Published 10:00 p.m. ET Jan 20, 2023 | Updated 9:56 a.m. ET Jan. 23, 2023
Key Points:
- Typical Cincinnati-area house sold in 12 days last month.
- Cincinnati tied with Hartford, Connecticut for fastest-selling major metro area.
Local homebuyers have been on a wild ride over the past several years, chasing listings that seemingly disappear overnight and making buying decisions on the spot to avoid being outbid by another buyer.
Heading into 2023, homebuyer demand in the Cincinnati metro area is still sizzling hot with the typical listing resulting in a pending offer in 12 days, according to Zillow, a national online listing site and real estate market tracker.
Cincinnati was tied with Hartford, Connecticut for the shortest number of days on market among the 50 largest metros.
Cincinnati also held the title as the fastest-selling U.S. home market for two straight months in June and July of 2021.
Demand remains strong despite key changes in the market, including rising mortgage rates and inflation, that have made homebuying more expensive.
Here's how the local homebuying market wrapped up 2022, according to market analysts Zillow and Redfin:
- The monthly mortgage costs for a median-priced home with 20% down payment on a 30-year, fixed-rate mortage was $1,338 in December last year, up 62% compared to the same month in 2021.
- The share of listings sold over asking price was 33% in November 2022 – the most recent data available – compared to 40% in November 2021.
- The median time on market before listings go pending was 12 days last month, but that was five more days than in December 2021.
- Home sales continued to decline, falling about 26% in December 2022, compared to the same month in the previous year.
- The median home price edged up about 4% to $248,000 in December last year, compared to $239,000 in December 2021. However, the December price continued a steady month-over-month decline from the Cincinnati area's peak housing price of $275,000 last June.
Source: Redfin
