LOCAL LUXURY HOME SALES INCREASED 15% IN 2017; 978 LOCAL RESIDENTIAL PROPERTIES SOLD AT $500,000 OR MORE
April 25, 2018
Annual Luxury Market Report Details Luxury Home Sales Neighborhood-by-Neighborhood Throughout Greater Cincinnati and Northern Kentucky
CINCINNATI, OH – April 25, 2018 – The 2018 Annual Luxury Market Report released by Cincinnati-based Comey & Shepherd Realtors® and its exclusive market affiliation with Christie’s International Real Estate, shows a 15% increase over the number of luxury homes sold in 2016. The report details sales of residential single-family homes and condominiums at $500,000 and above in Greater Cincinnati and Northern Kentucky in a neighborhood-to-neighborhood price assessment comparing all MLS (multiple listing service) data from 2017 home sales. 978 homes were sold at the $500,000+ level in 2017 vs. 851 homes sold at the half a million or over price point in 2016. Sales volume in 14 of 22 suburban areas increased and average sale price increased in 10 of the 22 suburban areas. Average days-on-market for homes above $500,000 were substantially less than in 2017 throughout Greater Cincinnati.
"So far in 2018 we are continuing to see limited inventory in homes under $500,000 which tends to drive prices higher. We anticipate continued limited inventory in this range for the balance of 2018 — making it a strong seller’s market," said Scott Nelson, CEO, Comey & Shepherd Realtors. "At the over $500,000 level, it remains a seller’s market, though likely not as strong as we begin to see more inventory (more homes at higher price points hitting the market)", he continued.
The most expensive home sold in Cincinnati in 2017 was at a ten-acre estate at 8575 Bridgewater Lane in Indian Hill for $3,320,000. Other properties of note sold in 2017 included: 953 Hill Street in Mt. Adams for $1,500,000 and a John Senhauser designed contemporary home at 20 Grandin Lane in Hyde Park $2,870,000. Bloomberg’s America’s 100 Richest Places 2018 again ranked the Village of Indian Hill as one of the top 15 richest communities in America by average household income.
Comey & Shepherd homes priced at $500,000 and above are exclusively distinguished and marketed locally, nationally and internationally by the Christie’s International Real Estate global network. To view the complete Cincinnati luxury market report, see the May issue of BEST Fine Homes, contact a Comey & Shepherd agent or visit comey.com.
About Comey & Shepherd®
Comey & Shepherd® is a full service real estate agency founded in 1946 and focused on providing buyers and sellers with the guidance and expertise necessary to complete a successful real estate transaction in the digital era. For more information about Comey & Shepherd, visit http://www.comey.com.
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