Greater Cincinnati desperately needs more houses on the market, local Realtor groups say

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Finding a new home is becoming increasingly more difficult in Greater Cincinnati due to the low supply of homes on the market, leaders from two local Realtor groups told the Business Courier, and that trend continued this July.

July showed demand for homes in the region is still red-hot like it has been for the majority of 2023, with a low supply of homes on the market to match.

New listings were down about 20%, Anne Uchtman, president of the Realtor Alliance of Greater Cincinnati, said. It’s unsurprisingly still a seller’s market in Greater Cincinnati, but the situation is only getting worse for buyers.

“It’s just becoming extremely challenging for buyers,” Uchtman told the Business Courier. “When the median sale price is up, and the number of homes are down, we just get that supply and demand factor playing in here that makes it more difficult for buyers.”

By now, many buyers have gotten used to the high interest rates that have been a theme throughout 2023, and they’re willing to buy a home now and refinance their interest rate down the line. The issue is that many homeowners in the region don’t want to leave the lower interest rates they have on their home, so new houses aren’t entering the market to meet the sea of buyers.

“To even the playing field, we either need more listings or less buyers, because the buyers aren’t backing off,” Uchtman said.

https://www.bizjournals.com/cincinnati/news/2023/08/18/low-home-inventory-housing-market-july-2023.html

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