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A View From Cincinnati, Ohio
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Luxury Outlook 2023
PHOTO CREDIT TIM SPANAGEL
The increase in average sale price in the Cincinnati neighborhood of Hyde Park between 2021 and 2022. Source:CABR MLS
+13%
espite interest rate hikes, demand for luxury homes continues as people spend more time at home than ever before. The difficulty has been finding inventory to sell to these willing buyers. Here in Cincinnati, the luxury market experienced significant drops in sales volume but the average sale price continued to climb. While some buyers pulled back at the end of 2022, many more are still actively looking for a new home. The forecast for 2023 brings mixed opinions, but trying to predict what happens next may not be the best homebuying strategy. We believe that if you are ready for a move, then you should fully explore your options and consult the experts in your market. What happened in some of THE MOST POPULAR luxury home Neighborhoods in 2022? 1. Mt Adams - The average sale price was up 6.7% from 2021. Sales volume was down 29%. 2. Hyde park - the average sale price was up 13% from 2021. sales volume was down 8.5%. 3. Mt Lookout - average sale price was up 14% from 2021. sales volume was down 19.6%. 4. Indian hill - average sale price was up 22.6% from 2021. sales volume was down 26%. The most expensive house to sell in 2022 was located in indian hill and sold for $4MM after 269 days on the market. source: cabr mls
2022 significant sale 6300 Newtonsville Road Pleasant Plain, Ohio Still Water Farm Our significant sale in 2022 wasn't even a house, but an 80-acre equestrian estate property! While we continue to work with buyers and sellers at all price points, this sale demonstrates that we are equipped to successfully market and promote the most unique and extraordinary properties in the area.
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