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OH Avg Real Estate Commission Rate in Cincinnati, Ohio

Cincinnati is a city in the U.S. state of Ohio and seat of Hamilton County. Settled in 1788, the city was located at the north side of the confluence of the Licking River to the Ohio. The city drives the Cincinnati–Middletown–Wilmington combined statistical area, which had a population of 2,172,191 in the 2010 census. With a population of 298,800, Cincinnati is the third-largest city proper in Ohio and the 65th-biggest in the United States. It is the fastest growing economic power in the Midwestern United States and the 28th-biggest metropolitan statistical area in the United States. Cincinnati is also within one day's drive of two-thirds of the United States populace.

In the nineteenth century, Cincinnati was an American boomtown in the heart of the country; it rivaled the larger coastal cities in size and wealth. Throughout much of the 19th century, it was listed among the top 10 U.S. cities by population, surpassed only by New Orleans and the older, established settlements of the United States eastern seaboard; and sixth-biggest city for a period spanning reports from 1840 until 1860. As Cincinnati was the first city founded after the American Revolution as well as the first major inland city in the country, it is thought of as the first purely "American" city.

Cincinnati developed with fewer European immigrants or influence than eastern cities attracted in the same period; however, it received a significant number of German immigrants, who founded many of the city's cultural institutions. By the end of the 19th century, with the shift from steamboats to railroads drawing off freight shipping, trade patterns had altered and Cincinnati's growth slowed considerably. The city was surpassed in population by other inland cities, particularly Chicago, which developed based on commodity exploitation and the railroads, and St. Louis, for decades after the Civil War the gateway to westward migration.

Cincinnati is home to two major sports clubs, the Cincinnati Reds, the oldest team in Major League Baseball, and the Cincinnati Bengals of the National Football League. The University of Cincinnati, founded in 1819, is one of the 50 largest in the United States. Cincinnati is known for its historic architecture. In the late 1800s, Cincinnati was commonly referred to as "Paris of America", due mainly to such ambitious architectural projects as the Music Hall, Cincinnatian Hotel, and Shillito Department Store. Cincinnati is also the birthplace of William Howard Taft, the 27th President of the United States.

 

Cincinnati, Ohio Average Real Estate Agent Commission Rate Fees:

A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Cincinnati, Ohio. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!

The national average total real estate commission in 2015 was 5.26% *

In Cincinnati, Ohio, you will find the following real estate commissions charged*:

Typical Asking Commission: 6.0%

Competitive Commission: 5.0%-5.5%%

Very Competitive Commission: 4.5%-4.99%

The median existing single-family home price in the Midwest rose 6.6%, to $204,000, in the second quarter of 2017 compared to the the second quarter of 2016.  Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:

In the State of Ohio, median home prices are as follows*:

Metro Area Median Sales Price % of Annual Change
Akron $139,400 6.30%
Canton-Massillon $131,000 2.20%
Cincinnati $168,600 5.00%
Cleveland-Elyria $144,800 4.90%
Columbus $197,700 8.80%
Dayton $141,800 2.20%
Toledo $127,600 2.00%
Youngstown-Warren-Boardman, OH-PA $87,000 1.90%
IMPORTANT

Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home.  In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).

In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent.  Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”.  This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client.  This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).

When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.

 

AGENTS ARE READY TO BID THEIR COMMISSION RATE TO GET YOUR LISTING

At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business.  These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm.  This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Ohio.

 

ARE YOU BUYING IN THE SAME AREA, TOO?

Sellers who are also buying a home in the same local market have a volume discount advantage.  ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home.  Be sure to check the box that you are also buying a home locally to receive these better rates.

 

ARE YOU READY TO RECEIVE COMPETITIVE COMMISSION RATE BIDS?

Click here to see your savings in just 24 hours…

 

DEMOGRAPHICS:

For decades the Census Bureau had been reporting a steady decline in the city's population as residents moved out to new suburbs in the postwar years, aided by newly built highways. In addition, industrial restructuring cost a loss of jobs in the late 20th century. But, according to the Census Bureau's 2006 estimates, the population was 332,252, representing a slight increase from 331,310 in 2005. The city had officially challenged the original census numbers. Mayor Mark Mallory repeatedly argued that the city's population is 378,259, after a drill-down study was performed by an independent, non-profit group based in Washington, D.C.

As of the U.S. Census Bureau's July 2014 estimate, the population was 298,165, down nearly 35,000 from 2006 but up slightly from 296,918 in July 2010.

As of the 2010 census, the racial demographics for the city of Cincinnati were: 49.3% white (48.1% non-Hispanic white), 44.8% black or African-American, 0.3% American Indian or Alaskan Native, 1.8% Asian, 0.1% Hawaiian or Pacific Islander, 2.5% two or more races, and 2.8% Hispanic (of any race).

As of the 2000 census, the Cincinnati-Middletown−Wilmington Metropolitan Statistical Area has a population of 2,155,137 people, making it the 24th-largest metropolitan statistical area in the country. It includes the Ohio counties of Hamilton, Butler, Warren, Clermont, Clinton and Brown, as well as the Kentucky counties of Boone, Bracken, Campbell, Gallatin, Grant, Kenton, and Pendleton, and the Indiana counties of Dearborn, Franklin, and Ohio.

 

ECONOMY:

Cincinnati has the fastest-growing Midwestern economic capital. The gross metropolitan product is $124 billion, and median household income is $73,868 (according to another source it was $33,604 in 2011-2015). The median home price is $158,200, and the cost of living in Cincinnati is 8% below national average. The unemployment rate is also below the average at 4.2%.

Several Fortune 500 companies are headquartered in Cincinnati, such as Procter & Gamble, The Kroger Company, and Macy's, Inc., among others. General Electric has headquartered their Global Operations center in Cincinnati. The Kroger Company employs 21,646 people locally, making it the largest employer in the city, and the University of Cincinnati is the second largest at 16,000.

*Data provided by Bankrate.com - Real Estate and Wikipedia - Cincinnati - Ohio