Cincinnati Real Estate Market Bottom In Sight
The average price of a single family home in Cincinnati has hit a 20 year low when adjusted for inflation. Just released research shows the average price of a single family home in the Cincinnati area is now 15% below its historic price range. The result - a market bottom may be forming in the Cincinnati real estate market before most of the nation!
Cincinnati, Ohio (PRWEB) May 28, 2009 -- The RealCincy Group with RE/MAX Unlimited has released a study on the past 20 years of Cincinnati Real Estate. Their research has found that from 1990 to 1997 the average price of a single family home in the Cincinnati area fluctuated in a tight historical price range when adjusted for inflation.
Average Cincinnati Area Home Adjusted For Inflation
The historical price range of $163,000 to $171,000 was broken by the housing bubble that started in the late 1990s. The Cincinnati real estate bubble peaked in 2005 when the average inflation adjusted price of a single family home was over $205,000.
2008 marked the official end to the bubble in Cincinnati real estate when prices returned to their historical range. In 2008, the average price of a single family home was $170,082.
Unfortunately, after a market bubble, prices often drop well below their historic price range before returning to normal levels over time - a classic bottoming process. So far this year, the average price of a single family home sold in the Cincinnati area tumbled 18.7% to $138,221. Current prices are 15% below the historical price range - a clear sign of a bottoming process.
The good news is Cincinnati real estate is ahead of the national averages in returning to historical price ranges. The S&P/Case Shiller Home price index released yesterday shows national home prices are still 10% to 11% above the expected pre-bubble price ranges when adjusted for inflation.
This is a fantastic market to buy a home and properly priced homes are selling quickly. But it can be difficult to determine if a home is appropriately priced. Both buyers and sellers should be sure they use a full time professional real estate agent who understands the current market's trends and can provide them with detailed pricing data.
Average home prices are from the MLS of Greater Cincinnati based on Hamilton, Warren, Clermont and Butler counties.
Contact:
Bryan Casteel
RealCincy Group / RE/MAX Unlimited
513-600-9228
www.RealCincy.com
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