The Home Front, December 2023

Homefront Ian Kasman January 1, 2024

DECEMBER 2023

Thank you!

Another successful year of toy collecting.

We appreciate everyone who joined us in bringing some holiday cheer to children in the hospital this holiday season.

The Cincinnati and Northern Kentucky Market Report

As the holiday season casts its festive glow, let's wrap up the year with a look back on our real estate market – it’s a narrative of both highs and lows.

In 2023, homeowners found a gift in higher median sales prices, showcasing the enduring value of properties. The market generously offered a bounty of active inventory, providing potential buyers with a diverse array of options. However, higher interest rates arrived as an unexpected challenge, extending the time homes remained available.

As we navigated the landscape, we encountered a few lumps of coal: a scarcity of new listings, seasonal decline in units sold, and a noticeable drop in total sold volume. Yet, amidst these challenges, Cincinnati stands out with just over 1.5 months of available inventory—a scarcity that adds a sense of urgency and exclusivity to the market.

As we set our sights on the horizon of 2024, the market is poised for a promising chapter. The recent announcement from the Federal Reserve brings a spark of optimism, with plans to reduce rates three times in the upcoming year. Furthermore, according to the National Association of Realtors (NAR), our neighboring Dayton-Kettering, OH markets that we serve, have earned a coveted spot in the top 10 of the "100 Markets to Watch in 2024." This accolade, much like the anticipation of a cherished gift, recognizes these markets for boasting the largest pool of potential homebuyers and holding the greatest likelihood for home price appreciation.

Much like the spirit of the holidays, our real estate market embodies resilience, promising a prosperous and joyous New Year.

*Please note that our neighborhood data report remains unavailable and will remain so until all reporting systems are fully reestablished. We anticipate this data to be available in the very near future.