Homes in Cincinnati are gone almost as soon as they hit the market, according to a new report, making it the nation’s fastest-selling housing market.
Zillow’s latest market report, published June 8, found homes in the Cincinnati market are only listed for a median three days before a pending sale. That’s the shortest time on market in the U.S., even amid what Zillow found is an unusually hot shopping season for homebuyers.
Cincinnati’s housing market has been on a years-long hot streak coming out of the Covid-19 pandemic. The huge appetite for homes in the region has led to a massive inventory shortage, stoking up competition among buyers even as interest rates remain high.
The inventory shortage continues to be an issue in Cincinnati, Zillow’s report found. Housing inventory is down 18% from last year, and it’s also 50% below that of 2019.
As of May 2023, Butler, Clermont, Hamilton and Warren counties had 1,465 in active housing inventory, according to data from the Greater Cincinnati Multiple Listing Service. That’s equal to just over 27 days of inventory, meaning Cincinnati is overwhelmingly a seller’s market. A balanced market requires about five to six months of active inventory, and Cincinnati is just shy of one month.
In addition to being the fastest-selling market, Cincinnati is also one of the top cities across the U.S. for home appreciation values, according to Zillow. Cincinnati was only second to Columbus for the highest increase in home values between April and May, with values up 2.2% at $272,945. That figure is also up 4% from last year, according to Zillow.
While Cincinnati is still struggling to gain the inventory it needs to create a balanced housing market, new listings were up between April and May. New listings rose 13.5% between those months but are still down 31% from 2019.
Cincinnati’s hot streak has been noted in other recent reports, including some from Zillow. A February report from Zillow named Cincinnati one of the nation’s fastest-selling housing markets, and Re/Max’s national housing report for April 2023 found the Greater Cincinnati market witnessed the largest year-over-year increase in median home sale prices in the U.S. this past year.
