2014 has been an excellent year for real estate in the Greater Cincinnati area! We are witnessing strength in the market, highlighted by low interest rates and affordable housing. Local home mortgage rates in November averaged 4.08% for a 30-year fixed rate loan. The rates are about the same as this time last year, which were at 4.43%. At these fixed rates, the monthly principal and interest payment on a $100,000 home loan with no money down would be approximately $482. This continues to be an excellent time for first-time home buyers, those looking to upgrade, or relocate to purchase a home. Greater Cincinnati is a market known for being very affordable, and has recently been getting positive national attention.
Here are graphs showing the Number of Sales and Average Sale Price through November, with information provided from the Cincinnati Multiple Listing Service.
As you can see in the graph on the left, home sales momentum in November slowed over last November, down – 6.43%. Homes sold (closed) last month were 1,542 compared to 1,648 in November 2013. Home sales YTD are 20,973 compared to 21,395 for the same period (Jan-Nov) last year, down -1.97%. So overall, the number of sales from last year compared to the year is around the same.
In the graph on the right, we see that the November average home selling price climbed to $168,477 vs. $158,278 a year earlier, a +6.4% increase. The average price has increased year-over-year for 33 consecutive months. Many Sellers are happy to see that sale prices in the Greater Cincinnati area are UP!
Thank you for reading our November Market Update. If you would like specific information on your neighborhood or your home, please reach out to us:
Finn Team Coldwell Banker West Shell firstname.lastname@example.org 513.560.6513