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Cincinnati: First Quarter Home Prices Up

Realty Times Feature Article by Blanche Evans

Like other big cities that want to improve home and business values by cleaning up, Cincinnati has launched "The Big Cincinnati Sweep." The city is known for its civic pride, including hiring the first career firefighters in the nation. Cincinnati was named in honor of an officers' club founded during the Revolutionary War. Like Rome, Cincinnati was built on seven hills, including Mt. Auburn and Mt. Washington.

Built on the Ohio River, Cincinnati boasts nearly two million people and a moderate and pleasant climate. It has a diverse economy in manufacturing, research and development, insurance, finance, and health services. The housing market is strong, say local Realtors.

"Attractive interest rates, a recovering economy, rising consumer confidence and an array of affordable housing options in every price category have converged to create a marketplace that is making the American dream of homeownership a reality for a record number of Ohioans," declares Realtor Charlie Bauman.

Prices are rising, notes Bauman. "First quarter year-to-date homes sales in Cincinnati, Ohio were up both in units sold and price: 2001 = 4,271 vs. 2002 = 4,601, a change of 7.7 percent. The average sale price 2001 = $150,157 vs. 2002 = $153,754 a change of 2.4 percent. The one constant -- in an otherwise uncertain economic environment -- is change."

Job prospects are bringing in relocation opportunities. Says Realtor Dale Schmidt, "Activity has picked up dramatically. Out-of-town buyers are moving here at a consistent rate. Consumer confidence is up and interest rates are still favorable. Spring is a good time to buy."

But Cincinnati isn't quite in a sellers' market.

Advises Realtor Evelyn Black "It's a strong market earlier this year than what we have usually seen in the past due to attractive interest rates and mild winter weather. Statistics show that there are about 14 percent more houses on the market than this time last year.

"There's still somewhat of a disparity between what buyers are expecting (a buyers market and a "good deal") and what sellers are expecting (a healthy economy & a strong real estate market) so we're seeing offers coming in surprisingly low, but sellers are unwilling to yield too much," she explains. Because of the strong economy, interest rates have edged up; but there are still good rates."

Blanche Evans is the publisher of Agent News and the associate editor of Realty Times, the Internet's largest independent real estate news service. She is the author of two best-selling real estate books: The Hottest e-Careers In Real Estate, Real Estate Education Company, an Internet marketing primer for real estate professionals, and The Insider's Guide To Buying And Selling Your Home Using The Internet, Dearborn, a consumer homebuying and selling guide. In 2000, she was recognized by the editors of REALTOR(r) Magazines as one of the 25 Most Influential People In Real Estate.

Published: May 27, 2002

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