Today, I am sharing some great news about the state of our Greater Cincinnati real estate market. Home values in Cincinnati rose 15% this year. According to a report from Zillow, this trend is expected to continue. Cincinnati is among several areas including Cleveland, Columbus, and Indianapolis that have seen a constant rise in property values in comparison with other US markets since 2014.
Our 15% increase in median property values thus far reflects an uptick over last year’s market value of $195,387 dollars. Cincinnati has always been considered a very affordable housing market as our previous levels were 29% lower than the national average.
Cincinnati currently has a median household income of $67,000 dollars, a median home price of $195,387 dollars and a median monthly rent of $1,251 dollars making this a great place for investment compared with other regions of the country. Despite the rise, our prices are still more affordable than the national average.
New interest in the Cincinnati market has attracted new investors here. The increase in values may be attributed to the fact that investors are now taking notice that our property values have risen at a steady rate of 5.45% since 2014. There is further speculation that we will see continued growth if this demand remains steady. There is a strong case to be made that 2021 is an opportune time to invest in property in Cincinnati before our property values move even higher..
Here is something else that is interesting: the rise in property values in the Greater Cincinnati Area has influenced an increase in our population. Our region has experienced a significant population rise recording close to 3.76 % population growth from 2010 to 2019 with the expectation of a further increase this year. The rising population provides a stable market base for investment and is enhanced by significant investments from new employers in our region.
To sum it up, Cincinnati is now getting a lot of attention due to both our housing values and our propensity for growth. Not a bad place to be! All of this continues to make home ownership in Cincinnati a very wise choice.