While the short term outlook for the Cincinnati real estate market is dominated by very low inventory, having declined more than 10% over the past 30 days. The median days on market has been at three days for the past several weeks. The long term outlook depends upon interest rates, mortgage delinquency, and unemployment. Here is what we are seeing on those fronts:
Initial jobless claims have been declining, but the declines have been modest over the past 5 weeks.
Unemployment fell to 11.1% in June from a peak of 14.7% in April.
Overall, low interest rates and lower mortgage delinquencies should bolster the Cincinnati real estate market. Persistent unemployment is a concern. If unemployment begins to weigh on the market, the first signs will be decrease in buyer demand and an increase in mortgage delinquency.
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One of my family's summer traditions is swimming my in-law's home in Norwood. The full experience includes picking up carryout from
Quatman Cafe and enjoying their burgers and fish sandwiches poolside. Their burgers are perennial favorites for the best in Cincinnati. Besides the original location on the namesake street in Norwood, you can also visit them at their location in Mason.