Homes in Butler, Warren counties taking longer to sell

December showed a significant increase in the amount of time homes in both Butler and Warren counties sat on the market, even as interest rates slightly fell from their highest peak in 15 years.

Over the past year, both counties have largely had the same outcomes in year-over-year comparisons: Home prices remained steady despite there being significantly fewer listings and significantly fewer sales.

Up until recently, those homes would still only sit on the market for an average of about five days, according to Realtor Alliance of Greater Cincinnati (RAGC), which tracks sales by its member real estate agents.

Homes started taking longer to sell in November 2022 and took even longer In December, which saw Butler County homes sit on the market for 10 days, compared to only three days in December 2021 — a 233.3% increase. In Warren County, houses spent roughly nine days on the market when, a year ago, they only sat for about four days — a 125% increase.

Warren County Auditor Matt Nolan believes high interest rates are discouraging folks from selling and buying their homes. Nolan said that residents are less likely to take the step to sell their home because they’d rather the low interest rates on their current homes. Meanwhile, some new homeowners are priced out of options that would be available to them with last year’s interest rates.

Heading into December 2021, prospective home buyers could have entered into a 30-year fixed rate mortgage at 3.11 percent. A year later, that average interest rate more than doubled to 6.49 percent, according to the Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac.

Nolan said he expects fewer sales as long as interest rates remain high.

The rest of the RAGC’s report on the counties’ December 2022 housing markets is as follows:

Warren County:

181 home sales compared to 295 last December, a 38.6% decrease
137 new listings compared to 156 last December, a 12.2% decrease
Average of 9 days on the market compared to 4 days last December, a 125% increase
Median sales price of $324,500 compared to $335,000 last December, a 3.1% decrease

Butler County:

350 home sales compared to 419 last December, a 16.5% decrease
259 new listings compared to 301 last December, a 14% decrease
Average of 10 days on the market compared to 3 days last December, a 233.3% increase
Median sales price of $249,500 compared to $240,000 last December, a 4% increase

CONTINUING COVERAGE

The Journal-News has previously reported Warren and Butler county housing trends for September, October and November.

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Avery Kreemer

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