Cincinnati, the third-largest city in Ohio, is experiencing a housing market that has been on the rise in recent years. With a growing economy and affordable housing options, Cincinnati is attracting a lot of attention from buyers and investors. In this article, we will explore the current prices, trends, and forecast for the Cincinnati housing market in 2023.
Cincinnati Housing Market Trends for 2023
The Cincinnati housing market has been a topic of interest for both homebuyers and real estate professionals. To gain insights into the current state of the market, let's delve into the April 2023 housing market report released by the Cincinnati Area Board of REALTORS®. The Cincinnati housing market report reveals mixed trends and changes compared to the same period of the prior year.
While the median sold price and active inventory showed positive signs, there were decreases in units sold, total sold volume, and new listings. Understanding these market trends can help you make informed decisions in the Cincinnati housing market.
Median Sold Price
The median sold price in April 2023 showed a significant increase compared to the same month of the prior year. The median sold price rose by 9.1%, reaching $279,900. This upward trend is promising for homeowners and indicates a healthy appreciation in property values. Looking at the year-to-date (YTD) figures, the median sold price stood at $259,900, marking a 5.4% increase. In contrast, the prior YTD median sold price was $246,500, reflecting a growth of 5.4%.
Units Sold
The number of units sold in April 2023 experienced a decline when compared to the same month of the previous year. The market saw a decrease of 28.5%, with a total of 1,379 units sold. Examining the YTD data, the units sold amounted to 4,860, indicating a decrease of 24.5%. The prior YTD figures stood at 6,433 units sold, highlighting a notable difference.
Total Sold Volume
The total sold volume in April 2023 witnessed a significant drop when compared to the previous year. The total sold volume decreased by 23.3%, reaching $455.87 million. In terms of the YTD numbers, the total sold volume stood at $1.52 billion, reflecting a decrease of 19.9%. The prior YTD total sold volume amounted to $1.9 billion, showcasing a substantial decline.
Active Inventory
The active inventory, which represents the number of available properties for sale, saw a slight increase of 1.1%. This means there were 1,287 properties actively listed in the Cincinnati housing market in April 2023. This increase in inventory provides more options for potential homebuyers and indicates a healthy level of market activity.
Median Days on Market
The median days on the market is an essential metric that reflects the average time it takes for a property to sell. In April 2023, the median days on the market stood at 50%, indicating a relatively fast-paced market. Homes were selling quicker compared to the prior year, providing a favorable environment for sellers.
New Listings
The number of new listings in April 2023 experienced a decline of 27.3% compared to the previous year. A total of 1,778 new listings entered the market during this period. This decrease in new listings may contribute to the reduction in overall inventory and impact the dynamics of the housing market.
Cincinnati Real Estate Market Forecast 2023-2024
The Cincinnati real estate market has shown positive growth and stability in recent years. With an average home value of $229,239, representing a 2.6% increase over the past year, the market has proven to be a favorable environment for homeowners and investors alike. Additionally, homes in Cincinnati tend to go pending within approximately four days, indicating a high demand and a competitive market.
When examining the forecast for the Cincinnati real estate market, it's important to consider various factors and projections. Based on the Cincinnati MSA (Metropolitan Statistical Area) level forecast, the market is expected to continue its upward trajectory. The forecast predicts a growth rate of 0.6% by May 31, 2023, followed by a further increase of 1.2% by July 31, 2023. Looking ahead to April 30, 2024, the forecast indicates a significant growth rate of 5.1%.
These forecasts suggest that the Cincinnati real estate market will maintain its positive momentum, providing opportunities for homeowners and investors to see appreciation in property values. The projected growth rates indicate a healthy market with increasing demand and potential for long-term investment gains.
In addition to the forecasted growth, other market indicators are worth considering. The median sale-to-list ratio of 0.995 as of March 31, 2023, showcases a balanced market where homes are generally selling close to their listed price. Furthermore, approximately 33.6% of sales have been recorded as exceeding the list price, indicating a competitive environment where buyers are willing to pay more for desirable properties. On the other hand, about 49.0% of sales have been under the list price, suggesting that buyers still have some opportunities for negotiation.
Lastly, the median days to pending, which stood at four days as of April 30, 2023, highlights the fast-paced nature of the Cincinnati real estate market. Homes are selling relatively quickly, emphasizing the importance of acting promptly when interested in a property.

Cincinnati Real Estate Investment Overview
Cincinnati is a bustling city located in the southwest corner of Ohio, known for its strong economy, diverse culture, and affordable cost of living. The Cincinnati real estate market has seen steady growth in recent years, with home values increasing by 4.6% over the past year, according to Zillow.
Despite a slight decrease in home sales in February 2023 compared to the previous year, the market is expected to remain stable and strong throughout 2023 and 2024. With median days on the market of just 9 days and a high percentage of sales under list price, Cincinnati is a seller's market, indicating that it may be an advantageous time for sellers to list their properties.
Investors interested in the Cincinnati real estate market can benefit from the area's diverse range of neighborhoods, from the upscale and trendy Over-the-Rhine district to the more affordable suburban areas like Paddock Hills and Winton Place. The city's economy is thriving, with a strong job market and low unemployment rates, making it an attractive option for those seeking to relocate or invest.
Here are top reasons why Cincinnati's MSA real estate market may be a smart investment:
Strong Economic Growth:
Cincinnati's economy has been growing steadily, with a low unemployment rate of 3.6% and a diverse range of industries, including healthcare, education, finance, and manufacturing. According to the Bureau of Economic Analysis, Cincinnati's gross domestic product (GDP) has grown by 6.5% from 2016 to 2021, outpacing the national average of 4.6%. This economic growth has led to a strong demand for housing, making Cincinnati an attractive market for real estate investors.
Affordable Housing Market:
Cincinnati's housing market is relatively affordable compared to other major metropolitan areas in the United States. According to Zillow, the median home value in Cincinnati is $215,066, which is below the national median value. This affordability, combined with the city's strong economy and low cost of living, makes it an attractive option for young professionals and families.
Strong Rental Market:
Cincinnati has a strong rental market, with a vacancy rate of only 3.6% and average rent prices of $1,128 per month, according to RentCafe. Additionally, Cincinnati is home to several major universities, including the University of Cincinnati and Xavier University, which provide a consistent stream of rental demand from students and faculty.
Growing Population:
Cincinnati's population has been growing steadily over the past decade, with a population of over 2.1 million people in the metropolitan statistical area (MSA) in 2021. According to the U.S. Census Bureau, the population of the Cincinnati MSA is projected to increase by 3.1% from 2020 to 2030. This growing population, combined with a strong economy and affordable housing market, makes Cincinnati a prime location for real estate investment.
Infrastructure and Transportation:
Cincinnati has a well-developed transportation infrastructure, including a major airport, several major highways, and a robust public transportation system. Additionally, the city has invested heavily in infrastructure projects, such as the Cincinnati Bell Connector streetcar, which connects several neighborhoods in the city. This infrastructure and transportation network make it easier for residents to commute and access amenities, which further increases the demand for real estate in the area.
Stable Real Estate Market:
Cincinnati's real estate market has remained stable over the past decade, with steady appreciation rates and low volatility. According to Zillow, the Cincinnati housing market has appreciated by 4.6% over the past year, which is in line with the national average. This stability makes Cincinnati an attractive option for real estate investors who are looking for a steady return on their investment.
Growing Tech Industry:
Cincinnati's tech industry has been growing rapidly in recent years, with several tech startups and established companies calling the city home. According to CBRE's Tech Talent Report, Cincinnati ranks 27th out of 50 U.S. cities for tech talent, with a 13.1% growth rate in tech jobs from 2015 to 2020. This growing tech industry provides a stable source of employment and further drives the demand for housing in the city.
In conclusion, Cincinnati's strong economy, the affordable housing market, strong rental market, growing population, infrastructure and transportation network, stable real estate market, and growing tech industry make it an attractive location for real estate investors. Whether you're looking to buy and hold rental properties or flip houses for a quick profit, Cincinnati's real estate market offers plenty of opportunities for savvy investors.
Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.
NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Cincinnati.
Consult with one of the investment counselors who can help build you a custom portfolio of Cincinnati turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Cincinnati.
Not just limited to Cincinnati or Ohio but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Cincinnati turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.
There are many other markets in the state of Ohio for real estate investing. Columbus is one of them. The Columbus real estate market is a bright spot in a declining region. It mixes smart redevelopment, quality of life, and growth to create a stable, slow-growing market that will be thriving well into the foreseeable future. If you’re looking to buy Columbus investment properties, it makes sense to do so when inventory levels are relatively high, like in the current phase of the pandemic. The surplus of available opportunities can lead to softer negotiations with sellers. Columbus has a lower cost of living than the national average.
Cleveland is another good market to invest in real estate. Cleveland is a notable exception to the decline of the Rust Belt cities. It has managed to reinvent itself, shifting from classic manufacturing to biotech and medicine. In the process, it has maintained its population and has strong potential for growth both economically and demographically.
Let us know which real estate markets you consider best for real estate investing!
Remember, caveat emptor still applies when buying a property anywhere. Some of 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, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
REFERENCES
- https://www.cabr.org/category/homesales
- https://www.zillow.com/Cincinnati-oh/home-values
- https://www.neighborhoodscout.com/oh/cincinnati/real-estate
- https://www.littlebighomes.com/real-estate-cincinnati.html
- https://www.realtor.com/realestateandhomes-search/Cincinnati_OH/overview