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Luxury Real Estate Market Overview

June 2023 Greater Cincinnati Luxury Real Estate Market Report

High mortgage rates are causing buyers to step back and continue to rent.  Others who may have sold to upgrade their home are also opting not to sell as the prospect of having to buy with the current mortgage rates does not make financial sense for many.  Either mortgage rates will need to come down or those who are selling their homes will need to cut the price if it is not selling in this environment.

Greater Cincinnati Luxury Market Report June 2023

Monthly Increases are Seasonal - With low inventory and high interest rates for mortgages homes are moving vary slowly.  The price increases that have been had are the typical price increases that is seen during the spring selling season.

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May 2023 Luxury Real Estate Market Report

More homes have sold as the weather has warmed up and as well more luxury homes have been listed for sale in the Greater Cincinnati area.  We should see a bit of a slow down in sales as people leave town for summer vacations.  Mortgage rates have moved back into the 7% range for conventional mortgages.  Jumbo mortgage rates are in the 6-7% range as well.

Greater Cincinnati Luxury Real Estate Market Report May 2023

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April 2023 Luxury Real Estate Market Report

Days on market has been coming down but the median selling price is also down.  Sales have increased in what should be a typically more active spring home selling season.

April 2023 Greater Cincinnati Real Estate Luxury Market Report

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February 2023 Luxury Real Estate Market Report

While average days on the market ticked up for luxury homes in the Greater Cincinnati luxury home market the median selling price also moved up.  Inventory increase a bit and the amount of homes sold also increased.  Mortgages for luxury homes are priced differently compared to conventional mortgage so the rate will vary compared to the conventional rate.

February 2023 Luxury Real Estate Market Report

Mortgage Applications Plunge - Applications by home buyers for mortgages dropped to a 28 year low indicating that many buyers have put their home buying goals on hold in light of high rates and high prices.

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January 2023 Luxury Real Estate Market Report

January was a slower month for home sales.  The total luxury homes sold in January was 33 as compared to 61 selling in December 2022.  Listings remained flat but as the weather warms up in the Greater Cincinnati area and as mortgage rates stay off of recent highs both buyers and sellers should be back to transact.

January 2023 Greater Cincinnati Luxury Real Estate Market Report

Housing Bubble 2.0 Update - Homes in many of the large markets are experiencing a decline compared to the recent highs.  This may start to impact real estate in other markets down the line.

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December 2022 Luxury Real Estate Market Report

Days on market ticked up along with total luxury homes sold in the month of December as compared to November 2022.  Total homes llisted for sale too did come down, but that is to be expected as home sellers prefer less to sell during the month of December when the holiday season is in full swing.  We should start to see an increase in luxury listings available for sale in the upcoming months.

December 2022 Greater Cincinnati Luxury Real Estate Market Report

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November 2022 Luxury Real Estate Market Report

Fewer home sold in the month of November 2022 as compared the previous month, but some of that can be traced to the holiday season as well as colder weather.  Fewer homes sell during the colder months of the year.  Homes are sitting on the market for longer as well as buyers step back due to higher interest rates.

November 2022 Luxury Real Estate Market Report

Housing Bubble Starting to Deflate - Various markets around the US are starting to soften as homebuyers decide it is to expensive to buy based on current mortgage rates.

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October 2022 Greater Cincinnati Luxury Real Estate Market Report

October 2022 Greater Cincinnati Real Estate Luxury Market Report

Mortgage rates have reached 14 year highs and are averaging around 7% for buyers.  Jumbo mortgages for those buying luxury homes are in the high 6 low 7 percent range.  Average days on market have increased as homes are sitting for longer due to fewer buyers wanting to buy with the current rates.

October 2022 Greater Cincinnati Luxury Real Estate Market Report

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August 2022 Greater Cincinnati Luxury Real Estate Market Report

August 2022 Greater Cincinnati Luxury Real Estate Market Report

There has a been a noticeable dip in median pricing compared to July 2022.  Interest rates on conventional mortgages have been ticking up and as a result the jumbo mortgage rates used to buy luxury homes have also ticked up.  Average dates on markets have also increased.  With the arrival of fall and winter home sales will be expected to slow down even further.  Greater Cincinnati is still light on inventory compared to last year.

August 2022 Greater Cincinnati Luxury Real Estate Report

Housing Bubble August 2022 Update - Many home markets around the US are starting to see downward pressue on pricing. 

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July 2022 Greater Cincinnati Luxury Real Estate Market Report

July 2022 Greater Cincinnati Luxury Real Estate Market Report

Median price ticked down a small amount and the average days on market increased by six days.  Total quantity of luxury homes that sold did drop by 22%.  Whether this trend holds remains to be seen.  Mortgage interest rates have settles in the mid-5 range for convention mortgages.  For jumbo mortgages rates are also in the mid-5 range for a 30 year fixed mortgage.

July 2022 Greater Cincinnati Luxury Real Estate Market Report

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June 2022 Greater Cincinnati Luxury Real Estate Market Report

June 2022 Greater Cincinnati Real Estate Market Report

Average days on market decreased from May 2022 and the amount of luxury homes sold in the Greater Cincinnati area increased.  Inventory increased as well from May 2022.  The national average for a jumbo mortgage rates used to buy a luxury home is 5.5% according to Bankrate.  Traditional mortgage rates are a slight bit higher.  The luxury market has proven resilient in light of the interest rate increases amd there are still buyers out there ready to buy homes.  If a recession sets in the numbers may change.

June 2022 Greater Cincinnati Luxury Real Estate Market Report

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May 2022 Greater Cincinnati Luxury Real Estate Market Report

May 2022 Greater Cincinnati Luxury Real Estate Market Report

Luxury home sales increased from last month even with rising mortgage rates.  This can be explained with the fact that most homes that close in a particular month are usually contracted one to two months prior.  In those prior months mortgage rates were lower as compared to May 2022.  Homes going into contract in May will show up in June/July results.  Prices for luxury homes in the Greater Cincinnati have been holding steady for the 2022 time frame.

May 2022 Greater Cincinnati Luxury Real Estate Market Report

Additional Articles To Read

  • May Housing Bubble Update - See which markets had a run in prices and sales during the month of May 2022.
  • Home Prices Set A Record - This article takes a look at home pricing and how it relates to CPI (Consumer Price Index which is a measure of inflation).

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April 2022 Greater Cincinnati Luxury Real Estate Market Report

April 2022 Greater Cincinnati Luxury Real Estate Market Report

Mortgage interest rates are up, for non-jumbo mortgages rates in the mid 5 percent are what is being quoted today.  With rates moving up at a steady pace some buyers are turning to Adjustable Rate Mortgages (ARM) as ARMs can start off with a lower overall interest rate.  Month to month the Greater Cincinnati luxury real estate market has seen a slight increase in price and a decrease in average days on market from March 2022.  Some buyers may be wanting to move their cash into real estate as a hedge against the quite high inflation numbers.  As interest rates continue to climb expect the real estate market to face more pressures due to buyers stepping away due to costs going up.

April 2022 Greater Cincinnati Luxury Real Estate Market Report

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February 2022 Greater Cincinnati Luxury Real Estate Market Report

Mortgage rates have trended downwards after the recent activity in Europe and the recent upward trend.  Slightly more homes were sold in February and as the weather warms real estate sales in general should pickup.  Real estate still faces a lot of headwinds from high inflation rates, the Federal Reserve intent on raising rates, and a declining stock market. 

February 2022 Greater Cincinnati Luxury Real Estate Market Report

Is 4% The Rate That Breaks Reat Estate's Back? - In the past it took much higher rates to cause a drop in demand from buyers.  This time around 4% may be that rate that slows things down.

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January 2022 Greater Cincinnati Luxury Real Estate Market Report

Fewer luxury homes sold in January 2022 compared to December 2022.  Overall inventory of luxury homes available for sale also saw a decline in January.  Median price stayed about the same and as Federal Reserve actions to increase interest rates take effect the real estate market should see a further slowdown as well.

January 2022 Cincinnati Luxury Real Estate Market Report

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December 2021 Greater Cincinnati Luxury Real Estate Market Report

The median price of luxury homes in Greater Cincinnati remained unchanged from November 2021.  Fewer luxury homes were sold in December 2021.  December usually sees a drop off in home sales in general due to the holidays.  Fewer people are out and about looking for homes and are instead travelling for vacations, visiting family or preparing for guests.  Fewer homes are available for sale now but that number should increase as temperatures warm up later on.

December 2021 Greater Cincinnati Luxury Real Estate Market Report

Housing Bubble America - Prices for homes are at all time highs considering the last peak as this article shows.

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November 2021 Greater Cincinnati Luxury Real Estate Report

Inflation is starting to take a bigger bite out of the consumer spending.  While luxury homes are less likely to be impacted due to demographics, the Federal Reserve will be forced to raise interest rates in order to dampen inflation.  The higher interest rates eventually work their way into mortgage rates which will then cause buyers to pause their real estate purchases or to look for something cheaper.  In Cincinnati, luxury homes sold during the month of November remained consistent with October 2021 numbers with the main notable difference of the median price being higher..

November 2021 Greater Cincinnati Luxury Real Estate Market Report

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October 2021 Greater Cincinnati Luxury Real Estate Report

There are some signs of a slowdown in the Greater Cincinnati luxury real estate market as compared to September 2021.  Median price has decreased and the average days on market has increased.  Some slow down is to be expected as we head into the winter months.  Mortgage rates have also ticked up slightly which can account for some of the slowdown.  As the economy continues to go through it's post-pandemic motions how things shape out remain to be seen.

October 2021 Greater Cincinnati Luxury Real Estate Report

Rising Mortgages and Home Sales - Year over year existing home sales have fallen as the pandemic frenzy appears to have tapered some.  The question though is this transitory?

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September 2021 Greater Cincinnati Luxury Real Estate Market Report

The notable change from last month is the increase time on market homes have spent while on sale and the fewer homes sold overall.  September is a time that should see an increase in sales when looking at historical trends.  Fall is a time when home listings increase and buyers activity also increase.  So while homes for sale did increase the number of homes sold dropped compared to August.  Whether this represents a long term change in the market shifting from sellers market to buyers market remains to be seen.

 

August 2021 Greater Cincinnati Luxury Real Estate Market Report

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August 2021 Greater Cincinnati Luxury Real Estate Market Report

Median price for luxury homes ticked down slightly compared to July 2021.  The quantity of homes sold and homes available for sale ticked up a modest amount.  The average days on market a home spent waiting to get purchased did go up by 7 days.  The fact that homes are spending some more time on market can reflect a trend that home sales are slowing down.  In the alternative as people took an extra vacation in August to make up for lost time there just may have been fewer buyers in the market at the time.  September's numbers will be better able to show if this is a trend of a shift towards the market becoming a buyer's market..

August 2021 Greater Cincinnati Luxury Real Estate Market Report

Home Prices Dip - Home price gains dipped a little as buyers in larger numbers started to sit out and wait it out in this very seller drive market.  Sellers still have a strong market working in their favor though.

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