The state of the housing market for Hamilton County remains quite strong. Median home prices since January 2017 are up 11.5% and, based on current demands, I believe median home prices will continue to increase.
New construction growth is up 16% over the past two years and continues to grow. Home builders can't build new homes fast enough to keep up with the housing demand. The number of active listings is down 7% year-over-year for Hamilton County, which is driving up prices and competition up for home buyers.
Since June of 2013, median home sales in Hamilton county have increased in value annually by 5.8%. With the news of increasing job growth, capital investments by the townships, and strong schools, the investment outlook remains strong.
At the beginning of the year, the main headwind discussed for increasing home values was the forecasted interest rate hikes by the federal reserve. Given the Federal Reserve hiked the rates in June for the 3rd time since December, and the 30-year mortgage rates are still very low in comparison to recent history, I don't foresee rising interest rates having a negative impact on home sales this year.
Although it's a seller's market, I believe the housing market is on stable ground in Hamilton County and home values will continue to rise through next year.
Source: Housing data from Mibor and new construction data from BAGI.