Cincinnati Real Estate October 2011 Update
According to a report from the Cincinnati Area Board of REALTORS(r), local home sales for October – at 1,382 units -- were up 25.1% over October 2010. It was the fourth month in a row of increased sales on a year-over-year basis.
Last month’s average price was $142,893, compared to a year prior of $158,832. Average price
for the first 10 months of 2011 was $152,188 compared to $159,228 the same 10 months a year ago.
The Cincinnati area housing market currently has 9 months of available inventory compared to
nearly 13 months a year ago. A balanced housing market has 6 months of inventory. Therefore, buyers
have the advantage in today’s market.
According to BankRate.com the average rate for a 30 year fixed mortgage in Greater Cincinnati is 4.02%.
If someone is renting in today's environment, it might be worth considering home ownership.