2024 Housing Market Overview for Real Estate Investors

Cincinnati Real Estate Market 2024

Get insights about the 2024 Cincinnati real estate market to determine if it’s the best location for your next single-family or multi-family investment property.

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    Cincinnati Real Estate Market Trends and Statistics for Real Estate Investors 2024

    Real estate market stats for Cincinnati, Ohio.

    The Cincinnati Tri-State metro area covers 4,808 square miles; its core is in Ohio and Kentucky but also reaches parts of Indiana. With a population of 2.26 million, per the 2020 U.S. Census, it is Ohio’s largest metro area, beating out Columbus and Cleveland. Cincinnati is also the 28th most populous metro area in the United States, boasting a stable, diverse economy with employers like Procter & Gamble, American Financial Group, Fifth Third Bank, Western & Southern Financial Group and top-ranked hospitals.

    Affordable housing makes Cincinnati ideal for first-time investors seeking stable cash flow, and as a landlord-friendly state, the eviction process is straightforward. Cincinnati is home to pro sports teams (Reds, Bengals), historic architecture and one of the top 50 universities in the United States (University of Cincinnati). The area offers a rich cultural scene and plenty of recreation.

    Even though its housing market is cooling after a surge from 2020 to 2023, which saw high prices and competitive buying, Cincinnati ranked the second-hottest real estate market in 2024 by Zillow.

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    Greater Cincinnati’s tri-state location and high quality of life make it a stable market capable of delivering long-term income to real estate investors. 

    Below, we’ll explore Cincinnati’s median home price and rents today and over the last ten years. As investors, these stats will help us understand affordability and equity growth opportunities in the Cincinnati real estate market in 2024.

    Cincinnati home values are more affordable than many other U.S. markets.

    Median Home Value

    Cincinnati vs United States

    The data in this chart is based on the average single-family home in Cincinnati and the United States as of February 2024. 

    The average single-family home in Cincinnati costs $267,184, 23% below the national average. In RealWealth investment areas, the average home price is $107,012 for single-family homes, 69% below the national average. 

    According to Realtor.com’s data, the Cincinnati real estate market is a hot seller’s market as of April 2024. The median listing price is $285,000, up 5.6% year over year, and the median sold price is $250,000. The main reason for the upward pressure on home prices in Cincinnati is limited inventory.

    Cincinnati rents are more affordable than other U.S. cities.

    Median Monthly Rent

    Cincinnati vs United States

    The data in this chart is based on the average single-family home in Cincinnati and the United States as of February 2024. 

    As we explore the key metrics of the Cincinnati, Ohio, real estate market in 2024, affordability continues to be a highlight. As of January 2024, the average rent in the metro area is $1,510, 24% lower than the national average. RealWealth’s investment areas offer even more affordability to renters at $1,068 per month. Buying in Cincinnati may be slightly more favorable than renting, as the metro area’s price-to-rent ratio is 14.7. 

    Additionally, rental properties in many areas typically meet the 1% rule, making investment properties in Cincinnati appealing for generating cash flow. While the average rent-to-value ratio (RTV) in the Cincinnati metro area is 0.57%, the average RTV ratio in neighborhoods where RealWealth members invest is 1%, indicating strong potential returns.

    Cincinnati home values are appreciating steadily.

    Median Home Value (2014-2024)

    Cincinnati vs United States

    +88%

    10-YEAR EQUITY GROWTH

    7%

    BELOW NATIONAL AVG.

    Over the past 10 years, Cincinnati housing prices have grown almost at the same rate as the national average. In the metro area, housing prices are currently up 88% from their 2014 values, growing at an average rate of 7.27% per year. This rate of appreciation beats the national average by just 3%. 

     

    In the city, NeighborhoodScout reports that total home appreciation was 101% from Q4 2013 to Q4 2023, growing at an average annual rate of 7.23% per year. Between Q4 2022 and Q4 2023 quarters, home values in the Cincinnati real estate market appreciated by 6.6%.

    Cincinnati rents are also rising at a steady rate.

    Median Monthly Rent (2014-2024)

    Cincinnati vs United States

    +26%

    10-YEAR RENT GROWTH

    5%

    BELOW NATIONAL AVG.

    Analyzing rent trends is crucial for understanding the investment dynamics of the Cincinnati real estate market. Over the last decade, Cincinnati rents surged 52.3%, outpacing the national average by 26% and translating to a yearly increase of 4.8%. The city ranked fifth among the top 10 major U.S. cities with the highest year-over-year rent growth from February 2023 to February 2024. Columbia, South Carolina, topped the list at 8%. Cincinnati rents climbed 7% during this period, reaching $1,381 in February 2024 (up from $1,291 in Feb 2023). Compared to February 2019, rents in Cincinnati are up 36.3%. 

    While rent growth inside the city is strong, rent growth is slowing down in Great Cincinnati. Median rents only rose 0.1% from March to April 2024 and 0.3% year-over-year (April 2023 – April 2024). This is the lowest annual increase in four years and is partly due to increased apartment construction in the metro area.

    Despite a population increase of 13,000 in 2023, new construction (over 7,000 units) balances demand and rent growth. These 7,000 units under construction represent 2.5% of the metro’s apartment inventory and are spread across 30+ development sites.

    Cincinnati Population Trends

    One of the most promising signs of a strong real estate market is population growth. In this section, we’ll discuss what’s happening in the Greater Cincinnati metro area.

    Cincinnati's population is expected to keep growing.

    Population Growth

    Cincinnati Metro Area

    6%

    CHANGE 2010-2021

    24%

    BELOW NATIONAL AVG.

    Cincinnati’s population growth lags behind the national average. From 2010 to 2022, the city grew by just 5.81% (0.57% annually), 25% slower than the national average for the same period.

    Yet, Greater Cincinnati ranks as the 28th most populous metro area in the U.S. and Ohio’s largest metro area. It has expanded beyond Hamilton County to include surrounding counties in Ohio, Kentucky and Indiana. 

    Its population is expected to keep growing, and the Cincinnati USA Regional Chamber predicts it will add around 615,000 new residents by 2050 if the “right policies” are implemented to spur growth. With pro-growth policies, the 16-county metro area could reach nearly 2.9 million people by 2050.

    Cincinnati Employment Trends

    Another sign of a good place to invest in real estate is a strong economy. In this section, we’ll discuss what’s happening in with jobs in Cincinnati.

    Cincinnati is experiencing job growth.

    Job Growth

    Cincinnati Metro Area

    21,700

    NEW JOBS 2022-2023

    2%

    ANNUAL GROWTH

    The city’s job market performance is another compelling factor for considering investment in the Cincinnati, OH, real estate market in 2024. Cincinnati’s job market grew 1.89% (21,700 new jobs) between Nov 2022 and Nov 2023, exceeding the national average by 12.7%. Despite a slow recovery on par with the national average, Cincinnati’s diverse economy and low business/living costs position it for continued growth. Key developments like Medspace’s $327 million expansion, Worlpay’s HQ relocation to Cincinnati, and the new Margaritaville resort are expected to boost job creation and economic vitality. 

    Cincinnati’s manufacturing sector is also rebounding. The industry grew 3.2% in 2023, driven mainly by the success of G.E. Aerospace. The company currently has 9,000 employees in the Cincinnati metro area and plans to invest more than $17 million locally.

    Why Investors Should Consider Buying Cincinnati Real Estate Investment Property

    Is Cincinnati a good place to invest in real estate? Let’s see what makes the Cincinnati tri-state area one of the best places to buy real estate in 2024.

    1. Affordable property prices

    Cincinnati’s cost of living is 8% below the national average, and housing is remarkably affordable. A 2022 study ranked the Cincinnati housing market as the ninth most affordable out of 92 major markets globally. The average home price in the metro area is 23% less than the national average. There are budget-friendly housing options, from single- and multi-family homes to apartments across different neighborhoods.

    2. Strong rental market

    RentCafe ranked Cincinnati as the fourth most desirable rental market in November 2023 (it was in the top 10 for six months in a row). Apartment views surged 34% during this period, while the market saw an 11% drop in listings. This indicates that rental demand still outweighs supply in the Cincinnati real estate market of 2024. 

    One of the draws of the Cincinnati rental market is affordability. The average rent is $1,300 and 74% of apartments are priced under $1,500. Cincinnati’s strong economy also boosts housing demand in the area, with renters making up 61% of the city’s population.

    3. Strong economic growth

    Site Selection magazine ranked Cincinnati eighth in the U.S. for corporate investment, job growth and infrastructure. The presence of five Fortune 500 companies (Kroger, P&G, Western & Southern Financial, Fifth Third Bancorp, Cintas) and the University of Cincinnati with its 50,000 students creates a solid economic base and rental demand. 

    The University of Cincinnati alone generates $10.6 billion in income for businesses in Southwest Ohio, Northern Kentucky and Eastern Indiana, supporting over 125,000 jobs across the region. Cincinnati is also business-friendly and REDI Cincinnati, backed by business leaders and community partners, helps businesses considering relocating to the Greater Cincinnati area. 

    4. High quality of life

    Cincinnati is ranked the best place to live in Ohio and 50th nationally out of the top 150 metro areas, beating Daytona Beach, Florida, and Manchester, New Hampshire (U.S. News & World Reports). The ranking considers factors like schools, the presence of Fortune 500 companies, museums, sports, and affordability, all contributing to the overall quality of life. In 2022, Cincinnati was named the best city for recent college graduates by SmartAsset in 2022, and according to Niche’s 2023 rankings, it has the best colleges in the state.

    5. Steady price appreciation

    Zillow data shows Cincinnati home values have steadily grown from $134K in December 2016 to $240K in April 2024, highlighting long-term appreciation potential. The 2024 Cincinnati real estate market is currently a hot sellers market, with homes flying off the shelf, taking just five days on average to receive offers.

    In the metro area, long-term real estate growth has been steady, aligning with the national average. Over the past decade, average home prices in Cincinnati have grown 88% while rents have climbed 52.3%, showing a balanced growth rate.

    Newsworthy Buildings and Developments in Cincinnati

    Planned developments can help investors estimate how the value of your investment properties in Cincinnati might change over time. Here are some notable projects in the Cincinnati real estate market right now.

    Scaffolding outside the Skylar building on Hyde Park Square, a apartment and retail development in Cincinnati, Ohio.

    1. The Skyler on Hyde Park Square

    The Skyler is a mixed-use project replacing the former 0.45-acre Hyde Park Baptist Church on Erie and Michigan Avenues. It will have shops on the ground floor and upscale apartments above. The project will include 12 large two-bedroom apartments ranging from 2,100 to 2,500 square feet. It will also include 38 parking spaces (24 underground spaces) for residents and retail customers. The Skyler’s apartments are bigger than usual apartments, boasting high-end features like gourmet kitchens and master suites.

    2. Carew Tower redevelopment

    Cincinnati's Art Deco landmark, Carew Tower (built in 1931), is getting a makeover. Listed on the National Register of Historic Landin in 1994, Carew Tower is an icon. The historic skyscraper will become a mixed-use space with apartments, restaurants, and co-working areas, breathing new life into downtown. The $175 million project will generate significant economic benefits for Ohio, including an expected 1,100 jobs, $401 million in new payroll and $2.6 billion in investments.

    The artistic atrium at Clifton Hall at the University of Cincinnati.

    3. Clifton Court Hall by the University of Cincinnati

    The recently completed Clifton Court Hall, at 185,000 square feet, is the most extensive classroom building at the University of Cincinnati, serving the College of Arts and Sciences. It houses classrooms, labs, offices, and departments like Journalism, Psychology, and Communication. Located prominently on UC’s main campus, it represents a significant $93 million investment. The building features a multi-purpose room with scenic views, blackout curtains for screenings, collaborative workspaces in hallways, and a grand staircase. Photo credit: Andrew Higley/UC Marketing + Brand

    The exterior of the Poste, a luxury apartment building in Cincinnati, Ohio.

    4. Poste at Walnut Hills

    Poste is a luxury apartment community in Walnut Hills, Cincinnati, with modern studio, 1-bedroom, and 2-bedroom apartments. It is an $18 million mixed-use development involving the Cincinnati Port Authority, Milhaus Development, and the Walnut Hills Redevelopment Foundation. Poste is a vibrant, pet-friendly community offering amenities like a Coffee & Tea Bar, a DIY workshop called “Maker’s Room,” and a resident lounge with Wi-Fi.

    The development plans for Finlay Parkside in Cincinnati, Ohio.

    5. Findlay Parkside

    Model Group’s $28.4 million Findlay Parkside initiative will revitalize the Vine Street corridor in Over-the-Rhine’s north end. A mixed-use development, it will feature 51 apartments and 16,456 square feet of commercial space in 12 historic buildings. Public funding, including $2.3 million in neighborhood TIF funds and $8 million in federal tax credits, has supported the project. The residential portion of the development will include 25 studios, 20 one-bedroom units, and six two-bedroom units. Twenty-six units will be designated as affordable housing for households earning 80% of the area median income for Hamilton County ($53,520 annually). Rents will range from $800 to $1,500. Photo credit: Model Group

    Best Places to Buy Investment Property in the Cincinnati Tri-State Area

    If you plan to invest in the Cincinnati real estate market in 2024 or 2025, here are some of the best neighborhoods to invest in and around the Cincinnati Tri-State area.

    Over=the-Rhine neighborhood in Cincinnati, Ohio.

    1. Cincinnati

    Cincinnati’s central location on the Ohio River and major highways makes it a logistics hub. The city is growing, with development booming in downtown neighborhoods like Over-the-Rhine. Over-the-Rhine (OTR) has seen a revival, attracting young professionals with its historic charm, breweries, art scene, and urban lifestyle. OTR offers investors a mix of potential and character. Northside's artistic vibe and rental demand are also drawing investment. Cincinnati boasts a diverse economy with solid healthcare, education, finance, and manufacturing sectors. The city has a strong job market with major employers like GE, Kroger, and UC (University of Cincinnati). Compared to other major cities, Cincinnati offers affordable real estate, making it attractive for investors seeking good returns.

    A bike and walking path at Riverscape in Dayton, Ohio.

    2. Dayton

    Dayton is just an hour’s drive from Cincinnati. It boasts a strong healthcare, military, education, and manufacturing economy with major employers like Premier Health, Kettering Health Network, and Wright-Patterson Air Force Base. Dayton’s low cost of living, with home prices 30% below the national average, makes it attractive to real estate investors. Rental properties in Dayton offer good cash flow potential, with average rents around $900 and median home prices under $150,000. Areas like Downtown Dayton, Oregon Historic District, and Shroyer Park (ranked by Niche as the best place to live in Dayton) have high renter percentages (over 80% in some cases). Strong rental demand, rising rents and low property values create excellent income and appreciation potential for real estate investors. Though the city’s population has dipped slightly over the years, the surrounding suburbs are booming, attracting thousands of new residents. Photo credit: Dayton CVB

    3. Middletown

    Middletown is a Cincinnati suburb with a population of 50,514 residents. It is conveniently located about 37 miles (41-min drive) from Cincinnati. The city boasts a pedestrian-friendly downtown area with diverse retail, dining, and entertainment options along its Main Street corridor. Housing in Middletown is significantly cheaper than the national average, with an average price of $195,000. Middletown is affordable yet has strong appreciation potential. Property values are rising in the Central Avenue Historic District and University Park neighborhoods.

    Historic downtown and retail shops in Hamilton, Ohio.

    4. Hamilton

    Twenty miles north of Cincinnati, Hamilton offers easy access to the city’s amenities. It is also well-connected by major highways and has a regional airport. Charming neighborhoods and historic districts like Dayton Lane, German Village, and Rossville define Hamilton’s character. Pyramid Hill Sculpture Park also attracts visitors. The city is revitalizing its economy by attracting businesses, promoting itself as the “City of Sculpture,” and using the arts to boost tourism and development. Miami University’s campus offers education, while the city’s manufacturing heritage and industrial presence provide jobs. With over $500 million in development projects, including hotels, housing, retail, and entertainment venues, Hamilton is witnessing a development boom.

    5. Trenton

    Trenton is located west of Middletown in Northeast Butler County. The city attracts businesses and commuters because of its proximity to Cincinnati and major transport routes. Trenton is home to companies like Shape Corp., Finetech, and Carvana. The city also boasts excellent Edgewood City and Madison Local School District schools. Trenton offers 180 acres of parks and easy access to the Great Miami River Recreation Trail via SR 73.

    Metro Population
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    Median Household Income
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    Unemployment Rate
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    Cincinnati & Dayton Sample Investment Property
    Cincinnati & Dayton Sample Investment Property
    Real estate market stats for Cincinnati, Ohio.

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