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 REALTOR Alliance of Greater Cincinnati (RAGC) released the latest market statistics for the Cincinnati housing market in July 2023. As we delve into the Cincinnati housing market for the year 2023, it's crucial for real estate professionals and enthusiasts to stay informed about the latest trends and statistics. Here's a comprehensive overview of the market performance for the month of July 2023.
Market Statistics for July 2023
Median Sold Price
In July 2023, the median sold price in Cincinnati showed a significant increase of 7.4% compared to the same month the previous year. The median sold price reached $290,000, compared to $277,500 year-to-date, representing a 6.7% increase.
However, there was a notable decrease in the number of units sold, with a -17.9% change from the previous year. In July 2023, 1,652 units were sold, while 10,055 units had been sold year-to-date, marking a -22.2% decline.
Total Sold Volume
The total sold volume also experienced a decrease, with a -10.9% change in July 2023 compared to the same month the prior year. The total sold volume for July was $581.14 million, and year-to-date sales amounted to $3.37 billion, reflecting a -17.2% decrease from the previous year's $4.07 billion.
The active inventory of available properties in Cincinnati showed a -6.8% decrease, with 1,573 properties listed in July 2023.
Median Days on Market
Interestingly, the median days on the market remained stable with no change, standing at 3 days for July 2023.
In terms of new listings, there was a -21.00% change compared to the prior year. 1,852 new listings were recorded in July 2023.
All these statistics are vital for both buyers and sellers in the Cincinnati housing market as they provide insights into the current trends and help in making informed decisions.
Keeping a close eye on market trends is essential for anyone involved in real estate in Cincinnati. The July 2023 statistics highlight a significant increase in median sold prices, even though the number of units sold and total sold volume experienced declines. Active inventory decreased slightly, and the median days on the market remained stable. These insights are valuable for real estate professionals to adapt to the evolving market conditions and provide the best service to their clients.
Cincinnati Housing Market Forecast 2023-2024
The Cincinnati housing market has been a topic of interest for both buyers and sellers, with its dynamic nature and changing trends. Let's take a closer look at the latest data and forecasts to get a better understanding of what's happening in the Queen City's real estate scene.
Current Market Data
According to Zillow, as of July 31, 2023, the average home value in Cincinnati stands at $239,461, showing a steady 3.4% increase over the past year. What's even more intriguing is that homes are going to pending status in a mere 4 days, highlighting the brisk pace of the local real estate market.
Here are some additional key statistics as of June 30, 2023:
- The median sale-to-list ratio was 101.1%.
- 56.2% of sales were recorded over the list price, indicating strong demand.
- 30.0% of sales were under the list price, providing opportunities for buyers.
- The median days to pending status as of July 31, 2023, was 4 days, emphasizing the quick pace of transactions.
Cincinnati MSA Housing Market Forecast
Looking ahead, it's crucial to consider the forecasts for the Cincinnati Metropolitan Statistical Area (MSA). Here's a glimpse of the forecasted changes in home values:
As per the forecast, the Cincinnati MSA is expected to see a gradual increase in home values. By August 31, 2023, there's a projected 0.7% increase, followed by a 1.5% rise by October 31, 2023, and a more substantial 6.4% increase by July 31, 2024. This suggests a positive outlook for the Cincinnati housing market in the coming months.
Are Housing Prices Dropping in Cincinnati?
Based on the current data and forecasts, there is no evidence to suggest that housing prices are dropping in Cincinnati. In fact, the market has been characterized by rising home values, a high median sale-to-list ratio, and a significant percentage of sales happening above the list price. The quick turnaround time for homes to go pending further emphasizes the strong demand in the area.
It's important to note that real estate markets can be influenced by various factors, including economic conditions, interest rates, and local developments. Therefore, while the data and forecasts provide valuable insights, it's always advisable to consult with real estate professionals who have a deep understanding of the local market for the most accurate and up-to-date information.
As you consider buying or selling a home in Cincinnati, staying informed about these market trends and forecasts can help you make well-informed decisions and navigate the dynamic real estate landscape.
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 3.4% over the past year, according to Zillow.
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 thriving economy, with a strong job market and low unemployment rates, makes it an attractive option for those seeking to relocate or invest.
Here are the 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.
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.