Nationwide, home sales prices are soaring, and the Cincinnati area market is keeping up with the trend. For two straight years, the monthly median sold price is up compared to the year prior. April saw a 23.7% increase, setting another record high. According to the National Association of REALTORS® (NAR), the 30-year fixed-rate mortgage dropped to as low as 2.93% in the first quarter (a year earlier it averaged 3.57%). “The strong demand, low housing supply, and low interest rates continue to drive significant price increases,” says Stephanie Sudbrack-Busam, President of the Cincinnati Area Board of REALTORS®.
When broken down by county, Hamilton, Butler, Warren, and Clermont counties all follow the same trend: increased median sale price, increased units sold, increased number of new listings, but a decrease in active inventory. What is interesting though, is that Hamilton County only saw a 2.5% increase in median sales price. With an increase of 31.9%, Butler county saw the largest increase of new listings. Warren County has the highest median sales price at $315,000. Clermont County had a 61.4% decrease in active inventory, the largest decrease of the four counties.
Download PDF version of this release here.