The Kopf Housing Recap and Preview for 2016

2015 Housing Market Recap and a Look to 2016

The 2015 Greater Cincinnati Residential housing market was very positive; the number of home sold as well as the average sales price increased in 2015 when comparing to 2014. Per statistics obtained through Cincy MLS, Greater Cincinnati saw modest gains in both categories compared to 2014:

Below is a breakdown of sales data for specific neighborhoods in Greater Cincinnati comparing 2014 to 2015 for both units sold and average sales price:

Inventory continues to be a challenge for home buyers. The residential inventory available for sale in the Greater Cincinnati market remains at historically low levels. I do not see this changing in 2016. Will 2016 be a sellers market? Yes, the lack of inventory and increased demand has caused the average sales price to increase. Will 2016 be a buyers market? Yes, the low interest rates create better buyer purchasing power and rising rents make owning a home a logical choice for most potential home buyers. I believe first time home buyers will continue to enter the market in 2016 which will allow existing home owners the ability to buy up or downsize. In my opinion, this increase in demand coupled with the low interest rates will create another positive year for the Greater Cincinnati Housing Market.

– Pete Kopf

 

*Statistics were obtained through the Cincinnati MLS*

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