National And Southwest Ohio Real Estate Market Update

National And Southwest Ohio Real Estate Market Update

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Image titleNational and Southwest Ohio Real Estate Market Update: February 1, 2024


🏡 National and Local Real Estate DynamicsThe real estate landscape continues to evolve, and as of February 2024, both national and Southwest Ohio markets exhibit noteworthy trends:

🌐 National Real Estate Overview- 

- Home Prices:: The national median home price rose by 8.5% year-over-year, reflecting a sustained upward trajectory.

 - Inventory Levels: Nationwide, there's a slight improvement in housing inventory, offering more options for prospective buyers.

- Interest Rates: Favorable mortgage interest rates contribute to the attractiveness of homeownership, making it an opportune time for buyers to secure affordable financing.

Photo by Dillon Kydd on Unsplash

🌐 Let's take a look at one of Plum Tree Real Estates Strong Markets:

Southwest Ohio Market Highlights

🏠 Home Sellers:

Home Sellers:If you're thinking of selling your home in Cincinnati or Southwest Ohio, the local market provides promising conditions:

- Median Home Price:  In Southwest Ohio, the median home price increased by 9.2% compared to February 2023.

- Days on Market:  Homes are selling at a brisk pace, with an average of 25 days on the market.

- Competitive Offers: The market is competitive, with multiple offers becoming commonplace for well-priced properties.

🏠 Home Buyers:

For those looking to buy a home in the region, opportunities abound:

- Inventory Levels: While inventory remains somewhat constrained, there's a diverse range of properties available to cater to different preferences.

- Affordability: While we will not see the historically low-interest rates of the recent past, rates have tempered and stabilized making homeownership more affordable.

- Market Stability:: The Southwest Ohio market exhibits stability, making it an appealing option for long-term investment.


🌐Cincinnati and Southwest Ohio Specifics

Cincinnati Metro Area:

- Median Home Price: $250,000 (Up 7.5% from February 2023) 

- **Inventory Change: 5% increase in available homes compared to the previous month.

- **New Listings: A 10% increase in new listings, providing buyers with more choices.


Southwest Ohio Region:

- Days on Market:** The average days on market decreased by 3 days, indicating a faster sales pace.

- **Sales Volume:** A 12% increase in total sales volume compared to February of the previous year.

- **Price Appreciation:** Certain neighborhoods experienced double-digit price appreciation, making them attractive for both buyers and sellers.


 📈 Expert Projections:

- According to local experts, "The Cincinnati and Southwest Ohio real estate markets are poised for continued growth. Sellers should leverage the current demand, while buyers can explore diverse options in this dynamic market."

📆 Act Now!

Whether you're looking to sell or buy, now is an exciting time in the real estate market. Spring is beginning early this year, perhaps due to the hesitations of the last few quarters by both buyers and sellers. Whatever iced the market last year seems to be thawing. Connect with our experienced team to navigate the process smoothly and make the most of the current opportunities.


Matthew Wielgos - Photo

Matthew Wielgos - Realtor
Plum Tree Real Estate

513-445-8449
TopHomesAgent@gmail.com

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If you have interest in another area and would like to receive relevant insight into that market, let us know. Just share your name, email and cell and we'll refer you to an agent working in the area who can provide you information as well as help you move forward if you decide to do so. See our contact below.

*Disclaimer: This newsletter is for informational purposes only. Real estate decisions should be made based on individual circumstances and consultation with qualified professionals.*


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Phone: 513-445-8449
Dated: February 1st 2024
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