Cincinnati Ohio Real Estate; Cautiously Optimistic.
As a local professional Ohio Realtor that buys and sells from Dayton to Cincinnati, I can tell you one market of interest I always keep my eye on in recent years is Cincinnati. What a remarkable city, but yet, this challenged metro area still continues to struggle but does give indicators the area is moving forward with economy and real estate. While there are certain markets (Cincinnati suburbs) that are doing quite well, I would caution buyers to be careful where in the metro area they choose to buy.
Elections, politicians, derailed projects, new projects... let's throw in revenue from a new casino, but then subtract for the failed Cincinnati streetcar project that has cost Cincinnati residents untold dollars and major setbacks. Still, there are strong signs that Cincinnati continues to move forward economically. So, are values going up, or going down? Well, that all depends on where in the Cincinnati area that you intend on buying in. Some neighborhoods really need funding to tear down decrepit and abandoned homes, while other neighborhoods have maintained their beauty. Cincinnati has dedicated some funding to the improvement of poorer neighborhoods with programs to improve these areas.
I believe much will have settled and improved over the next few years, but again, be cautious about where you choose to buy. Cincinnati'a suburbs can be really outstanding with house value in choice areas like Mount Adams and Blue Ash, with upscale homes whose value is protected by the amazing views of the Ohio Valley and River (yes, that's right, values are protected by the views and other exclusive amenities.).
Improved Local Unemployment Rates Outpacing the National Average
On a plus note, Cincinnati seems to have entered a sort of renaissance period, much like what Cleveland has been undergoing the last few years, though Cleveland has a head start. You can expect Cincinnati to grow, albeit slowly, and my personal prediction for house values on the Cincinnati real estate market is that they will eek forward yet again in 2014.
The Department of Numbers (deptofnumbers.com) tallied Cincinnati unemployment rates as outpacing the state and national average with Cincinnati at 6.9% in August 2013 compared to Ohio and national at 7.3%. While this may not be perceived as outstanding, it does indicate some small improvement with Cincinnati's economy.
Cincinnati Real Estate; House Values Have Increased
Another small but positive indicator; per the Cincinnati Multiple Listing System the median house value of $125,000 in September of 2012 increased to #134,900 in September of 2013 while the average house value went from $161,311 in Sept. 2012 to $165,418 in Sept. 2013. Modest gains for a year but gains nonetheless, and while Cincinnati continues to fight pro-actively for economic improvement, I believe this slow but steady trend will continue.