June 2021 Shows Closings on an Upward Trend
Source: Cincinnati Area Board of Realtors
“To no surprise of any REALTOR® working in today’s market, the median sold price continues to rise.” says Stephanie Sudbrack-Busam, President of the Cincinnati Area Board of REALTORS®. Low interest rates and inventory shortages continue to help sellers reap the benefits of this strong market. The median sold price difference between June 2020 and June 2021 is up 18%; the median sold price is up over $18,000 from May 2021 which is a 7.8% increase.
Watching the market data, the data shows that Butler and Hamilton County closings are on an upward trend. In June, closings in Butler County were the highest they have been since May of 2019. Butler County saw a total of 515 while Hamilton County saw a total of 1,152 closings in June. The number of Hamilton County closings are almost as high as they have been since October of 2020.
First time and move up buyers typically fuel a sustainable market, but today affordability, an unwillingness to compromise on home features, lack of inventory, and competitive bidding are keeping some buyers out of the market. Some buyers are struggling with buyer fatigue and are choosing to move to the sidelines until the market cools a bit which could account for the rise in days on market for the first time since February.
Have any questions about the market we are here to help you. If you are looking to buy right now, the market might be fraustrating to you, and now it is so important to be working with an active REALTOR who knows how to make your offer stand out in this market. We also continue to see the trend of REALTORs using the "Coming Soon" status before a home is active on the market. You cannot see hmes in this status on Realtor.com or Zillow - only if you have a portal with a REALTOR who has access to the local MLS.Return to Blog