CINCINNATI — The housing market in Cincinnati is still red-hot despite a national slowdown, according to tech real-estate marketplace company Zillow.
Homeowners in most of the U.S. are holding onto their houses and current mortgages rather than listing, Zillow said. But in Cincinnati, homes are "flying off the shelves at a breakneck pace." Zillow said the average time a home in the Queen City is on the market is just four days.
The company said typical home values have reached new record levels every month since March. And sales in the region are still rising, even as the usual spring sales season is winding down.
Experts at Zillow said Cincinnati is tied with Columbus and Kansas City as the cities with the fastest home sales among the top 50-metros in the U.S.
Here are some key statistics for the Cincinnati area according to Zillow:
- Typical home values rose 1.7% from May to June. That's up 4.2% compared to last year. Cincinnati has seen the fifth highest growth among major metros.
- New listings are 27% down from last year.
- Available inventory 22% lower than last year and 47% lower than before COVID-19 in 2019.
- Newly pending sales rose 2.3% month over month. However, they're down 21% compared to last year.
According to Zillow, the typical U.S. home value rose above $350,000 for the first time ever as steady demand for buyers met a record low inventory. Cincinnati's average home value is now a little more than $275,000.
Click here for a deeper dive into the nation-wide housing data nationwide.
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