Venue Magazine: How do the Queen City’s luxury home sales measure up to other cities?
Perrin March: In Ohio, Cincinnati sells more $1M+ homes than any other city, but nationally we rank low on the top 50. Top-ranking markets tend to be on the coasts, and in more transient cities. For many of us, Cincinnati is our forever home. We’re settled, and that means fewer $1M homes make it to market. When they do, they’re in high demand among local buyers, as well as people moving to the area.
Venue Magazine: Where do you find the area’s million-dollar and multi-million dollar properties?
Perrin March: A little over half of all million-dollar sales this year have been in either Hyde Park or Indian Hill. This is attributable to a number of things, but in older, more developed neighborhoods, there is only so much available land or housing, so pricing is reflected as a function of supply and demand. Mason sales have represented about 10 percent of all million dollar sales over the past several years, and you will always see million-dollar sales in other neighborhoods such as Mt. Adams, East Walnut Hills, Anderson and Liberty Township.
Venue Magazine: Is there anything that distinguishes Cincinnati’s $1M homes?
Diane March: Typically, most of them tend to be larger homes, which makes sense, especially given the fact that Ohio is one of the least expensive states for new construction. But recognizing that not everyone needs or wants an enormous home, a really well-appointed and thoroughly updated home could be a million dollar listing. People recognize quality and are willing to pay for it.
Venue Magazine: Is there one amenity that is a “sure seller” for a $1M+ property?
Diane March: Almost without exception, a view of the Ohio River or the downtown skyline will command the highest prices. When people say “million-dollar view,” there’s a lot of truth to that statement!
Venue Magazine: Do you see luxury home prices dropping in the coming months?
Perrin March: Prices have risen in these hot spots for $1M+ homes and we continue to see high demand for quality homes. As long as inventory remains limited, homes at this price point should retain their values or see a stable increase in value.
For more information about Cincinnati’s luxury home market, visit perrinmarch.com. To contact Perrin March, call 513.379.2253 or email perrin.march@sothebysrealty.com To contact Diane March, call 513.379.2254 or email diane.march@sothebysrealty.com