Longtime Cincinnati resident Joe Fairless oversees the management of more than a billion dollars in assets as the cofounder and administrative head of Ashcroft Capital. A highly accomplished property investor, he joins other authorities in identifying Cincinnati as one of the best real estate markets in the United States for 2022.
A successful senior executive, Joe Fairless, has led Ashcroft Capital since co-founding this national multifamily investment firm in 2014. He is also the creator and host of Best Real Estate Investing Advice Ever. True to its name, Best Real Estate Investing Advice Ever is the longest-running daily real estate podcast in the world and currently generates more than 500,000 downloads each month.
As a property investment leader, Joe Fairless keeps close tabs on real estate markets throughout the United States. As a resident of Cincinnati, he celebrates data that singles out this Ohio city as one of the hottest geographic regions in the country for property investment.
According to Forbes Magazine, Cincinnati ranks among the three top real estate markets in Ohio and one of the best in America overall. This ranking is based on a range of important performance indicators, including average listing and sale prices, the average number of days that properties stay on the market, and the average sales-to-list price ratio.
In addition to excelling in these key metrics, Cincinnati homes have increased in value by over 70 percent during the past five years and by 17 percent in the last year alone. The exponential growth of the Cincinnati housing market is also reflected in the average sales price of a home and the number of homes sold in the city. The median sales price of a Cincinnati home currently hovers around $240,000, according to the Cincinnati Area Board of Realtors.
This represents an 11.6 percent increase year-over-year. The number of sales transactions in Cincinnati’s residential real estate market is also on the rise, growing by 10.3 percent during the past 12 months. Furthermore, the average Cincinnati home remains up for sale for just five days before going under contract, and year-over-year sale prices are up by more than 10 percent.
These statistics and others spell success for the rental market as well as the ownership market for Cincinnati real estate. With residential property inventory down by 14.5 percent at the end of 2021, more and more locals are renting instead of buying in 2022. In fact, nearly 60 percent of households are now renting the residences that they occupy. Despite the high demand for rental units, the cost of renting in Cincinnati remains remarkably low when compared with costs in similar housing markets.
In fact, Joe Fairless says that the strong renters’ market in Cincinnati is drawing large numbers of people both from within Ohio and out of state. Cincinnati’s WCPO-TV reports that the rental market offers a “real affordability proposal” for people in higher-cost areas that are looking for obtainable housing and a better quality of life. The independent authority WalletHub echoes these sentiments, ranking Cincinnati among the best cities for renters for a wide variety of reasons.