By Abby Miller – Reporter, Cincinnati Business Courier
Jul 13, 2023
The Cincinnati housing market remains red hot with no signs of slowing down, according to a new housing market report, even as the national market reckons with a summer slowdown.
Greater Cincinnati’s housing market has maintained a fast pace throughout 2023, and Zillow’s June Housing Report found it’s still at the front of the pack on a national scale. The report found that while homes took longer to sell between March and June on a national level, Cincinnati remained the nation’s fastest-selling housing market.
In Zillow’s June report, Cincinnati was named the nation’s fastest selling housing market, with homes only listed for a median three days. In July, Cincinnati remained one of the hottest markets, with homes listed for a median four days – but now it’s tied with Columbus and Kansas City as the fastest selling cities among the top 50 metropolitan areas in the U.S.
The report – and Cincinnati retaining its top ranking – comes as the national average for days on market increased one day since June, a sign that competition for homes may be decreasing as the spring sales season slows down.
But that’s not the case in Cincinnati. During January, when the housing market typically sees a bit of a winter slump, the median days on market for a home in Cincinnati was a week, data from the Greater Cincinnati Multiple Listing Service shows. From there, the median days on market each month has hovered between just four to two days. In June, MLS data showed the median days on market was three.
The short number of days on market also matches Cincinnati’s struggle to retain housing inventory. Zillow’s report found new listings in Cincinnati were 27% lower in June than they were last year. Total inventory is down 22% from last year, and it’s down 47% from 2019.
The lack of new inventory has increased competition, driving up prices and making many buyers opt to pay in all cash to make their offers more competitive. Zillow’s report found typical home values went up 1.7% from May to June and are now $275,204. That’s up 4.15% from last year, making Cincinnati the fifth-strongest market for annual price gains.
