Cincinnati March 2021 Market Review
The Cincinnati Area Board of Realtors shared the market stats from Market 2021, the housing market continues to see record setting home prices! Have any questions about the market we are here to help you. If you are looking to buy right now, the market might be fraustrating to you, and now it is so important to be working with an active REALTOR who knows how to make your offer stand out in this market. We also continue to see the trend of REALTORs using the “Coming Soon” status before a home is active on the market. You cannot see hmes in this status on Realtor.com or Zillow – only if you have a portal with a REALTOR who has access to the local MLS.
March 2021 Shows Continued Growth into the Spring Market
Median Price Up Over Prior Year for 23rd Straight Month!
Source: Cincinnati Area Board of Realtors
While March brought increased temperatures, home prices continued a record setting pace that marks two years of price increases! The median price for home sales was up over 12.3% from March 2020, making it the 23rd consecutive month of median price gain over the previous year. The year-to-date median price was $209,950, a 13.5% increase, from 2020’s year-to-date median price of $185,000.
A year after COVID-19 protocols began to fall into place, showings increased a staggering 49.5% by mid-month. The Median Days on Market was 2 days, which is 50% less than in March 2020.
Continuing the trend, March saw a sharp decrease in active inventory, down 52.8% from last year. Not helping with the drop in active inventory, the number of new listings hitting the market is down .9%
“March was an intense month for buyers, as they consistently battled to view the new inventory as it hit the market,” said Stephanie Sudbrack-Busam, President of the Cincinnati Area Board of REALTORS®. “It’s truly amazing to see the record setting growth of the residential market in Cincinnati month after month.”
“This unprecedented real estate market adds additional challenges for people unfamiliar with the industry,” Sudbrack-Busam said. “REALTORS® are trained to guide real estate buyers and sellers through all the important details involved in buying and selling a home in this ever-changing market. Your REALTOR® is your absolute best source for professional and accurate information to help consumers navigate this fast-paced market.”
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