Want to buy into Greater Cincinnati’s top school districts? There’s a little good news this year.
July home values in two of the top 10 school districts in the Cincinnati metro area declined slightly from the same month a year ago, according to a new report from RE/MAX of Southwest Ohio.
The top-rated Indian Hill Exempted Village School District and No. 6-ranked Mariemont City Schools district saw median home prices fall by about 3% and 4%, respectively, RE/MAX figures show.
Still, overall home values in the Top 10 school districts remained pricey, averaging just over $369,000, according to RE/MAX figures.
That’s more than a $175,000 premium over the July median home price of $193,950 for the Cincinnati area alone, according to the latest figures from the Cincinnati Area Board of Realtors.
The July median home price in Northern Kentucky – which has two of the Top 10 school districts on the RE/MAX list – was $184,950, according to the Northern Kentucky Association of Realtors.
The school districts on RE/MAX’s list were rated by school-ranking website, Niche.com.
Niche’s rankings are based on data collected and analyzed by the U.S. Department of Education on academic and student life, along with test scores, college data and ratings collected from users.
Homebuyers, with or without children, often prioritize schools when buying a home, said Donna Deaton, a Realtor at RE/MAX Victory in Liberty Township.
Homes in good school districts tend to hold their value and sell faster than homes in lower-quality school districts, Deaton explained.
However, homes in better school districts also tend to have higher maintenance and upkeep costs, as well as higher property taxes and insurance premiums.
“The reality is you will often pay a little more to live in a top school district,” Deaton said. But “long term, buying in a good school district often proves to be a smart investment. Even in a slower housing market, homes located in top school districts will continue to be sought after.”
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