Cincinnati homes fly off the market at fastest rate in U.S., according to Zillow.
Sturdy demand is supporting the Greater Cincinnati housing market's hot start to 2024, as homes continue to sell quickly and above listing price despite growing inventory.
Homes that sold in the region in March spent an average of four days on the market, tied with Columbus, Ohio; and Kansas City (which is considered one metro across two states) for the lowest rate nationwide, according to Zillow’s March housing market report.
That’s six days fewer than the average duration homes spent on the market in Greater Cincinnati before the pandemic.
At the same time, the market’s total inventory of homes is increasing. Active listings were up more than 27% in March compared to one year prior, according to Realtor.com, the St. Louis Federal Reserve's favored source on housing data.
Active listings have risen on an annualized basis each of the last seven months. The 2,142 homes currently on the market is a far cry from the 4,923 homes active in March 2019, but it’s the highest March count since 2020.
Greater Cincinnati also saw 17% more homes hit the market in March than one year prior, according to Realtor.com. New listings have risen on an annualized basis each of the last six months and already in March have come just 150 new listings short of the best month last year (June).
The region’s 3,042 pending sales in March was up more than 10% from one year prior.
The pricing picture is murkier but shows signs of continued inflation.
Around 32% of listings sold over the asking price in February, Zillow said. That’s twice as many as in February 2020 and a figure consistent with the supply-constrained days of early 2021 and 2022.
Listing prices are also rising. The median listing price of $186 per square foot on a home in Greater Cincinnati was 6.3% higher in March than one year prior, according to Realtor.com.
The average listing price of $489,433 for a home in Greater Cincinnati in March was 3.2% lower than one year prior, and in February it was down 4.2% on an annualized basis, according to Realtor.com. But 2023 saw region’s the largest and most sustained price spike in a decade as inventory fell to historic lows.
Nor is there much help on the way from new construction. The 3,681 single-family homes Greater Cincinnati permitted in 2023 was the lowest number since 2015, according to federal data.
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