Well, not the entire city of Norwood. But there is a 1 ½ square mile area south of the Norwood Lateral, West of I-71 and East of Montgomery Road that is creating quite a buzz for investors and homeowners in the area. According to the Cincinnati Multiple Listing Service, properties in this area of Norwood have appreciated by 45% over the past 7 years. That’s more than double the average appreciation for Cincinnati as a whole.
There are three main reasons why Norwood is seeing a sizeable increase in home values and experiencing a transition from blue-collar town to a desirable community for young professionals.
The first reason is Norwood’s great location. Norwood’s eastern neighbor, Oakley, experienced rocket appreciation during the early 2000s. Home after home was being renovated and sold for big bucks. The longtime dark shadow of Hyde Park was now becoming a hot neighborhood on it’s own. Today home prices in Oakley more resemble those in Hyde Park. The average sale price in Oakley was just over $190,000 in 2007. As a result, first time homebuyers are having trouble keeping up with the rise in home prices for this area and are slowly moving to more affordable alternatives. Southeast Norwood borders Oakley to the left and Hyde Park to the north. Southeast Norwood is about as far from Oakley Square and Hyde Park square as the neighborhood of Mt. Lookout. It also has easy access to I-71 and I-75 via the Norwood Lateral.
The second reason for Norwood’s success is it’s aggressive move towards commercial development. The city has aggressively marketed the town to developers resulting in several projects taking place; i.e. Rookwood Development (Rookwood Mall and Rookwood Commons), Surrey Square (located on Montgomery Road in the heart of Norwood), and Linden Pointe (just north of the Lateral, west of Montgomery Road). These developments are bringing more jobs and retail to the area and with that comes tax dollars for the city.
The third reason that Southeast Norwood is a hot neighborhood is because it contains beautiful streets with beautiful homes. The same home styles that you’ll find in Hyde Park and Oakley are also abundant in Southeast Norwood. Century old two and three story homes with tons of character are regularly being renovated and sold between $200,000 and $300,000. This area is ripe for both investors and homebuyers.
So next time you look for properties in Oakley and Hyde Park, be sure to add Southeast Norwood into your search.
