As we enter the new year, it's time to look back at 2019 as compared to 2018 for the Hamilton County real estate market. Here's what happened:
- Days on market (DOM) declined for 2019 compared to 2018. Homes were selling quickly in 2018, with median DOM of 10, meaning half of homes sold within 10 days of listing. In 2019, that number declined to 8 days.
- The median sales price rose 5.9% in 2019 compared to 2018 and the median sales price per square foot increased 7.4%. Typical yearly appreciation is 2-3%.
- Appreciation was strongest in 2-4 bedroom homes. Sales prices for 5+ bedroom houses were flat or even down slightly. However median DOM declined for 5+ bedroom homes, which may predict appreciation to come in 2020.
- However, lower interest rates in the second half of 2019 offset nearly all of the price increase in terms of the real cost to finance the purchase of a home.
Next week, I'll look at changes in the sales price by area to show which areas experienced the greatest appreciation, and whic
