“To no surprise of any REALTOR® working in today’s market, the median sold price continues to rise.” says Stephanie Sudbrack-Busam, President of the Cincinnati Area Board of REALTORS®. Low interest rates and inventory shortages continue to help sellers reap the benefits of this strong market. The median sold price difference between June 2020 and June 2021 is up 18%; the median sold price is up over $18,000 from May 2021 which is a 7.8% increase.
Watching the market data, the data shows that Butler and Hamilton County closings are on an upward trend. In June, closings in Butler County were the highest they have been since May of 2019. Butler County saw a total of 515 while Hamilton County saw a total of 1,152 closings in June. The number of Hamilton County closings are almost as high as they have been since October of 2020.
First time and move up buyers typically fuel a sustainable market, but today affordability, an unwillingness to compromise on home features, lack of inventory, and competitive bidding are keeping some buyers out of the market. Some buyers are struggling with buyer fatigue and are choosing to move to the sidelines until the market cools a bit which could account for the rise in days on market for the first time since February.
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