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Median Sold Price Increase Puts Pressure on Housing Affordability
Dated: June 14 2021
Interest rates continue to remain around 3%, according to the National Association of REALTORS® (NAR). Condo prices lead the way with prices up 18% from the same time last year, with single-family homes prices following closely behind at 17%. “The consistent trend of aggressive pricing and the shrinking supply of homes hitting the market continues to create a bigger housing affordability issue,” says Stephanie Sudbrack-Busam, President of the Cincinnati Area Board of REALTORS®. While there was an increase of 1.4% of new listings compared to the year prior, the active inventory is down a staggering 43.9%.
Housing affordability is an issue across all five Ohio counties in the Cincinnati market. Warren County remains the least affordable of the five counties, but the trend line stays the most consistent. Butler, Clermont, and Hamilton Counties all follow the same down-sloping trend. Brown County remains the most affordable, but overall, there is still a downtrend. Brown County is the only county who saw an affordability increase from the same period in the prior year.
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