Due to lax zoning laws and abundant land, midwestern states like Ohio have relatively affordable housing.

However, with the increasing economic growth of cities like Cincinnati, these cheap homes are fast becoming a thing of the past. 

In 2024, the Cincinnati housing market stood out as somewhat competitive. Yet, it is approachable, with a median home price significantly below the national average. 

Let’s examine Cincinnati real estate in 2024, explore the market trends shaping its future, and even provide a predictive outlook for 2025.

An Overview of Cincinnati’s Housing Market in 2024

The year has been a fascinating ride for Cincinnati real estate. Median home price hovered around $265,000, a stark contrast to the national average of about $434,568. 

Its affordability is one of the city’s strongest selling points, attracting buyers nationwide. 

Compared to other major cities, Cincinnati offers a refreshing blend of value and potential. Undoubtedly, making it a hotspot for first-time buyers, seasoned investors, and families looking for a place to settle down. 

• Median Home Value: $265,000
• Y-O-Y Change: 8.4%
• Median Days on the Market: 50 days

Despite its relative affordability, Cincinnati currently has a seller’s market. This is largely driven by the limited inventory and the surge in prices that occurred in Cincinnati real estate between 2020 and 2023. 

Even though the average home sold below the list price, the seller’s market persists. It was only in August 2024 that homes sold above the listing price. 

Now, the market is cooling off, but the limited inventory and high demand are still keeping prices up. 

 

Month (2024)	Median Home List Price	Median Home Sale Price
January	$256,450	$247,000
February	$259,900	$215,000
March	$269,000	$247,750
April	$278,000	$255,000
May	$285,000	$249,950
June	$295,000	$237,000
July	$299,900	$228,350
August	$289,900	$292,500
September	$285,000	$270,000
October	$284,500	$265,000
November	$275,000	$265,000

Inventory and Types of Housing in Demand

Properties are spending an average of 50 days on housing market Cincinnati websites, a 41-point increase from the 9 days recorded in 2023. 

It’s a simple demonstration of how the market’s competitiveness is declining. 

To put it plainly, inventory has been a sticking point in 2024. The supply is somewhat constrained, with about 1,791 active home listings available. 

However, it’s noteworthy that the number of homes sold in the city as of October this year increased by 6.2% as Robinson Relocations moved many families here in 2024.

While the housing market is not in a frenzy, it remains active—certain types of homes have been driving the pace.

• Single-family homes priced between $250,000 and $350,000 are the clear winners (median $265,000). 

• Condos have a median sales price of $225,000, a 16.4% year-over-year decrease from 2023.

• Townhouses are not common or popular in Cincinnati.

Note:

The single-family houses often sell faster than luxury properties or condos. This demand reflects Cincinnati’s appeal to young professionals, growing families, and investors looking for a reliable market.

The Neighborhoods That Shine in the Market

In Cincinnati’s diverse real estate landscape, certain neighborhoods are truly stealing the show in 2024.

The pricier and more luxurious neighborhoods yield better ROI for the investors and sellers, whereas families and first-time homebuyers may favor neighborhoods with relatively low average home prices in Cincinnati.

Here are some neighborhoods that have emerged as the stars of the 2024 market for different reasons:

• Over-the-Rhine

A top choice for young professionals and investors, Over-the-Rhine (OTR) is the undisputed star of the Cincinnati housing market. 

In 2024, the demand for condos and townhomes in OTR remains high. 

Since 2023, the neighborhood’s home value has appreciated by 7%, and thanks to its proximity to the Central Business District, rental properties are in high demand.

• Hyde Park

At a 6% annual appreciation rate, Hyde Park has cemented its place as a family-friendly neighborhood with an upscale lifestyle. 

Quick Fact: it has consistently attracted buyers looking for prestige and charm. 

While inventory remains limited, Hyde Park’s properties tend to command higher prices and shorter days on the market, reflecting strong demand.

• The Heights

Home to the University of Cincinnati, the Heights is a bustling area traditionally known as student-friendly. 

It’s not surprising it attracts young professionals and students looking to rent. 

In the same light, investing in the Heights is a smart choice for anyone looking to invest in rental properties.

• Westwood

If affordability is what you’re after in the Cincinnati housing market, Westwood is an excellent choice. 

The median home sale price is currently $179,900, one of the most budget-friendly neighborhoods in the city.

It’s pretty much an excellent option for those looking for a compact, less expensive home.

What’s Influencing Cincinnati’s 2024 Real Estate Trends?

Several factors have shaped the real estate market Cincinnati offers this 2024. 

Some of these factors include:

• Economic growth

The growing economy continues to play a central role in the city as Cincinnati expands its healthcare, finance, and tech footprint.

New job opportunities have drawn professionals to the area, particularly those relocating from more expensive markets.

• Affordability

Low market valuations is another critical driver in the Cincinnati housing market. Compared to cities like Chicago or New York, Cincinnati offers unparalleled value. 

Buyers from these pricier regions discover they can afford larger homes or invest in multiple properties, all of which add momentum to the local market.

• Mortgage rates

Can’t forget the mortgage rates! They have also played a key part in the direction of the city’s real estate market. 

A slight dip in interest rates early in the year incentivized buyers to act. However, rates began to rise again mid-year, slowing the pace slightly. 

• Limited inventory

Even with almost little construction of new homes, there’s an obvious push for certain types of homes, especially in mid-priced ranges. 

With population growth on the rise, driven by millennial families and retirees, Cincinnati’s appeal still maintains strong momentum.

Looking Ahead to 2025 — What’s Next?

While 2024 has been marked by growth and competition in the Cincinnati real estate market, experts predict a more stable valuation for Cincinnati in 2025. 

Prices are expected to rise modestly, with a projected 3–5% increase. This will keep the city affordable while offering attractive returns for sellers.