Cheap Homes For Sale in Cincinnati OH | Zillow (2024)

FAQs

Are home prices dropping in Cincinnati? ›

Cincinnati Housing Market Trends

In July 2024, Cincinnati home prices were down 2.5% compared to last year, selling for a median price of $276K. On average, homes in Cincinnati sell after 42 days on the market compared to 6 days last year. There were 352 homes sold in July this year, up from 325 last year.

The overall ratio of 40 affordable units available to every 100 households remained unchanged from the 2023 to 2024 reports. Ohio's largest cities all had similar affordable housing shortages: Cincinnati had a deficit of 49,510 units, Cleveland 56,560 units, and Columbus 52,694 units.

In July 2024, the median listing home price in Cincinnati, OH was $289.9K, trending up 3.6% year-over-year. The median listing home price per square foot was $177. The median home sold price was $292.5K.

Hyde Park – #1 Safest Neighborhood in Cincinnati

Hyde Park is also one of the city's most vibrant and beautiful neighborhoods. This affluent community seemingly has it all: amazing galleries, restaurants, shops, and nature with a suburban, walkable layout.

The study determined that a single working adult needs to make $80,704 in Ohio to live comfortably. Two working adults raising two children will have to make $209,331 to live comfortably. Overall, Ohio came in 45th on the list for the highest salary needed to live comfortably.

Current Market Conditions

As of early 2024, the real estate market in Cincinnati is highly competitive with a high inventory turnover. The average house price in Cincinnati was reported at approximately $250,000, marking a 7.4% increase since the previous year.

Cincinnati is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

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.

Cincinnati is currently growing at a rate of 0.16% annually and its population has increased by 0.64% since the most recent census, which recorded a population of 309,601 in 2020.

Zillow analyzed the 50 largest metropolitan areas and found many of the worst housing shortages are found in coastal cities. In fact, five of the 10 worst cities were located in California.

How affordable is it to live in Cincinnati? ›

Overall, Cincinnati's cost of living is 8% lower than the national average. Living in Cincinnati is shockingly affordable when compared to other cities, yet the quality of life here is just as good, if not better.

High Demand, Low Inventory: Homes are flying off the shelves in Cincinnati. The median sale price of $213,367 (March 2024) is often eclipsed by bidding wars, with over a third of properties selling above list price. This seller's market is fueled by low inventory, making available homes even more attractive.

The cheapest place to live in Ohio is Ashtabula. It offers affordable amenities and utilities which are 26.5% lower than the national average.

Cincinnati has a rich cultural heritage that is a source of pride for its residents. The city's historic architecture, the Cincinnati Symphony Orchestra, Music Hall, the exceptional world class restaurants and its unique art scene all come together to make Cincinnati an extraordinary place to live.

Summary of cost of living in Cincinnati, OH, United States: A family of four estimated monthly costs are 3,505.5$ without rent. A single person estimated monthly costs are 976.3$ without rent. Cincinnati is 43.2% less expensive than New York (without rent).