Why Homes are Selling So Fast in Cincinnati, Nashville and Omaha

According to the latest RE/MAX National Housing Report, the average Days on Market for homes sold in October 2021 was 27. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. In line with the hot housing market experienced since the second half of 2020, home sales were 11 days faster in October 2021, on average, than in October 2020. But in Nashville, Tennessee, Omaha, Nebraska and Cincinnati, Ohio – homes sold in just two weeks or less coming in at 11, 13 or 14 Days on Market respectively. That’s fast!

Cincinnati, Ohio

Donna Deaton, a RE/MAX agent with REMAX Victory + Affiliates in the Cincinnati area says an average of 14 days on market is actually slower than what her market was recently experiencing. “We did feel a slowdown from the end of September into October. We could actually show a home without running into other agents and their buyers,” says Deaton.

However, Deaton forecasts the coming months will only bring hotter conditions to her market with the continued lack of inventory, an overabundance of buyers and the continuation of very low interest rates. She adds, “Quite frankly, we may have had a hot minute of being able to show a home in private and not have to write the contract in the car in order to have a chance of the seller getting it in their hands before it was sold. We could actually go to a coffee shop or even back to the office and then write the contract. It’s still a great time to sell and even a better time to buy.”

Nashville, Tennessee

Maria Holland, a RE/MAX agent with RE/MAX Homes and Estates in the Nashville area, credits the quick sales in her metro in part due to the numerous attractions Nashville offers. “For people who still enjoy the seasons, Nashville’s climate is moderate and meets many people’s needs, plus it is a quick jaunt to Atlanta or Chicago making it central for business travel on this side of the country. Nashville offers the amenities of a big city, such as The Titans and The Predators, and now a Nashville Soccer League as well as a myriad of entertainment venues for music and the like.

“Nashville has also become a foodie town, so if you are into the restaurant scene, then Nashville may delight you.  It offers big city amenities with a sense of community.  People comment constantly to me on how nice everyone is.  We offer parks, and nature reserves and really have something for everyone.”

At the National Association of Realtors® 2021 REALTORS® Conference & Expo, NAR Chief Economist Lawrence Yun, talked about how remote work opportunities will play out in the future and advised that the industry keep that in mind. He said, “We are only in the first innings of work-from-home options. People have not fully digested the work-from-home-flexibility model yet in determining home size and locational choice.”

Holland agrees the Nashville housing market has gotten even hotter with the added flexibility people now have with more remote work options. “I have seen people move here because they can choose where they want to live, and they are choosing Nashville because they are finding jobs, loving our taxes and weather, and find Nashville to be a friendly, wonderful place.”

With record-low inventory and strong home buyer demand conditions at play, affordability has remained a challenge in 2021. According to the RE/MAX National Housing Report for October 2021, October’s Median Sales Price of $336,000 tied the record set in June 2021. Home prices have now increased year over year for 34 consecutive months.

Omaha, Nebraska

Brad Fricke, a RE/MAX agent with RE/MAX Results in Omaha, Nebraska says Omaha is unique in that it remains one of the metros in the U.S. with greater affordability. “Homes have remained very affordable with the median home value of existing homes in Oct 2021 being $239,000,” he says. “This spring I moved numerous families to the Omaha area that were looking for award winning schools, Midwest values and a lower cost of living.”

He adds, “Omaha is becoming known as the Silicon Prairie, having really grown in the tech industry with numerous large companies expanding and investing in the Omaha area.”

But there’s evidence to suggest this blistering hot market that’s favored sellers for so long will cool down slightly in the near future. And Nick Bailey, President, RE/MAX, LLC says that’s OK.

“We’re seeing the effects of a long, sustained run-up in prices and month-over-month home sales and the market may be moving past the days of immediate sales, multiple offers and bidding wars on virtually every property,” says Nick Bailey, President, RE/MAX, LLC. “The October dip in sales, especially after such a busy September, is a step toward a more balanced market and was somewhat overdue.

“Home buyers may see some relief in price appreciation during the coming months, even as sales levels stay high. Sellers remain in a very strong position, but with price stabilization and the continuation of competitive interest rates, buyers may find the coming months to be more advantageous than anytime earlier this year.”

Whether a shift to a more balanced market is still off in the distance or right around the corner remains to be seen, but RE/MAX agents are prepared to navigate any environment on behalf of their clients. Contact your RE/MAX agent today if you’re ready to make a move.

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