The Cincinnati Real Estate Market is perhaps the hottest spot in the real estate market in the entire United States. A clear example of this is that houses are on sale for up to 5 days before finding new owners.
This is an incredible indicator for the real property market. Even though real estate prices have risen by 10% in comparison to November last year, market demand is only growing. At the same time, it is worth noting that the availability of homes for sale decreased by 14.5% in the same region. It is the high demand for housing in Cincinnati that is causing the increase in the number of homeowners who choose to rent out housing rather than sell it. That in turn is the reason why more than 60% of the city’s population of Cincinnati rents houses, not owns them.
The Cincinnati region on the River of Ohio is becoming more and more attractive to potential investors as well as to potential buyers, and, of course, to the realtors in Cincinnati OH.
Not only is Cincinnati the asphalt jungle in Ohio but it also demonstrates significant economic and social potential. Thus, according to predictions, the workforce will have increased by more than 6% by 2028. In addition, the city is a centre of sports and cultural life. Due to its versatility, the city of Cincinnati received its eloquent name the “Queen City of the West”.
This article brings together the most important and essential facts that every investor and all Ohio realtors had better know.
Demography of Cincinnati
The Cincinnati population has been on the rise for the last decade. Due to the right government and local policies, this trend continues to exist.
More than 300,000 live in the city of Cincinnati itself, and more than 2.2 million in its urban.
The territory of Greater Cincinnati extends to three American states. Their list includes Kentucky, Ohio and Indiana.
The Great Cincinnati area includes 15 local districts.
Cincinnati’s population has grown by an impressive 1.4% over the last year. Its growth rate has reached 4% over the past decade.
The human capital market
The human capital market is constantly and systematically developing. A significant demand increase in highly skilled jobs and the latest technologies sector is expected. In addition, local authorities are interested in guaranteeing a social protection program as well as jobs for blue-collar workers.
The largest employment sectors include the IT sector and commercial services, leisure and tourism, and of course trade and transport.
The sector is expected to grow by approximately 67,505 jobs by the year of 2028. Thus, the region of Greater Cincinnati will surpass the working potential of such regions as Cleveland or well-known Pittsburgh.
The economic performance of Greater Cincinnati is really impressive. Over the past decade, GDP has increased by 44% to a higher number than 152.6 billion dollars. Average per capita income is growing progressively. For example, it grew by an impressive 6.51% compared to last year and the share of employment increased by 2.12%.
As of October 2021, the unemployment rate in the city of Cincinnati was set to be 3.5%. Many people are coming to the Greater Cincinnati, as the cost of housing is 9% cheaper than the average cost in the country.
The economy of the city is among the top 5 most developed economies in the Midwest, second only to such cities as Chicago and Minneapolis. Some of the largest US companies such as Procter & Gamble or General Electric are headquartered here. In addition, these companies create thousands of jobs throughout the city.
It is also interesting that the city is considered one of the best in the United States for landlords. After all, high demand and high average prices in the symbiosis form a holistic picture.
As for demographics, Greater Cincinnati will pleasantly surprise you. About 92% of the population have graduated high school, and 35% have a bachelor’s or even a master’s degree.
The location of the city is another indisputable advantage. Cincinnati is within one day’s drive from most US cities. In addition, the city has Cincinnati / Northern Kentucky International Airport, which is not only a convenient means of travel but also an important element of air transportation from both the United States and Europe.
The city is a cultural and commercial centre, as well as a city of sports and entertainment. Andy Williams, Theda Bara, George Clooney, Sarah Jessica Parker, Thomas O. Edwards and Roy Rogers are all from the beautiful city of Cincinnati. At once three sports top leagues teams consider Cincinnati as their home: MLB’s Cincinnati Red Sox, NFL’s Cincinnati Bengals, and Major League Soccer’s FC Cincinnati.
The state of the market
As you can already understand, the city of Cincinnati is a hot spot for buying real estate. According to Forbes, this is indeed the case. Namely, Cincinnati is among the top-3 in Ohio. Buyers and sellers of housing will agree with this without a doubt.
The numbers can strike.
Over the last five years, the average housing prices in Cincinnati increased by 70.6%. Last year alone, it grew by 17%, and the sale price of real estate increased by 11.6%. The number of homes sold also increased by 10.3% over the last year. Rents are also on the rise. Over the last year, for example, it has grown by 3%.
The most expensive area in the city is Mount Lookout with an average price of $ 415,000, and the cheapest is East Price Hill with an average price of $ 119,500. And the most affordable areas in Cincinnati for renting are Sayler Park and East Westwood, and forth mentioning West End. Rent in these areas would cost you about $ 790 per month.
As you can see, the trends are truly incredible. Therefore, if you want to make Cincinnati your home, you better hurry to find your perfect real estate with the help of a professional.