Cincinnati has nation’s fastest-selling housing market
The Queen City also registered the country’s sixth-largest annual increase in rent prices.
CINCINNATI (WXIX) - In the market for a home in Greater Cincinnati? Better act fast.
The Tri-State had the fastest-selling housing market in the country last month, according to RE/MAX’s June national housing report, beating out trendy hot spots like Nashville, Seattle and Denver.
Greater Cincinnati homes stay on the market for an average of just nine days, 58 percent shorter than this time last year.
The national average for homes sold in June was 24 days.
In Nashville, TN, the nation’s second fastest-selling housing market, homes stay on the market for an average of 11 days.
A four-way tie at 12 includes Boise, Idaho, Seattle, Denver, and Omaha, Nebraska.
“June saw a unique case of supply and demand rising in unison, thanks to an uptick in sellers listing their homes for sale – a very welcome sign for frustrated buyers,” RE/MAX President Nick Bailey said. “People are relocating as companies and individuals make long-term decisions about remote work and getting back to the office. Also, sellers appear to be more confident about finding another home after they sell their current one. If these trends continue, inventory levels should keep growing.”
Median home prices in Greater Cincinnati have jumped 18.5 percent since June 2020.
The region currently has less than a month’s supply of housing inventory. Its 0.7 month supply is near the national low of 0.5 seen in Seattle, Denver, Manchester, New Hampshire Raleigh-Durham, North Carolina, and Albuquerque, New Mexico.
A six-month supply of houses indicates a market is balanced equally between buyers and sellers. In June 2021, none of the surveyed housing markets had a months’ supply at or over six.
Rent is rising in Cincinnati as well, according to Realtor.com’s June rental report.
Cincinnati saw the sixth-largest year-on-year increase in rental prices in June. The median rent in the region is $1,200, a 17.1 percent jump from June 2020.
“Looking forward, rents aren’t expected to slow unless we see a fundamental shift in the number of homes for sale and for rent,” Realtor.com Chief Economist Danielle Hale said.
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