Median Price Up Over Prior Year for 22nd Straight Month
While February was one of the snowiest months on record, with below average temperatures for much of the month, home prices continued a record setting pace that marks almost two years of price increases. The median price for home sales was up over 13% from February 2020, making it the 22nd consecutive month of median price gain over the previous year.
Due to below average temperatures for the first 22 days of the month and near record snowfalls, showing activity was below both 2020 and 2019 for half of the month (February 12-26). Despite this decrease, the median Days on Market was only 3 Days, a dramatic 57% decrease from February 2020.
Additionally, there was a sharp decrease in new listings from the first week of February to the second, but as the temperatures rose by the last week of the month, so did the number of new listings. The number of houses back on the market steadily declined as the number of closings steadily increased throughout February.
“February was a very challenging month for buyers to visit available houses due to the inclement weather,” said Stephanie Sudbrack-Busam, President of the Cincinnati Area Board of REALTORS®. “It’s truly astounding to see the continued record setting growth of the residential market in Cincinnati considering the weather challenges we had in February.”
Two key factors in the market are the decline of new listings and active inventory. In February 2021, there was a 20.7% drop in new listings compared to the prior year, and active inventory was down 1,376 units, a striking 52.6% decline.
“The current residential real estate market is truly unprecedented and is a challenge for people unfamiliar with the industry,” Sudbrack-Busam said. “REALTORS® are trained to guide real estate buyers and sellers through all the important details involved in buying and selling a home in this ever-changing market. Your REALTOR® is your absolute best source for professional and accurate information to help consumers navigate the market.”