A home with a price tag of $1 million or more in Cincinnati, Ohio can get you a home with an estimated value of more than $7 million, according to a new report from real estate agent Trulia.
The report, which is based on information from more than 150,000 home buyers, found that home prices have been climbing at a faster rate in Cincinnati than the national average, with the city’s median price increasing by 4.3 percent since 2015.
The average home in Cincinnati has a price of $519,935, up from $517,769 in 2017, the Trulia report said.
Cincinnati’s median home price rose by 4 percent between 2017 and 2019, while the average price for an individual home dropped by 5.6 percent.
The median price for a family home fell by 3.7 percent between 2019 and 2021.
A family home in the city of Cincinnati has an average price of about $1.7 million in 2018.
That’s down from $2.8 million in 2017.
But the median price of a family owned home increased from $1,072,854 to $1 “in 2019,” the report said, noting that many of the price increases were driven by large increases in multifamily housing.
The median home in Cleveland has a median price that is $1 to $2 million, up 4.6 from $920,843 in 2017 and 4.5 from $988,039 in 2020.
The average price in Cleveland is up 3.8 percent since 2019.
In addition, the median home for people under 30 increased by 2.6 percentage points from 2017 to 2019.
That’s up from a decrease of 0.6 points from 2016 to 2017.
The city of Cleveland has the second-highest median price among U.S. cities for the 20 most populous metro areas, the report found.
The most populous metropolitan area is Los Angeles, with a median home value of $939,932.
In Cleveland, the average home value for families with an annual income of less than $75,000 has jumped by 4,000 to $7,300, while that for families earning more than that is up by 6,100 to $8,400.
More:Cleveland’s median prices for multifamily homes have increased more than 7,000 percent since 2007, according the Trubulury report.
The most affordable homes in Cleveland are in neighborhoods with median incomes under $75:The city’s average home price of just under $600,000 is one of the lowest in the state, the city reported.
The price of homes for sale in the Greater Cleveland area has been declining steadily, according.
That trend has accelerated since the housing crash, with median home values in Cleveland declining by 8.5 percent in the five years through 2020.
The cost of homes in the Cleveland metro area is now the seventh-lowest in the country, according a new study from realtor.com.