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Where NKY home prices increased the most over the past decade Julia Fair Cincinnati Enquirer USA TODAY NETWORK
Now, 10 fl ood gates protect Northern Kentucky’s riverfront cities. In March, gates closed as forecasters estimated the river would rise to a crest of 56 feet or a moderate fl ood stage. Newport City Manager Tom Fromme said the fl oodwalls “shut off ”
Home prices have soared in Northern Kentucky. In the past year, the average median price for a home in Northern Kentucky increased about 17% and about 23% nationally, according to data from the Northern Kentucky Association of Realtors and the National Association of Realtors. But what about over the longer term? The Enquirer analyzed 10 years of 31 Northern Kentucky cities’ real estate data to see how the market shifted. The cities included in the data are from the counties of Campbell, Kenton, Boone, Grant, Owen, and Gallatin. “We are witnessing two of the greatest extremes in probably the history of real estate,” said Northern Kentucky Association of Realtors President Ron Brossart. Simultaneously, it’s a great market for sellers but also the “most diffi cult” time for a buyer, he said. The Enquirer analysis revealed: h Where home prices increased the most. h Where the most expensive homes are. Brossart told The Enquirer the market shifted because of an expanded highway, walkability becoming popular, and low inventory pushing people to other areas. Florence-based realtor Stephanie Frost with Re/Max Victory + Affi liates said the increase in Sparta could be because of new jobs. For example, 20 minutes away from Sparta in Ghent, Nucor Steel Gallatin has been expanding. In 2014, Nucor Corp bought Gallatin County steel mill from ArcelorMittal and Gerdau SA for about $770 million. In 2017, it added 70 full-time jobs with a $176 million investment. In 2018, the company announced a $650 million expansion that created 70 jobs, according to the Northern Kentucky Area Development District website. According to population estimates, about 295 people lived in Sparta in 2019, a 27% increase from 2010. When Brossart reviewed The Enquirer’s data analysis, the fi rst city that popped out was his hometown, Newport. Between 2010 and 2020, the median sale price increased 127%. “A lot of people are investing in the west end of Newport,” Brossart said. “A lot of these properties that were rental properties for many years and dec-
See RIVERFRONT, Page 6A
See HOUSING, Page 2A
With the close of the 450,000-square-foot IRS processing center, lower right, n September 2019, the center of Covington's riverfront became available for development. THE ENQUIRER/FILE
NKY transforms its riverfront as it reconnects to the Ohio River Julia Fair Cincinnati Enquirer USA TODAY NETWORK
COVINGTON– Bobbye and Ed Winterberg peered across the glistening Ohio River as they enjoyed Northern Kentucky’s newest riverfront attraction, the $6.54 million Covington Plaza. Just steps away from the John A. Roebling Suspension Bridge, dozens of people celebrated the space's grand opening, which features a 1,350-seat amphitheater and event area. Live music, conversations, and yips from excited dogs signaled that summer had truly begun. For Ed Winterberg, this was more than a party. It meant regional leaders’ long-term visions for the riverfront are coming to fruition. “This meets and exceeds the dreams we had 50 years ago,” Ed Winterberg said. Covington took advantage of its riverfront, which he said has transformed it into a community hub. In a few years, more of Northern Kentucky’s riverfront will transform, too. Offi cials throughout the region say the riverfront will have parks with views of Cincinnati neighborhoods, expanses where people shop and live, Northern Kentucky neighborhoods lifted out of fl ood plains, and water vehicles to transport people along and across the river.
Covington Plaza hosted the FedEx Ground Rockin' Taco Festival on the weekend of June 25. JOE SIMON FOR THE CINCINNATI ENQUIRER
Their visions vary, but everyone has the same goal: connect to the Ohio River.
Riverside jobs, entertainment People had “turned their back on the river for a long time,” because of recurring fl oods, said Covington’s Economic Development Director Tom West.
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