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.
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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