Real Estate Trends in Cincinnati, OH: Everything You Need To Know Before Making Investments
Average property prices in Cincinnati have been steadily rising over the past two years. What is more, in August 2021, homes sold in the area stayed on the market for only 21 days on average, ranking just behind Omaha, NE for the shortest time on the market. According to top realtors in Cincinnati OH, the city and the surrounding area are now experiencing massive demand for housing. This is directly reflected in the owner/renter ratio: more than 50% of the households in Cincinnati are rented. If you look to invest in real estate in the Cincinnati area, here are some key facts to know.
- Around 309,000 people live in the city and over 2.2 million in the metropolitan area.
- The Cincinnati metro area (aka the Cincinnati Tri-State area) centered on Cincinnati includes Ohio, Kentucky, and Indiana counties.
- Population in Cincinnati rose by 3% between 2010 and 2017 and keeps on increasing.
- The city hosts 121 public schools rated good and higher (GreatSchools). There are also 41 private and charter schools.
- The cost of living in the Cincinnati metropolitan area is 9% below the national average.
- Cincinnati has the 7th largest economy in the Midwest.
- It ranks as one of the 40 best places for living in the U.S.
- The two major employers include The Kroger Company (over 21,000 employees) and the University of Cincinnati (around 15,000 people). Also, Cincinnati is home to several Fortune 500 companies such as Procter & Gamble and Macy’s.
- The most common housing units in Cincinnati are two-bedroom single-family detached homes. Other dominating housing types include apartment complexes, duplexes, and row houses.
Real estate trends in Cincinnati, OH
According to Forbes, the Cincinnati area is one of Ohio’s three hottest real estate markets. It’s no surprise since the Cincinnati housing market can boast remarkable performance metrics, including affordability, sale and list price, days on the market, sales-to-list price ratio, and economic environment. Here are some key stats on the real estate market in Cincinnati, OH:
- Home values in Cincinnati have risen by 18.5% over 2021 and 60.3% over the past five years.
- As of December 2021, there were 1,842 homes for sale in the city, with the most expensive one for $6.9M.
- There are 50 neighborhoods in Cincinnati. The most expensive one is Mount Lookout, with the median listing price of $492K, and the most affordable one for purchasing a home is East Price Hill, with the median listing price of $126K.
- The median listing home price reached $219.9K in December 2021.
- The median listing home price per square foot is around $138.
- The median sales price is $240,000.https://www.fastexpert.com/
A favorable city for renters
- Average rent: $1,040 per month (as of May 2021).
- Two-thirds of the rental units in Cincinnati have monthly rents of $1,000 and under. The most expensive neighborhoods for renting are Over-The-Rhine, Pendleton, and Mount Auburn ($1,522 – $1,580 / month), and the most affordable ones are Sayler Park, Queensgate, and West End Cincinnati ($1,522 – $1,580 / month)
- Rents in the city have grown by 2% year-over-year.
One of the nation’s most affordable real estate markets, Cincinnati makes for an attractive investment solution. More than half of households in Cincinnati rent, and it is expected that the city’s rental market will keep on growing in the near future. So if your goal is to make a profit, there is no need to invest in the most expensive property in Cincinnati to generate sufficient passive income from rents.