2023 Housing Market Overview
Cincinnati Real Estate Market 2023
Cincinnati Real Estate Market Overview
Metro Population: 2 M
Median Household Income:$43,000
Unemployment Rate:5.1%
Median Home Price*:$195,387
Median Monthly Rent*:$1,251
Cincinnati Housing Market Trends
The Cincinnati metro area is a region that has an established record of consistent economic growth. It continues to grow, partly due to the abundant natural resources present in the region and the financial investments that have been made over the years. Residents enjoy diverse job opportunities from the different employers in the area. In 2019, Forbes ranked Cincinnati as number 44 on its list of the most promising places for businesses and careers in the United States.
Our goal in this section is to explore the various factors that make Cincinnati’s real estate market attractive to real estate investors, including home affordability, passive income generation potential, and job trends. You can learn about the housing market, population, and employment rates in Cincinnati by clicking on the tabs above.
Median home values stats and descriptions
Median Monthly rent stats and descriptions
Median home value appreciation rate (compared to last year and last 10 years)
Median monthly rent appreciation rate (compared to last year and last 10 years)
Cincinnati has experienced consistent population growth for the last ten years. Cincinnati’s pro-growth policies and the resurgence of its urban core are credited for this growth. The population of the city is estimated to be around 308,000 and the metro area houses some 2.25 million residents.
The population of Cincinnati increased by 5.57% from 2010 to 2021. During this period, the population grew by 0.54% annually, slower than the national average but still consistent.
In 2020, Cincinnati saw an unexpected increase in population after years of decline. The metro area, Greater Cincinnati, continues to grow steadily, a sure sign of a strong real estate market. If this trend continues, the population in Cincinnati will be 2,284,564 by 2023.
Although the job growth rate is much slower than the national average, Cincinnati’s economy is one of the few that actually fared comparatively well post-Covid. The metro’s economy shrunk by only 3.6% in the aftermath of the pandemic, due to its diversified economic base.
The Bureau of Labor Statistics reports an unemployment rate of 3.9% in the area, a sharp decrease from 4.8% last year. Greater Cincinnati’s abundance of high-paying jobs, low cost of living, and low unemployment rate make it an attractive place for inbound workers.
Several Fortune 500 companies such as Procter & Gamble, The Kroger Company, General Electric, and Cinergy Corp have their headquarters in Cincinnati. The Kroger Company is the largest employer in the city, followed by the University of Cincinnati.
Cincinnati currently offers lots of interesting options for people looking for better opportunities. This trend is expected to continue and further drive up the demand for housing.
Consistent population growth
Cincinnati is not the fastest-growing metro area in the United States, but the population has grown at a steady pace over the years. Cincinnati has seen a 5.57% increase in the number of residents from 2010 to 2021. This rate of growth outpaces other metro areas, such as Cleveland-Akron, and Dayton-Springfield. With a population of over 2.26 million people, Greater Cincinnati remains the third-largest metro area in Ohio.Steady rental housing demand
There is a high demand for housing in the Cincinnati market, which might explain the number of households that rent rather than own in the area. Inventory remains too low to meet the rising demand, which makes Cincinnati a seller’s market. Homes usually stay on the market for two days before going under contract and selling for much more than what they were listed for. With Cincinnati’s population growth and attractive incentive programs, this housing demand trend is likely to continue.Steady home appreciation rate
Cincinnati home values have been steadily increasing over the past decade, at a yearly appreciation of 8.70%. An increase in inventory might slow down this growth a bit, but this upward trajectory is expected to continue for years to come. Relative to other markets, Cincinnati home values are not rising rapidly. However, this steady appreciation rate is a great way for investors to maximize their investment without exposing themselves too much to market risk.Affordable real estate
Cincinnati’s housing market still remains relatively affordable, compared to other large metro areas. Cincinnati’s real estate is 25.77% more affordable than the national average. The average property price in neighborhoods where RealWealth members invest can be up to 61.84% lower than the national average. However, the competitive nature of the Cincinnati market means that finding affordable housing might not be as easy as it was some years ago. The experienced property teams Realwealth works with have a proven record of finding profitable properties for investors in Cincinnati.Ranked one of the best places to live in the US
Cincinnati was ranked number 42 on a list of the top 100 best places to live in the US by Livability, the only Ohio city to make the list. The city was given a LivScore of 624, a ranking based on amenities, economy, demographics, healthcare, education, transportation, and other socio-economic factors.Cost of living
According to Payscale, the overall cost of living in Cincinnati, Ohio is 8% below the national average. Migrants are sure to be attracted by the lower cost of groceries, healthcare, and housing promised by Cincinnati, driving up demand in the real estate market.High projected increase in job growth
In the last decade, Cincinnati’s job growth has outpaced several regions such as Cleveland and Pittsburgh. According to a report by the Cincinnati Chamber, employment in the Cincinnati MSA is projected to increase by 6.2 percent from 2018-2028. Cincinnati currently offers economic development assistance programs to local businesses and several companies are actively seeking to fill open positions. As a result, Cincinnati’s job market looks to have a promising future.Newsworthy building developments and projects in Cincinnati
HaNoBe at Linden Square
HaNoBe at Linden Square, formerly known as College Hill Station, is a new mixed-use development located at the northern end of the College Hill Business District. The $31 million project was the result of years of planning and extensive work by the City of Cincinnati and College Hill Community Urban Redevelopment Corporation (CHCURC). The project includes 171 market-rate apartments, over 10,000 square feet of street-level retail, a 240-space parking lot, and streetscape improvements along Hamilton and North Bend. The completed project is expected to create about 22 new jobs.The Foundry
The Foundry is a mixed-use development located in the heart of Over-the-Rhine, across the street from Fountain Square. The project is being managed by the Cincinnati Center City Development Corporation, or 3CDC, and is projected to cost a total of $51 million. It is set to bring new life to Downtown Cincinnati and will include 150,000 square feet of Class A office space, along with 35,000 square feet of street-level retail/restaurant space. The construction is expected to be completed this year.Uptown Gateway
Uptown Gateway is a 5.8 acres mixed-use development planned as part of the Uptown Innovation Corridor. The project will be located on the site of the former Gateway Theater, which was demolished in 2016. It will include apartments, retail space, and office space. There will be an underground parking garage with up to 1,500 spaces and the University of Cincinnati’s digital futures building, along with a 180,000-square-foot building, and a 150-room Homewood Suites by Hilton hotel. This project is expected to cost more than $200 million to complete.Union Central Tower Redevelopment
The 4th & Vine Tower, formerly known as Union Central Tower, was the fifth-largest building in the world at the time of its completion in 1913. The skyscraper is being redeveloped and repurposed into a mixed-use development, including 281 luxury apartments and commercial uses such as a bank, a salon, office space, and different restaurants.Madamore Madisonville Redevelopment
This project is a highly anticipated development in the new Madisonville urban core and business district and is one of the biggest investments in the area in recent years. Among other luxury amenities, the 104-unit project will have an indoor bicycle storage room and a fitness and yoga center. The third and final phase of the project began in 2021.Major Employers in Cincinnati
Cincinnati Housing Market News
- Prices of Cincinnati single family homes for rent rising fast - Cincinnati Enquirer
- One of 12 markets that can weather a housing market downturn - Business Insider
- Meet the AirBnB host with 71 Cincinnati listings - WCPO
- "#2 City to Buy Home for Best Rental Return" - CNBC
- "#5 in America's Most Affordable Cities" - Forbes
- "#2 Best City to Build a Green Career" - Good Call
- "#9 Best City to Raise a Family" - Forbes
- "#10 Best City for Commuters" - Trulia
- "#13 Best City for New Grads" - Good Call
- "One of 15 US Cities’ Emerging Downtowns" - Forbes
- "Steady Widespread Growth Continues" - Federal Reserve Bank of Cleveland
Property Teams
Property Team details can only be viewed in the Realty Portal, which can be accessed by RealWealth members who are logged in at Realty.RealWealth.com.
Sample properties
Sample properties can only be viewed in the Realty Portal, which can be accessed by RealWealth members who are logged in at Realty.RealWealth.com.
Disclaimer: The information provided on this page is for educational purposes only. RealWealth makes no warranty or representation as to the accuracy, completeness or reliability of this information. Please be advised that this content may contain errors, is subject to revision at all times, and should not be relied upon for any purpose. Under no circumstances shall RealWealth be liable to you or anyone else for damage stemming from the use or misuse of this information.