As the market value of homes has been rising throughout the summer, the next question is always this: when will it end? The answer is that no one knows for sure what will happen in the coming months, but the numbers do point to an interesting trend within the last month. Looking at our market In Cincinnati, single family homes and condominiums sold for a median price of $238,000 in May, then rose to $255,000 in June and but then lowered to $245,000 in July. Although the median sale price came down just a bit, a $245,00 median price is still much higher than the July 2020 median price of $219,000. This gives you some idea of just how hot the Cincinnati market has been. While inventory may be up slightly in relation to the number of buyers looking, the leverage is still in the hands of the seller right now.
In September we often see a decline in families looking for homes This is primarily related to the start of school. This means that inventory is up slightly. At the end of the month through the first couple of weeks in November we usually see more buyers again out looking but it isn’t typically as strong as the summer market. Regarding the dynamic for sellers in our market, more homes for sale in relation to buyers looking means that bidding wars will be less common than they are right now. But these bidding wars are still expected to be prevalent here for some time – again because in Cincinnati many areas still have very low inventory. At the time of this writing, homes still receive multiple offers until sellers agree to favorable terms, meaning that the leverage still mainly belongs to homeowners.
Again, I’m Dan Hendricks with Keller Williams Advisors. If you are interested in buying or selling a home or perhaps just have some questions about the market, please give me a call. I look forward to hearing from you soon.