End of Year Report: Analysis of Metro New Construction Median Sale Price Per Square Foot in Cincinnati, OH (Jan-Nov 2023)

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End of Year Report: Analysis of Metro New Construction Median Sale Price Per Square Foot in Cincinnati, OH (Jan-Nov 2023)

Executive Summary:

In this report, we analyze the monthly median sale price per square foot for newly built houses in Cincinnati, OH, from January 2023 to November 2023, sourced from Zillow. The data is crucial for understanding the real estate market trends and providing insights to stakeholders. Through comprehensive analysis, including trends, highs and lows, percentage changes, annual and quarterly averages, as well as closing and ending figures, we aim to provide valuable insights into the market dynamics of 2023 and predictions for 2024.

Analysis:

Monthly Median Sale Price Per Square Foot:

Month Median Price Per SF (USD)
January 173.83
February 172.67
March 180.14
April 176.55
May 181.02
June 183.43
July 189.45
August 183.88
September 188.99
October 190.39
November 186.46

Trends and Relationships:

  • The data shows fluctuations throughout the year, with highs in July (189.45 USD) and October (190.39 USD) and lows in February (172.67 USD) and January (173.83 USD).
  • Overall, there’s an upward trend with occasional dips.
  • There seems to be seasonality, with higher prices observed in summer and fall months.

Monthly Percentage Changes:

Month Percentage Change (%)
January
February -0.68
March 4.31
April -2.00
May 2.55
June 1.34
July 3.29
August -2.94
September 2.76
October 0.74
November -2.08
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Annual and Quarterly Averages:

  • Annual Average: 182.64 USD
  • Quarterly Averages:
    • Q1: 175.88 USD
    • Q2: 180.70 USD
    • Q3: 187.11 USD
    • Q4: 186.44 USD (till November)

Closing and Ending Figures:

  • Closing Figure (November): 186.46 USD
  • Ending Figure (November): 186.46 USD

Market Analysis and Predictions:

Based on the data analysis, 2023 witnessed fluctuations in the median sale price per square foot for newly built houses in Cincinnati. Despite occasional dips, there was an overall upward trend, indicating a healthy real estate market. The market experienced seasonal variations, with higher prices in summer and fall.

Advice for Clients:

For potential buyers, 2023 presented opportunities, especially during the months with lower prices. However, it’s essential to consider long-term investment goals and market trends before making a purchase decision. For sellers, the increasing trend suggests that 2023 was favorable for selling properties, particularly during the peak months.

Prediction for 2024:

Considering the upward trend observed in 2023, it’s likely that the real estate market in Cincinnati will continue to show growth in 2024. However, external factors such as economic conditions and housing supply may influence market dynamics. Potential buyers should monitor market trends closely, while sellers can expect continued demand for properties. Overall, 2024 holds promise for both buyers and sellers in Cincinnati’s real estate market.

Conclusion:

In conclusion, the analysis of the metro new construction median sale price per square foot in Cincinnati, OH, for 2023 provides valuable insights into market trends and dynamics. With a thorough understanding of the data, stakeholders can make informed decisions regarding buying and selling properties. Looking ahead to 2024, the market is poised for further growth, offering opportunities for both buyers and sellers to capitalize on favorable conditions.

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