The latest housing data shows a significant increase in residential real estate activity in Cincinnati’s urban core. In neighborhoods like Downtown, OTR and Walnut Hills, the percentage of home sales to active listings has steadily risen the last couple of months, but has risen significantly compared to the same time last year.
In April 2021, there were 78 active listings in Downtown and OTR and 32 of them sold. In April 2020, there were also 78 active listings, but only 13 sold. That’s an increase of nearly 1.5 times – or 146%. Concurrently, the average number of days on market dropped from 112 to 54. Walnut Hills experienced the exact same increase in sales percentage from April to April. In 2020, only 11 homes sold out of 43 available properties. In April of this year, 27 out of 27 properties sold in Walnut Hills. The average days on market also decreased from 67 to 50.
The widespread availability of vaccinations in March seemed to spur this recent activity in our urban areas. As more people received vaccines and the number of new Covid-19 cases and hospitalizations decreased, businesses and other facilities began to reopen. People felt it was safe once again to start enjoying the many benefits of urban living.
A host of studies suggest those who live in urban environments tend to be more active, healthier, and more socially engaged. For many people, being closer to work, shops, cafes, restaurants, parks, and museums adds significantly to the enjoyment of living.
Many urban residences in the mid- to top-tiers of the market come with fantastic facilities, such as a swimming pool, security, a gym, and well-maintained gardens and other common areas. Of course, you’ll share the cost of maintaining these facilities with other residents, but these are luxuries that are rarely, if ever, available in single-family suburban homes.
If you’re thinking of buying a residence in downtown Cincinnati – either as your first home, an upsize or downsize, or an investment – our outstanding agents have the experience to guide you through the process and explore all the available opportunities.