What’s Happening in Madisonville? Cincinnati Real Estate Update: 2021

I began my real estate career in 2006 in Hyde Park, an affluent suburb of Cincinnati. The median home value in Hyde Park is $386,000, which is significantly above the average for Cincinnati. It was home to one of the most sought-after brokerages to work within the Greater Cincinnati metro, so for me, it was a no-brainer. The agents who practiced real estate there were among some of the top agents in the country. I wanted to learn from the best. I can say that the experience gave me vast knowledge that I gleaned from mentors who had been selling real estate when I was still cuddling a Cabbage Patch doll. 

This elite group of agents had been dominating this upper-class suburb since the 70s. Here I was in 2006 trying to compete with the big dogs to no avail. I certainly didn’t give up though, as most of my clients were first-time homebuyers who didn’t have a Hyde Park budget (yet). They looked to towns just outside of Hyde Park. These towns were known as “Hyde Park-near” because they hadn’t quite come into their own. My how things have changed.

My first listing was in Madisonville, deemed “Hyde Park-near" as it is nestled between Hyde Park and another affluent suburb of Cincinnati, Mariemont. Both Hyde Park and Mariemont offer a desirable walkability factor, quiet tree-lined streets, entertainment venues, and all of the makings for a sought-after place to call home. Madisonville seemed like a solid choice to sow my wild real estate oats and try to farm a market with a little less competition for market share. 

Fast forward to present-day Madisonville and the gentrification that is in full swing. Madisonville is seeing exponential growth in both the residential sector and the commercial sector. Community officials report that downtown Madisonville hadn’t seen new storefronts in 20 years. Currently, several projects are reaching their final phases of completion. On Madison Road, one of Madisonville’s main arteries, a massive commercial structure with 104 apartment units and 24k square feet of restaurant and retail space is newly finished. Phases 2 and 3 will follow, offering an additional 120 and 90 apartment units, respectively. 

In total, the expected price tag of $30 million will be invested in the mixed-use project with multiple organizations working in concert to fulfill this project. The historic Fifth Third Bank building next door is the new home of Bad Tom Smith Brewery. A major factor in moving from their former Linwood location was the ease of walkability in these 4 blocks of major redevelopment.  With a renewed vibrancy in the town’s center, one would think added conveniences and entertainment would be met without disdain. However, some longtime residents share uncertainty with the direction the city is taking. Hotels, apartments, a medical clinic, a brewery….but what about single-family homes? Herein lies the community divide. 

A 60-year resident of Madisonville wasn’t shy about giving her feedback. She expressed the community would prefer a grocery store, not more apartments. Many long-time residents feel like gentrification is imminent and this is a major concern. Seeing houses torn down and replaced with $400k-$500k houses has instilled fear that Madisonville is no longer going to be an affordable place to live.

With a location having direct access to major highways, it is a magnet for commercial real estate developers. The residents have been vocal about their rising concerns of over-development, preserving historic landmarks, and feeling forced out because they can no longer afford to live there. They want to know what the place they have called home for so long is going to look like the next 5, 10, or 20 years. Though developers offer transparency in their current plans for the community, only time will tell what the future of Madisonville will hold.