While March brought increased temperatures, home prices continued a record setting pace that marks two years of price increases! The median price for home sales was up over 12.3% from March 2020, making it the 23rd consecutive month of median price gain over the previous year. The year-to-date median price was $209,950, a 13.5% increase, from 2020’s year-to-date median price of $185,000.
A year after COVID-19 protocols began to fall into place, showings increased a staggering 49.5% by mid-month. The Median Days on Market was 2 days, which is 50% less than in March 2020.
Continuing the trend, March saw a sharp decrease in active inventory, down 52.8% from last year. Not helping with the drop in active inventory, the number of new listings hitting the market is down .9%
“March was an intense month for buyers, as they consistently battled to view the new inventory as it hit the market,” said Stephanie Sudbrack-Busam, President of the Cincinnati Area Board of REALTORS®. “It’s truly amazing to see the record setting growth of the residential market in Cincinnati month after month.”
“This unprecedented real estate market adds additional challenges for people unfamiliar with the industry,” Sudbrack-Busam said. “REALTORS® are trained to guide real estate buyers and sellers through all the important details involved in buying and selling a home in this ever-changing market. Your REALTOR® is your absolute best source for professional and accurate information to help consumers navigate this fast-paced market.”