PulteGroup expands into Cincinnati market

PulteGroup announced plans to expand its Ohio operations, including an entry into the Cincinnati market. 

In a press release, Tony Barbee, PulteGroup’s North Area president, said that the company is well-positioned for success in Cincinnati due to its already established presence in the state. 

“This strategic expansion into the growing Cincinnati area is a natural next step, having built market-leading businesses in other parts of the state,” Barbee said. 

Pulte, which already operates in Cleveland and Columbus among its 45-plus U.S. markets, revealed in July that it plans to expand its operations in Columbus with the market’s first Del Webb and Del Webb Explore communities.

The Cincinnati metropolitan area also extends into Kentucky, where Pulte already has a division in the Louisville market, as well as Indiana, where the company currently operates in Indianapolis. 

Scott Mairn, Division President of Pulte’s Indianapolis-Louisville Division, will head up the initial operations in the Cincinnati market. The homebuilder plans to build communities throughout its brand portfolio for first-time, move-up, and active-adult homebuyers. 

PulteGroup sees the Midwest as a region of strength

This is the first time Pulte has announced an expansion into a new market since late 2023, when the builder revealed plans to begin operations in Utah.

Pulte sees the Midwest as a strong region with forecasted home price growth. During A Q2 earnings call in July, executives pointed to areas such as Cleveland, Chicago, and Indianapolis as strong markets with positive demand conditions. 

“Our business results continue to demonstrate the benefit of having large and stable operations in the Midwest, Southeast, and Northeast as these work to offset some of the more challenging market conditions the industry is facing out West and in Texas,” Jim Zummer, Vice President, Investor Relations, said during the call. 

Texas, Florida, and Western markets like Phoenix, Coastal California, and the Pacific Northwest experienced declining home prices over the last year, leading to a challenging environment for homebuilders. 

Zillow’s most recent 12-month forecast projects that home prices will grow by 2.4% annually in the Cincinnati market through September 2026, higher than the national growth rate of 1.9%. This forecasted growth comes after a 2.7% increase in home prices year-over-year as of August. The steady growth in prices may explain why Pulte decided to expand into the market. 

Despite growth in home prices, Cincinnati remains more affordable than the nation as a whole. A Realtor.com report ranked the Cincinnati market as the tenth most affordable nationally.

According to Altos Research, the median listing price for a single-family home in the Cincinnati market is $369,000, compared with the national median of $439,900.