The local housing market finally has hit bottom. Now, the long climb out can begin. Buyers and sellers in Greater Cincinnati and Northern Kentucky can expect a bumpy ride, however. Local home sale and price data exclusive to The Enquirer show an uneven start to recovery across our neighborhoods.
“Our city, like the rest of America, had an almost decade-long real estate party, so it’s no wonder we’re having a major hangover right now,” says Peter Chabris, a Realtor with Keller Williams.
After peaking in 2006, median home sale prices had fallen by last year in all but 11 of 96 neighborhoods tracked by Realtors for The Enquirer. Nearly 60 percent of the 74 neighborhoods in Southwest Ohio and 22 in Northern Kentucky saw double-digit declines. The drops were staggering in some neighborhoods: Down more than 50 percent in Avondale and Bond Hill, depressing prices to $25,000 and $33,000 respectively.
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