CINICNNATI — New RE/MAX industry data puts Cincinnati at the top of the list when it comes to the fastest-selling homes in the country.
Some sellers are seeing offers the very first day they list their homes on the market.
On average in June, Cincinnati homes were on the market for just nine days. It's the lowest average in the whole country. Nationwide, homes stayed on the market around 24 days.
Michael Jones is an economics professor at the University of Cincinnati. He said our region typically has a low cost of living compared to other metro areas, so many people working from home are leaving bigger cities and relocating to the Midwest. Low interest rates and limited home supply has created a classic problem of supply and demand.
“Part of that is driven to the nature of housing,” Jones said. “It takes time to build. New home starts are up quite a bit, just in the last month. We've seen new home permits increase quite dramatically, but it takes time to get those houses in market. So I think in the next few months, we'll continue to see high prices.”
Realtor Maria Walley says young people are also playing a big role.
“Millennials are driving this business,” she said. “I mean, there's a lot of people that are ready to buy homes now. And, you know, then there's a lot of people ready to sell them now because they're seeing the prices go up. So people are afraid of missing out on that.”
These trends might impact you even if you're not looking to buy. Experts say these high prices are having a spillover effect on the rental market, driving up those prices too.