Cincinnati ranked No. 2 by Zillow for hottest real estate market in 2024 – FOX19

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CINCINNATI (WXIX) – The real estate market has been supercharged these last few years. Even though things are cooling off this year, Cincinnati’s market will still be hot.

Zillow says Cincinnati will be the second hottest market in the United States for 2024 because of relatively low inventory, affordability, and falling mortgage rates.

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”We couldn’t sustain what had really happened between 2020 and 2023 with the insane prices and waving inspection, and all of that,” explains realtor Holly Finn. “That wasn’t really going to sustain for that much longer. So, it will be good. A little bit more normal.”

Finn says the days of multiple quick offers above the list price are behind us, but Cincinnati’s housing market remains pretty heated, and it wasn’t the only Ohio city in the top 10.

Columbus came in at No. 3, and Cleveland was No. 8 on Zillow’s list.

Many realtors say the rankings are because of Midwest affordability.

Nearly seven out of every 10 homes sold in Cincinnati are at or below the national median of $420,000.

“Cincinnati has a lot of sports teams, arts culinary scene both sides of the river, so it’s attractive for a lot of reasons and why a lot of people love to come to Cincinnati for the affordability and all those factors,” Finn explains.

Other factors considered by Zillow include the growth of home values, the strength of the local labor market and new construction activity.

Even though the tight real estate market skews toward sellers, many realtors say don’t wait to list your house.

“There’s going to be a lot of people who put their houses on in the spring, so you’re going to have more competition,” says Finn. “So, it’s better to get your house on the market sooner rather than later if you’re ready to do that so you can take advantage of the lower inventory right now.”

Potential home buyers looking for a bargain may be disappointed, but affordable prices and strong employment are giving younger residents a real shot at buying and building equity.

“They don’t really care; It’s just about the monthly payment,” Finn explains. “So, if they can afford that monthly payment with rent prices increasing at a fast pace, it sometimes makes more sense to buy. So, we’re seeing a lot of first-time buyers.”

Check out Zillow’s hottest cities of 2024 list here.

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