This Weeks Cincinnati Area Market Update

Market Update: Cincinnati Real Estate Insights for This Week

Hello from The Cornerstone Home Group! If you're keeping an eye on the Cincinnati real estate market, here’s a concise snapshot of the latest trends to help you stay informed and make confident decisions.

Overall Market Snapshot: The Cincinnati area continues to show robust activity with a strong pending ratio of 123%, indicating more pending sales than active listings. This suggests a competitive market where buyers are actively purchasing homes. The average days on market for active listings is about 69 days, while homes that have sold in the past six months typically spent around 31 days on the market—showing that properties are moving relatively quickly once listed.

Price Trends: The average list price for active homes is approximately $464,000, but homes are selling closer to an average of $347,000 based on recent closed sales. This gap suggests that while sellers may list homes at higher prices, buyers are negotiating effectively or prices are adjusting during the sales process.

Segment Highlights:

• Entry-Level Market (Under $200K): This segment is highly active with a pending ratio of 126%, and homes here sell on average in about 32 days. The average sale price is around $147,000, making it a great opportunity for first-time buyers or investors.
• Mid-Range Market ($200K-$500K): This is the most active segment with a pending ratio of 139%, showing strong demand. Homes here sell quickly (around 29-30 days) with average sale prices near $315,000, reflecting solid market strength.
• Luxury Market ($500K+): While somewhat slower with an average of 39 days on market, luxury homes still maintain a healthy pending ratio of 90%. The average sale price in this segment is approximately $799,000, indicating steady interest among higher-end buyers.

Inventory and Supply: The overall months supply of inventory remains low at about 1.5 months, signaling a seller's market where demand outpaces supply. This tight inventory is consistent across price ranges, with entry-level homes having just over 1 month of supply and luxury homes around 2.7 to 2.8 months.

Advice for Buyers and Sellers: For buyers, especially in the sub-$500K range, be prepared for competitive bidding and act swiftly when you find the right property. Pre-approval and quick decision-making will be key.

For sellers, pricing homes competitively is crucial. While list prices may be high, data shows buyers are negotiating, so realistic pricing aligned with market trends can lead to faster sales and better final sale prices.

Best, The Cornerstone Home Group