Welcome to December; 2021 can't come soon enough. With the new month, here is your first look at sales data for the month of November. What did we see?
- Sales continued at a torrid pace; closings in November 2020 were up +18.2% compared to Nov 2019 (811 vs 686).
- That is big jump year-over-year and larger than the 12.4% increase and 14.1% increase we saw for Sept 2020 and Oct 2020, respectively.
- Sales prices were up significantly:
- Average sales price was up +9.5%
- Median sales price was up an impressive +19.4%
- Median sales price per square foot was up +17.5%
What does this say about the real estate market in Cincinnati?
- The increase in median sales price was much higher than the increase in average sales price.
- This means that prices of homes under about $260,000 are rising much faster than homes above $260,000.
- If you own a home worth less than $260,000 and you are looking to move up to a home above $260,000, this is could be a great time since your current home has appreciated faster than the home you would like to buy. Incredibly low interest rates are the cherry on top.
- Eventually prices of more expensive homes will catch up, especially as more Millenials begin selling their first homes and buying larger homes.
Please contact me if you have any questions at 513-830-8227 or
beppert@pivotrealty.com. I would be happy to discuss how I can save you money when you list a home with me and buy up at the same time.
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