The first-quarter Metrostudy data for the Cincinnati shows a slow start for sales in 2014. Existing home closings fell year-over-year from 7,478 to 7,261 and from 8,849 in the previous quarter. Existing home sales peaked in the market in the third-quarter at 11,967. New-home sales saw similar slight decline in sales year-over-year from 429 to 410 in 1Q14. The peak for new-home closing occurred in the fourth-quarter at 757.
New and existing home remain affordable in the market. Prices for existing homes have fallen quarter-over-quarter for the past year starting 2013 at a median closing price of $130,000 and finishing the year at $188,600. In 1Q14, the median closing price for existing homes continued to slump hitting $115,000. Although this speaks to market instability and low demand for existing homes, it does mean the entry-level homebuyer is able to find affordable real estate in the Cincinnati market. For new homes, prices have fluctuated slightly but are overall on the rise. New home median closing price increased from $241,000 to $262,900 year-over-year. This median price is down slightly from the previous quarter when new homes peaked for the last year with a median closing price of $263,500.
Price per square foot is affordable for both new and existing homes in the market. For existing homes, the price per square foot during the first-quarter was just $68. For new homes, the median price per square foot was $100, up from $90 the previous quarter and $97 year-over-year. The average age of households for buyers is 47 for existing and 42 for new homes in the first-quarter. The average household income fluctuates in the market in the 80’s for home closings combined. With sales projected to increase across the country in later months this year, the Cincinnati market is poised to do so while maintaining affordability.
Learn more about markets featured in this article: Cincinnati, OH.