If I’m looking to buy or sell a house in Anderson Township, Cincinnati OH, what’s the real estate market looking like? That’s what we’re going to talk about in this video.
Hey everyone, welcome back! My name is Eric Sztanyo with Keller Williams Realty and TeamSztanyo.com, where we are helping people build a bridge to their future real estate dreams, and in this video what I want to do is give a quick Anderson Township real estate market update.
What’s the real estate market looking like right now in Anderson Township? You may know from talking to your neighbor. Or, you’ve seen houses get sold quickly. Or, you’ve seen them go for sale for wayyy more money than you expected, and you’ve thought to yourself, “hmm, maybe I should consider selling my Anderson Township house!”.
Or maybe, you’re on the other end of it, and you’re trying to buy a house in Anderson Township. You go out looking and find a home and think, “oh, we love it! This would be great for our family!”. And you go to put an offer in, and boom, it’s already pending. Or, you go to put an offer in and you get into multiple offers with other bidders.
Well, this is what’s happening right now in Anderson Township. It’s a little bit crazy. It’s DEFINITELY a seller’s market right now and even a lot of other real estate agents I’ve been talking to in the office are saying, “we’ve seen seller’s markets before, but this is crazy!” The inventory is so low and the prices are so high that you’re having to, as a buyer’s agent, do some creative methods to make sure you get your offer accepted and get your buyers into the home they want.
I Bought My First House in Anderson Township – It’s a GREAT Place to Live
So, why Anderson Township for this video? Well, I actually lived in Anderson Township for several years. I still have a house there. My first house my wife and I bought was on Clough Pike. We bought it in the early part of our marriage. We still have that home. We own it as a rental property.
And, I love Anderson Township. The Forest Hills School District is phenomenal. It’s just a great place to live. You have easy access to downtown. It’s got all kinds of city amenities. It’s an awesome place.
What I want to do is jump in and show you guys the actual numbers, what they are looking like, and the market dynamics.
Median House Sale Prices in Anderson Township, OH
Ok. The first report we are looking at is the median price sold for house in Anderson Township, going back the last two years. So, back to April of 2016. If you look at this for two years ago, the median price sold was $185,000 and in April 2018, that’s gone up nearly $60,000 to $245,000. So, you’re up 32%! That’s a huge jump! Sometimes that could be skewed a bit if some really expensive homes have sold, but you can see in the chart that the trend is rising. It dips a bit in winter months, but you can see the steady growth in median sales prices the last two years.
Average House Sale Prices in Anderson Township, OH
So, let’s look at the next chart which compares the median price and the average price for houses sold in Anderson Township. So, you see the median price growth was 32%, which is huge for Cincinnati. With the average price, you see a growth of 19%, which is still a large amount. It’s slightly more mitigated. So, basically what that is saying is over the last 2 years in Anderson Township, you’ve seen 9.5% growth in appreciation on average. The average sale price was $245,000 in April 2016, and it is now $292,000 in April 2018. So, it’s up $47,000.
What does that mean? If you’re thinking about selling, this is a great time to sell! You could pull out some more equity. You could make more on the sale of your house, and that’s a good thought. You also need to be thinking about what are you going to buy as well, but in terms of the average sale price of homes in Anderson Township, this is clearly a huge growth that has happened over the past 2 years.
So, why is that happening? Well, there’s a few other charts I want to show you in this Anderson Township real estate market update.
Housing Inventory in Anderson Township, OH
First, the inventory. So, this is a chart that shows the months supply of inventory. A monthly supply of inventory number basically answers how many months it’s going to take to sell all of the inventory that is active on the market right now.
What you see in this chart is that in April 2016, it was at 1.7. It would take 1.7 months to sell all of the inventory on the market. This year, it’s at 1.3, and it’s down 22%. So, the inventory is down roughly 22%.
In this last graph, it is saying something similar. You are looking at the number of houses for sale in red. In April 2016, you had 346 houses for sale. In April 2018, you had 251 houses for sale. So, you are seeing a drop of 28% of housing inventory that is out there for sale. But, the amount sold is actually up.
A Great Time to Sell Your Anderson Township House
Let’s boil all of this down. What it essentially means is that the amount of houses that are out there for sale are down. The inventory is lower. So, the supply is lower. But, the average sales price of the home is up because you have a lot of buyers out here who are wanting to buy a house. So, the demand is higher. What happens when you have low supply and high demand? Well, you know from Economics 101 that the prices are going to go up, and that’s what we are seeing right now.
To recap all of this, what we are seeing in terms of the real estate market update for Anderson Township OH is that it’s a seller’s market. You may have known that already, but these numbers get a bit more specific.
So, this is a great time to sell – late spring and into summer. School is out, and if you’ve been on the sidelines thinking, “should I sell my Anderson Township house?”, right now is a great time to sell! Your property might sell a bit faster than normal and probably for a bit more.
Now, you have to have a reason to sell. If you love where you live, than you’re probably saying, “ok, great.” And, you never know what’s going to happen with the market going forward, but as of late spring 2018, the Anderson real estate market is hot, and it’s a great time to sell.
Ok. That’s a quick update! We’re doing videos on this channel for all things Cincinnati and NKY real estate related. I’m licensed in OH & KY, and we’re helping buyers, sellers and investors. We’re growing this channel, and we’ll be putting out videos every week. Also, please like, comment and subscribe on this channel. Thanks!