August 2021 – Cincinnati Sees Price Adjustments

While the Cincinnati housing market continues to be marked by strong sales prices, August marked the largest average price adjustment of homes on the market since before 2019.?In July, the average price adjustment was a decrease of 4.4%, which matched the largest adjustment in October and December 2019.?In August, the average price adjustment was a decrease of 5%. There was also an increased number of price adjustments made. In August, there was a total of 1,060 price adjustments, the highest number of adjustments since November 2019. "In the Spring market, listings were going under contract so quickly, that price changes were not needed to grab the attention of buyers," says Stephanie Sudbrack-Busam, President of the Cincinnati Area Board of REALTORS?. “However, we saw a shift in the market in June, July, and August. Sellers have begun decreasing prices in an effort to generate more interest and offers.”