Are housing prices dropping in Cincinnati?

No, they are actually rising. Redin data as of June 2023 shows that the median home price is up 2 percent year-over-year, while numbers from the Realtor Alliance of Greater Cincinnati reflect a 7.4 percent increase.

Is Cincinnati a hot real estate market?

Yes indeed. Homes are selling very quickly in Cincinnati, in less than a week — Redfin puts the days-on-market figure at six, while the Realtor Alliance of Greater Cincinnati puts it at just three. Redfin describes the market as “very competitive” and reports that homes for sale here typically receive three offers.

Cincinnati housing market: Everything you need to know

Written by

Mia Taylor,

Edited by

Michele Petry

Published on August 16, 2023 | 4 min read

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View of Cincinnati skyline from Over the Rhine district.

Situated along the Ohio River, Cincinnati has a passionate sports culture, abundant professional opportunities and a vibrant downtown. It also boasts one of the most affordable big-city housing markets in the U.S., with a median sale price that’s on the rise while still being significantly below the national average. Whether you’re buying or selling in the Queen City, read on to find out more about the Cincinnati housing market.

Cincinnati housing market overview

While other markets around the country have cooled to some degree this year, Cincinnati is holding its own in many ways. Even as it faces down many of the same pressures as the rest of the country, including rising mortgage rates, home prices in the city continue to increase. As of July 2023, prices in the area have risen 7.4 percent year-over-year, according to data from the Realtor Alliance of Greater Cincinnati (RAGC). At the same time, inventory has declined 6.8 percent, which means homes are in short supply and hot demand. That’s all good news for sellers. But there’s good news for buyers, too: Despite the price increase, the median price here is still below $300,000.

Cincinnati housing trends & stats

The median sold price for a home in July 2023 was $290,000, according to RAGC.
That’s a 7.4 percent increase over July 2022, but it is far below the nationwide median home price of $410,200.
Homes in Cincinnati sell incredibly quickly, spending a mere 3 days on the market according to RAGC. Redfin data puts that figure at a similarly speedy 6 days, which is a whopping 35 days less than this time last year.
Homes are selling for 1.6 percent above list price, according to Redfin, close to a 1 percent year-over-year increase.
Closing costs in the state of Ohio are typically 2 percent of a home’s purchase price, according to CoreLogic’s ClosingCorp. On a median-priced $290,000 Cincinnati home, that amounts to $5,800.

Should you buy or sell in the Cincinnati housing market?

The Cincinnati market favors sellers pretty heavily at the moment, but there are benefits and drawbacks on both sides of the real estate equation. Here’s what buyers and sellers need to know.

If you’re a home seller

Cincinnati homeowners who thought about selling last year but held off have reason to celebrate. According to Redfin data, in June 2022 homes were languishing on the market for more than a month — 41 days — before going into contract. Fast-forward one year and they’re flying off the market in just 6 days, with close to 50 percent actually selling for more than their list price. In fact, the company currently rates Cincinnati as “very competitive” and says that particularly hot listings can get snapped up in just 3 days, and for 7 percent above list price.

When you’re ready to sell, set yourself up for success by working with a local real estate agent who knows the Cincy market well. An agent can help you understand exactly what your home is worth in current market conditions, so that you can take full advantage of your hometown’s hot market.

If you’re a homebuyer

The bad news for Cincinnati buyers is that homes sell quickly here — really quickly. That means, when you spot a home you love, you’ll have no time to waste. Getting preapproved for a mortgage before you start home shopping will make you better prepared to take quick action. Preapproval will help your offer stand out from the crowd, which makes a big difference in a market where homes typically receive multiple offers. Taking this step also gives you a better idea of how much home you can reasonably afford.

So what’s the good news? Even despite all this, home prices in Cincinnati are remarkably affordable, especially when compared to other large U.S. cities. The median home price here is more than $100,000 less than the nationwide median.

Cincinnati housing market predictions

Many people fear for the state of the real estate market these days, with high mortgage rates keeping buyers on the sidelines and prices skyrocketing. While experts do not expect a housing market crash, Cincinnati is bucking the trend with a more robust market than many other parts of the nation. A recent Zillow study found that Cincy’s home sale rates and value growth are among the top in the country. Real estate company Knock projects that Cincinnati will continue to favor sellers for the foreseeable future.

Find a Cincinnati real estate agent

In a complex market like Cincinnati’s, a knowledgeable local real estate agent can be an invaluable partner on both sides of the transaction. When you’re selling, an agent who knows the area well can help you accurately determine the value of your home and list it competitively. On the buying side, an agent can pinpoint the best neighborhoods and listings for your lifestyle and budget. Take the time to find someone who you can communicate with effectively and who understands your goals. It’s a good idea to interview two or three prospective agents before making a decision.

FAQs

No, they are actually rising. Redin data as of June 2023 shows that the median home price is up 2 percent year-over-year, while numbers from the Realtor Alliance of Greater Cincinnati reflect a 7.4 percent increase.
Yes indeed. Homes are selling very quickly in Cincinnati, in less than a week — Redfin puts the days-on-market figure at six, while the Realtor Alliance of Greater Cincinnati puts it at just three. Redfin describes the market as “very competitive” and reports that homes for sale here typically receive three offers.