CINCINNATI — Cincinnati has seen the highest percentage of home-sale price increases in the country over the last year, according to new data released by RE/MAX.
The median home-sale price in Greater Cincinnati in April was up 8.4% over April 2022. It’s the highest percentage increase in the country, according to RE/MAX, ahead of Milwaukee, St. Louis, Trenton and Miami.
Cincinnati’s median sales price was $275,000 in April.
“I think I underestimated how quick it would go,” said Marcos Olivas, who just accepted an offer on his Springfield Township home.
Olivas said his home was listed for two days before he received an offer that was $25,000 above his listing price.
“We had probably five or six offers within that two-day period,” he said.
Olivas worked with a realtor at Coldwell Banker Homes, and spent about a month cleaning the property up and readying it for sale.
“It was just a ton of work the last month, basically after work just working on the house every day and then weekends, but I think it kind of paid off,” he said.
He said it was the fastest he’s ever sold a home.
Donna Deaton, vice president of RE/MAX Victory, said prices are increasing because of Cincinnati’s low inventory. While inventory is up slightly this year, it remains low.
“Cincinnati is the most affordable place to live,” she said. “We have job opportunities. Our housing is still very affordable. You can get a lot of house for your money, so I think that's driving a lot of people.”
Deaton recommends buyers look below their budget.
“If you are wanting a $400,000 home, you better start looking in a $350,000 price range,” she said.
While prices are going up, home sales are slowing down in Cincinnati and in other markets nationwide. In Greater Cincinnati, sales fell 9.4% from March to April of this year. Sales were down 25.7% this April compared to last year.
Deaton cites the prices as part of the reason, as well as higher interest rates.
Olivas plans to wait out the “sellers’ market” before buying again.
“I think we're just going to have to be patient and wait,” said Olivas.
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