Queen City ranks No. 10 out of the Top 50 Real Estate Markets.
Cincinnati ranks near the top of U.S. cities experiencing a decline in its housing inventory, according to a new report. With a decline in inventory of 24.4% year-over-year and a median list price of $267,400, the Queen City ranks No. 10 out of the top 50 metros ranked by real estate listings website Realtor.com.
National housing inventory declined 13.6% in January, the steepest year-over-year decrease in more than four years, pushing the supply of for-sale homes in the U.S. to its lowest level since Realtor.com began tracking the data in 2012. Based on Realtor.com’s analysis, January’s decline amounted to a national loss of 164,000 listings.
Rankings of other Ohio cities:
- No. 34: Cleveland (-11.9%, median list price $182,450)
- No. 41: Columbus (-9.3%, median list price $284,950)
“Homebuyers took advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale,” Danielle Hale, Realtor.com’s chief economist, said in a release. “With fewer homes coming up for sale, we’ve hit another new low of for sale-listings in January. This is a challenging sign for the large numbers of Millennial and Gen Z buyers coming into the housing market this home-buying season as it implies the potential for rising prices and fast-selling homes — a competitive market.”
The supply shortage is found at every price tier throughout the U.S., but it is especially pronounced at the entry level.
- In January, properties priced under $200,000 declined by 19% (compared to December’s decline of 18.1%.)
- The decline in inventory of mid-tier properties priced between $200,000 and $750,000also accelerated, to a decline of 12% year-over-year, compared to December’s 10.2% decline.
- Even upper-tier properties priced at more than $750,000 declined by 5.9% year-over-year compared to December’s decline of 4.4%.
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