Cincinnati Real Estate Market Update

Cincinnati Real Estate Market Update 28Nov2019

My favorite hill for sledding, Mt. Storm, is waiting for the next snowfall.

Among the things I am most thankful for are the wonderful people I have met because of real estate. Happy Thanksgiving!

The Cincinnati Area Board of Realtors press release announcing October 2018 sales data included the figure above graphically representing if the market is balanced, favors buyers, or favors sellers. Here are the key takeaways:

The black dotted line represents a balanced market of 5.0 - 5.5 months of inventory. Oct 2019 inventory was below 2, which is an extreme seller's market.
Oct 2019 stands out an anomaly. Typically the market slows and inventory rises. Not a surprise based on my recent market updates, but this image shows it well.
Buyer activity is the key driver here. They are not waiting until 2020 to buy.

A recent report, mentioning Cincinnati specifically, indicates that new home builders are in the process of developing more homes that appeal to first time home buyers. These builders are responding to the low inventory of existing homes for first time home buyers, increasing home prices, and the expectation the interest rates will remain low. What does this mean?

The average new build was 2536 SF and sold for $423,721 in Cincinnati during 2019. Watch these numbers next year. If the report is right, they will be lower.
With more new homes designed for first time home buyers, prices for the existing homes that first time buyers have traditionally bought in the past may decrease as demand lessens.

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Featured Listing

420 Old Court Street, Downtown

A 3 bedroom, 2.5 bath town home in Deer Park with updates throughout.

Local Favorite of the Week

Sitwell's Coffee House

I frequented Sitwell's Coffee Shop on Ludlow Ave during the early years when it leased space in the basement of what is now Tudor Court Apartments. Sitwell's is under new ownership as of 1 year ago. The latest iteration features a full menu and bar and brighter decor, while still capturing the essence of what made the original unique in Cincinnati.

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You also reach me at beppert@pivotrealty.com or call (513) 830-8227

Bryan Eppert, Pivot Realty | Website