Cincinnati Real Estate Market Show Consistent Growth in 2023

Cincinnati’s real estate market has showcased promising growth in 2023, marked by an increase in property values and prices per square foot.

authorWritten by Manuel MartinezFeb 28, 2024

Overview of Cincinnati’s Real Estate Market Trends

Cincinnati’s real estate landscape has been characterized by a progressive increase in property values and prices per square foot over recent months. Beginning in February, with average property values at around $211,119 and a price per square foot of $139, there has been a steady climb in these figures. In August, a peak average property value of $239,575, alongside the price per square foot hitting $147, was observed—a testament to the market’s growth in 2023. Interestingly, despite these increases, there is a noted slight dip post-August, hinting at usual market fluctuations.

Cincinnati vs Clermont County OH Prices
Cincinnati vs Clermont County OH Prices

Simultaneously, when we hone in on sold properties, a parallel trend emerges, with the highest figures noted a bit later in the year. In November, properties were sold at an impressive average price of $244,895, with the price per square foot reaching its zenith at $166. This delay between average property value peaks and sold price peaks could point to shifting buyer behaviors or market adjustments that will be interesting to monitor over time.

Regarding the availability and sales volume of properties, fluctuations are evident throughout the year. A significant high of 802 properties was listed in March, while July saw a notable dip down to just 360 properties on the market. Sold properties showcased a similar pattern, with September proving to be a strong month for sales at 8,810 properties changing hands, as opposed to April’s more modest sales of 6,172 properties.

When placing these monthly trends alongside median values for sold properties, a consistence in market behavior becomes apparent. The median value for recently sold properties standing at $232,859 aligns closely with the average sold prices, reinforcing the observed positive trends in Cincinnati’s real estate market.

Detailed Analysis of Property Values

The real estate scene in Cincinnati has been experiencing encouraging growth, evidenced by the increment in values over time. Specifically, property values showed dynamic growth throughout the months, with the occasional exception which can be linked to a myriad of economic and seasonal factors.

For instance, the property values witnessed a surge from February with its average of $211,119 to a high in August at $239,575. This trend encapsulates a notable increase within just a half-year span. Even with this upswing, seasonality and market corrections presumably played a role in the slight value decline observed after the peak month.

Cincinnati OH House Prices Feb 2024
Cincinnati OH House Prices Feb 2024

What’s more, this upward pressure on property values seems to create a subsequent impact on the sold prices. This lag in reaction suggests that as valuations rose, it took some time for these to be fully reflected in the actual sales prices transacted by buyers and sellers. By November, sold properties reached an average price of $244,895, demonstrating a potential for property valuations to predict future sold prices.

Monthly Property and Sales Volume Trends

The volume of properties, both listed and sold in Cincinnati, suggests an active market with changing dynamics over the months. Starting the year strong, March showcased a bustling market with a high of 802 properties available. Yet, on the flip side, July saw a contraction to just 360 properties—a stark contrast that highlights the ebb and flow inherent to real estate markets.

Moving to the sales side, September witnessed a remarkable month with 8,810 properties sold, suggesting robust market activity and buyer interest. On the other hand, April’s sales were comparatively lower at 6,172, illustrating the variability month-over-month. These numbers are not just indicators of market health but can also serve as a gauge for buyer sentiment and economic conditions.

Looking deeper into these trends, the fluctuations in both property counts and sales volumes paint a story of a market that, while showing an overall positive trajectory, is not immune to the periodic adjustments which are characteristic of an active and diverse real estate landscape.

While examining the individual monthly trends provides insights into the short-term movements of the market, median values offer a more stable benchmark. The median recently sold property value in Cincinnati standing at nearly $232,859 provides a midpoint that reflects the central tendency of the market’s sold prices, smoothing out extreme values that could skew interpretation.

In conclusion, Cincinnati’s real estate market is not only growing but also demonstrates consistency and stability. With property values, market volume, and median sales prices all trending positively, the market is ripe with opportunity for investors and homeowners alike. Whether through month-over-month analysis or median value comparison, the data indicates that Cincinnati’s real estate is maintaining a healthy and vibrant cycle.

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