Touted as the queen of the West; Cincinnati, Ohio is experiencing a mini-housing boom. It is part of the Bluegrass Region of Ohio and Kentucky. Two hundred ninety-six thousand, five hundred and fifty people live there. The history of Cincinnati home sales is always changing.
The Ohio Association of Realtors’ snapshot view of Cincinnati housing markets shows homes listed at increased prices, spent fewer days on the market and saw a slight increase in the number of properties for sale.
Although the current history of Cincinnati home sales appears to reflect some increase, apparently there is some shrinkage. The Multiple Listing Service of Greater Cincinnati reports buyers have 8,914 single family homes and 1,402 condos available. This number reflects the small increase. However, after a comparison to the last zip code report, median list prices of single family homes and condos are experiencing a decrease throughout the; six metropolitan area zip codes: 45011, 45014, 45040, 45069, 45208, and 45233.
Factors impacting the current trend of increased, median list prices of single family homes and condos include popular neighborhoods, development planning, and many well-known corporations, some Fortune 500, who headquarter here. Procter & Gamble, Kroger, and Macy’s call Cincinnati home. Some popular neighborhoods and their average listing prices are:
- Hyde Park – $495,3357
- East Walnut Hills – $424,990 and
- Westwood – $82,278.
Current market trends show Cincinnati is having a mini housing boom in spite of some shrinkage in the sales of single family homes and condos. Increased investments and development planning, and its own baseball team are contributing factors to this boom in the history of Cincinnati home sales.
The price of waiting can be steep. A nationwide panel of 118 economists, real estate experts, and market strategists recently predicted that home prices may go up another 3 to 4% by the end of 2013, with interest rates rising by 1%.
Mortgage rates are on the rise. By the end of June, the average 30-year mortgage rate was reported to be above 4 percent.
If you have been sitting on the sideline considering making a move now may be the time to act before it is too late.