, in the Hamilton County submarket since 2012.
A large share of rental housing demand during the next 3 years is likely to occur in and near the Cincinnati city center because of the Ohio Historic Preservation Tax Credit Program and revitalization efforts.
The 1,450 units currently under construction will satisfy a portion of the demand during the next 2 years. For more information on the The Cincinnati Housing Market Area (HMA) which includes 15 counties in Ohio, Kentucky, and Indiana and is coterminous with the Cincinnati, OH-KY-IN Metropolitan Statistical Area, you can view this COMPREHENSIVE HOUSING MARKET ANALYSIS from Huduser.gov.
Cincinnati Real Estate Investment
Maybe you have done a bit of real estate investing in Cincinnati, OH but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. In any property investment, cash flow is gold.
A good cash flow means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt.
Therefore, finding a good Cincinnati real estate investment opportunity would be a key to your success. in If you invest wisely in Cincinnati real estate, you could secure your future. If you are a beginner in the business of cash flow real estate investing, it very important to read good books on real estate.
The less expensive the Cincinnati investment property is, the lower your ongoing expenses will be. Roughly a $150,000 property is what some experts recommend starting with.
Most investors naturally gravitate to residential property investment. When looking for the best real estate investments in Cincinnati, you should focus on neighborhoods with relatively high population density and employment growth.
Both of them translate into high demand for housing. If housing supply meets housing demand, real estate investors should not miss the opportunity since entry prices of homes remain affordable.
You must also collaborate and learn from savvy real estate investors who have retired early on in their lives by investing in some of the best real estate markets like Cincinnati, OH. The Cincinnati real estate market is on the upswing and looking strong for the foreseeable future.
It provides a number of opportunities to investors, regardless of the market you want to invest in. It is growing faster than the nation as a whole, though this is partially due to its recovery from a low point during the Great Recession. It is recovering home values and growth in cheap markets can yield the greatest ROI.
Cincinnati Investment Properties For Sale ⇐ Click Here
Buying an investment property is different from buying an owner-occupied home. Our Cincinnati investment properties are designed to make money as rentals, which means you must look at it solely as an income producing entity just like any other business. These are “Turnkey Cash Flow Investment Properties” located in some of the best neighborhoods of Cincinnati.
Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor is your ability to find great real estate investments.
According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.
We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.
The aim of this article was to educate investors who are keen to invest in Cincinnati real estate in 2019. However, we always recommend to do your own research and take help of a local real estate investment counselor.
Other Best Places To Invest in Real Estate in 2019
Another housing market in Alabama to go for diversifying your investments is the the Huntsville Al real estate market. Huntsville is a solid market with long term potential, excellent opportunity at the moment, and market niches any investor could take advantage of.
The median rent for an apartment in Huntsville is around $1000 a month. When you factor in the premium charged for the privacy and space you get when renting a home, landlords charge much higher monthly rents for detached single family homes.
Similarly, Montgomery, Alabama is another great market for investing in real estate for your retirement. Montgomery Alabama Real Estate Market is a strong cash-flow market due to strong demand for rental housing. And this is not entirely due to the 8 colleges and universities in the city. The cost of living here is 5% lower the U.S. average while there are a number of good paying jobs in the area.
Let us know which real estate markets you consider best for real estate investing! If you need an expert investment advise, you may fill up the form given here.
One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.
*Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
Cincinnati demographics and economy
Employment figures for Great Recession
Percentage who rent
long term growth opportunities
Landlord Friendly https://www.rentcafe.com/blog/renting/states-best-worst-laws-renters
Market Trends and Forecast https://www.movoto.com/cincinnati-oh/market-trends https://www.trulia.com/real_estate/Cincinnati-Ohio/market-trends https://www.realtytrac.com/statsandtrends/oh/hamilton-county/cincinnati
Cost of living in Cincinnati https://www.senioradvisor.com/cincinnati-oh/whats-the-cost-of-living-in-cincinnati-oh https://www.areavibes.com/cincinnati-oh/cost-of-living
Housing Market Data, Trends & Statistics
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