Greater Cincinnati Real Estate Market Update - 2024
Here's the Latest:
Our latest local real estate market update continues the trends that we have seen year-to-date:
$295,000 AVG SALE PRICE +10.9%
1,269 UNITS SOLD +14.9%
1,016 NEW LISTINGS +12.6%
2,074 ACTIVE INVENTORY +34.2%
Here is my current analysis:
December 2024 Real Estate Recap: A Market That’s Wrapping Up the Year with a Bang
As December bid farewell to 2024, the Cincinnati-area real estate market gave us plenty to talk about—and some surprises too. Whether you’re a buyer, a seller, or just nosy about what’s happening in the housing market, here’s what the numbers mean for you. And yes, we’re keeping it light and fun because who says real estate can’t make you smile?
Buyers: More Homes, More Choices (Finally!)
Good news, buyers! Active inventory jumped 34.2% compared to last year, giving you more options to browse. But before you get too comfy, keep in mind that homes are spending a median of 18 days on the market, up 38.5%. While that’s slower than last year’s lightning-fast pace, you’ll still want to act quickly—after all, no one wants to lose out on their dream home because they “slept on it.”
Prices remain competitive, with the median sold price hitting $295,000, up 10.9% from last December. The good news? With total units sold up 14.9%, more buyers are successfully closing deals. So, bring your strategy, your pre-approval, and your favorite pair of house-hunting shoes—it’s game on!
Sellers: You’re Still in the Driver’s Seat
If you’re thinking about selling, the market is still looking good for you. New listings were up 12.6%, which means sellers are stepping up, but demand remains strong. The total sold volume for December reached $440,659,164, up a whopping 23.4% from last year. Year-to-date, the total sold volume stands at $6,109,550,187, a solid 9.2% increase.
While homes are moving a bit slower than last year, the extra time on the market doesn’t mean your property won’t shine. With active inventory up, you’ll want to make sure your home stands out. A little staging, a fresh coat of paint, and maybe even the scent of freshly baked cookies can go a long way in catching buyers’ eyes.
The Market at a Glance
December brought a healthy dose of activity to the market:
Active Inventory: Up 34.2% – buyers have more options.
Median Days on Market: Up 38.5% – homes are taking a bit longer to sell.
Total Units Sold: Up 14.9% for December and 3.6% year-to-date – buyers are sealing the deal.
New Listings: Up 12.6% – sellers are stepping up.
Total Sold Volume: Up 23.4% for the month and 9.2% year-to-date – the market remains strong.
What Does It All Mean?
For buyers, this is your chance to explore more options and take a moment (but not too long!) to consider your choices. With homes taking a little longer to sell, you might have some extra breathing room to negotiate.
For sellers, the increased inventory means it’s time to make your home shine. With demand still high and prices holding strong, this is your chance to capitalize on a motivated market.
Final Thoughts
As we step into 2025, the real estate market remains vibrant and full of opportunity. Whether you’re buying, selling, or just trying to figure out your next move, I’m here to guide you every step of the way. Real estate is about more than just numbers—it’s about finding the right fit, whether it’s a cozy starter home or your dream forever house.
Let’s make 2025 your best year yet! If you’re ready to chat, I’m just an email or phone call away.
Current interest rates are largely unchanged ⏩ 7.15% (30 yr fixed); 6.48% (FHA). It still more important than ever to have your financing lined up prior to finding that home of your dreams! 🏡💘
If you would like to discuss current financing options, please let me know - or, if you would like to get started on the pre-approval process - click here:
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