Downtown Cincinnati experiencing steady population growth and stable selling prices

Published May 19, 2009 at 12:00 a.m.
During a time when residential markets are crashing and home buyers arewary to make a significant investment in home-buying, downtownCincinnati is experiencing not only steady population growth, but alsoa stable housing market.

Downtown Cincinnati Inc. released their 2008 studythat illustrates stable numbers of home sales and consistent homeprices. In 2008, 150 condo and single-family homes were sold indowntown Cincinnati for an average price of $241,516 for condominiumsand $172,551 for single-family homes.

Thesenumbers illustrate that downtown is maintaining value in its housingstock while also adding additional housing units to the market.  In2008 downtown Cincinnati added an additional 147 housing units in the form of both condominiums and single-family dwellings.

Thismaintenance of value in such a tough market is a positive sign forfuture residential growth in downtown Cincinnati.  There are presently5,583 total residential units in the downtown area, with an additional3,642 units either under construction or proposed.

The number ofnew units added in 2008 is a slightly lower than in previous years andis the one indication that the market downtown has slowed down a bit. Over the previous three years, the downtown area was adding an averageof 192 new residential units per year with an average of 185 sales.

One of the strongest sub-markets within the downtown area is the Gateway Quarterin historic Over-the-Rhine.  That southern-most portion ofOver-the-Rhine accounted for roughly one-fifth of the overall sales forthe downtown area in 2008.  Duncanson Lofts,which is located in the Gateway Quarter, is the building that saw themost activity in 2008 recorded 12 total sales.  Within the CentralBusiness District, 353 W. Fifth registered 10 sales in 2008 making itthe most active in that district.

The growing number of peopleliving downtown is also a positive sign for future service retail inthe area.  There are presently an estimated 8,375 people living in thedowntown area in 2008; a number that is expected to grow to 13,838 inthree short years.

Downtown has long been trying to attract afull-service grocery store. As the number of people living downtowncontinues to grow the market becomes more attractive for food retail. Of the retail presently downtown only 9 percent is considered to bepersonal service while another 42 percent constitutes shopping with 49percent including dining.

Over time, if the city core is to realize its goal of a  24/7downtown, then residential dwelling sales will need to continue to growso that service establishments are warranted.

Writer: Randy Simes
Source: Downtown Cincinnati Inc.




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