Cincinnati, OH Homes For Sale - Ohio Real Estate | BEX Realty (2024)

FAQs

Are home prices dropping in Cincinnati? ›

The list price of homes in Cincinnati has decreased by 4% since last year. Summary: The median home list price in Cincinnati was $249,999 in June 2024, down 4% from the previous year, and the median price per square foot was $155.

Zillow: Cincinnati housing market shows signs of balancing, but still favors sellers. Data from Zillow's May 2024 market report shows that Cincinnati homes are spending an average of five days on the market before being purchased.

Cincinnati, OH housing market

In May 2024, the median listing home price in Cincinnati, OH was $295K, trending up 1.8% year-over-year. The median listing home price per square foot was $179. The median home sold price was $237K.

Cincinnati's real estate market is attractive due to its strategic location along the Ohio River, burgeoning economy as a Midwest powerhouse, and a vibrant demographic with a median resident age of 32 years. These factors create a high demand for properties, making Cincinnati an appealing market for investors.

The months from March to June are the best time to buy a house in Ohio. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.

The affordable housing gap in Greater Cincinnati and across Ohio has improved slightly, according to a new report from the National Low Income Housing Coalition. The study says the Cincinnati metro area has a shortage of nearly 50,000 rental units affordable to extremely low-income households.

The average cost to build a new house in Ohio is $111.24 per square foot, with prices ranging from $100 to $250 per square foot. For a 2,000-square-foot home, the average construction cost is $222,480, while the total cost to build a home in the state falls between $200,000 and $500,000.

Cost of living index in Cincinnati is 84.6. This index is determined by the cost of housing, groceries, transportation, health, and utilities. To put it simply, your dollar goes a long way here. Overall, Cincinnati's cost of living is 8% lower than the national average.

Individuals with unstable financial situations

Real estate investment comes with a hefty price tag upfront, and real estate ownership comes with big price tags on repairs and maintenance. Someone trying to stop living paycheck to paycheck should avoid investing in real estate.

Buying a home in Ohio is an excellent investment decision. Our state offers homeowners many benefits, from low living costs to excellent public schools. Plus, Ohio is consistently ranked one of the best places in the country for first-time home buyers, millennials, and to start a business.

Will Ohio house prices go down? ›

Home prices

The average home price in Ohio is $221,800 according to data collected by Redfin. This is up by 5.3% year over year (YoY). Due to Ohio's tight inventory, this number is expected to keep increasing marginally.

The Cincinnati metro has grown by 12.7% since 2000, averaging gains of 11,169 residents per year. The only year it lost population was 2009. That growth stalled during the pandemic. From 2020 to 2022, the metro added just 6,000 new residents.

With a median price tag of $228,000, per November 2023 Redfin data, Ohio claims the top spot as the most affordable place to buy a home in the U.S.

The average home price in the United States was $495,100 in the second quarter of 2023, according to the Census Bureau and Department of Housing and Urban Development. By comparison, the median U.S. home price in June 2023 was $426,056, according to Redfin.