The Ohio housing market is experiencing a notable number of price cuts on listings. Approximately 34.4% of homes on the market in Ohio have taken a price cut from their original list price, up from 29.9% last year. HousingWire: The Ohio housing market is experiencing a notable number of price cuts on listings. Approximately 34.4% of homes on the market in Ohio have taken a price cut from their original list price, up from 29.9% last year. This indicates that many sellers are adjusting their prices to attract buyers amid changing market dynamics.
Despite these price reductions, Ohio's housing market remains relatively stable. Home prices have seen an increase of around 5.8% year-over-year as of June 2024, although the number of homes sold has decreased by 11.7% and the inventory of homes for sale has increased by 9.7%.
In Kentucky, about 23.9% of home listings experienced price cuts as of May 2024. This is an increase from the previous year, indicating a trend where more sellers are adjusting their expectations to meet the market demands. At the same time, the overall real estate market in Kentucky has seen home prices increase by approximately 5.8% year-over-year as of June 2024. Despite this price growth, the number of homes sold has decreased by 9.75%, while the inventory of homes for sale has increased by 11.6%, reflecting a shift towards a more balanced market Predictions for 2024.
In terms of overall market trends, Ohio and Kentucky are showing resilience with a balanced environment for both buyers and sellers.
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