Dayton Ohio Housing Market: Prices, Trends, Forecast 2023-2024


Dayton Ohio Housing Market: Prices, Trends, Forecast 2023-2024

The Dayton Ohio housing market is a seller’s market, with homes selling quickly and prices rising steadily. This is due to a number of factors, including a growing economy, low inventory, and fierce competition among buyers.

Dayton Housing Market: House Prices & Trends

How is the housing market doing currently? The Dayton housing market is characterized by its competitiveness, with homes receiving an average of 3 offers and selling in around 33 days, according to Redfin. In November 2023, Dayton home prices experienced a remarkable surge, recording a 15.0% year-over-year increase with a median price of $115K.

The average selling time for homes in Dayton is 33 days, slightly longer than the previous year’s 32 days. Notably, there were 151 homes sold in November, a slight decrease from the 172 homes sold in the same period last year.

Homes in Dayton sell in an average of 29 days, and some properties receive multiple offers. On average, homes sell for about 3% below the list price and go pending in around 29 days.

The sale-to-list price ratio for all home types in Dayton is 97.2%, indicating a competitive market. This ratio has witnessed fluctuations, ranging from 80.0% to 110.0% in recent years.

The Dayton housing market is expected to remain strong in the coming months and years. The city is home to a number of growing industries, including healthcare, manufacturing, and logistics. This is attracting new residents to the city, who are looking for homes to buy.

The Dayton housing market is also attractive to buyers due to its affordability. The median list price of homes in Dayton is significantly lower than the median list price of homes in many other major metropolitan areas.

If you are considering buying or selling a home in Dayton, it is important to work with a qualified real estate agent who can help you navigate the competitive market.

Here are some additional trends to note in the Dayton housing market:

  • Inventory is low. There are fewer homes on the market than there are buyers, which is pushing prices up.
  • Competition is fierce. Buyers are competing for a limited number of homes, which is driving up prices and making it difficult to get a deal.
  • Homes are selling quickly. Homes are typically selling within weeks of being listed, which means buyers need to be prepared to act fast.

Dayton Housing Market Forecast 2024

According to Zillow, the average Dayton home value: $135,815, reflecting a modest increase of 0.3% over the past year, with a swift time to pending sales of approximately 9 days. (Data through November 30, 2023)

  • For sale inventory (November 30, 2023): 484
  • New listings (November 30, 2023): 199
  • Median sale to list ratio (October 31, 2023): 0.997
  • Median sale price (October 31, 2023): $112,700
  • Median list price (November 30, 2023): $130,450
  • Percent of sales over list price (October 31, 2023): 35.0%
  • Percent of sales under list price (October 31, 2023): 44.9%

Is It a Buyer’s or Seller’s Housing Market?

The Dayton housing market currently leans towards being a seller’s market. With a median sale to list ratio of 0.997, indicating that homes are selling very close to their list prices, and a substantial percentage (35.0%) of sales occurring over the list price, sellers have a favorable position. Additionally, the swift time to pending sales (9 days) suggests high demand, further emphasizing the seller-friendly nature of the market.

Are Home Prices Dropping?

No, home prices in Dayton are not dropping. The data reveals a modest increase in the average home value by 0.3% over the past year. This indicates a relatively stable and appreciating market, providing assurance to homeowners and potential sellers.

Will the Dayton Housing Market Crash?

There is currently no indication of a housing market crash in Dayton. The steady rise in home values, coupled with the short time homes spend on the market before going pending, suggests a resilient and robust market. However, it’s essential to monitor future trends and economic factors for a comprehensive understanding of the market’s stability.

Dayton Housing Market Forecast 2024
Source: Zillow

Is Housing Affordability a Concern in Ohio?

While Dayton’s housing market has shown stability, some might wonder if housing prices are dropping across Ohio. It’s important to note that real estate conditions can vary significantly from one city to another within the state. Dayton’s modest decrease in home values over the past year should be considered in the broader context of Ohio’s diverse real estate landscape.

Why Is Real Estate Affordable in Dayton, Ohio?

The affordability of real estate in Dayton can be attributed to several factors, including a lower cost of living compared to many other cities, a diverse housing market, and the city’s economic dynamics. Dayton offers a range of housing options at various price points, making it an attractive destination for both first-time homebuyers and investors.

Should Buy Investment Properties In Dayton, Ohio?

Investors looking for opportunities in the real estate market often seek cities that offer growth potential, affordability, and a favorable economic climate. Dayton, Ohio, has been gaining attention as a promising destination for real estate investment. Here are some compelling reasons why Dayton’s real estate market may be a smart choice for investors in 2023 and 2024:

1. Affordability

One of the most significant advantages of investing in Dayton is its affordability. Compared to many major metropolitan areas, Dayton offers lower property prices, making it accessible to a wide range of investors, including first-time buyers and those looking to diversify their portfolios without breaking the bank.

2. Strong Rental Market

Dayton has a robust rental market, driven in part by its diverse economy and the presence of universities and healthcare institutions. Investors can capitalize on a steady demand for rental properties, which can provide a reliable source of income and potential for long-term appreciation.

3. Favorable Economic Environment

Dayton’s economy is diverse and stable, with key industries including aerospace, manufacturing, and healthcare. The presence of major employers, such as Wright-Patterson Air Force Base, contributes to a stable job market. A strong economy is often correlated with a healthy real estate market, making Dayton an attractive choice for investors.

4. Low Cost of Living

Investors should consider the overall cost of living in a location, as it can impact the attractiveness of a real estate market. Dayton boasts a cost of living that is lower than the national average, making it an appealing destination for individuals and families, which, in turn, drives housing demand.

5. Potential for Appreciation

While past performance is not indicative of future results, Dayton has seen modest but consistent property value growth in recent years. With its affordability and economic stability, the city has the potential for property appreciation in the coming years, offering investors the opportunity to build equity.

6. Real Estate Development

Dayton has seen ongoing real estate development projects, particularly in its downtown area. These developments can lead to increased property values and improved infrastructure, making it an attractive prospect for real estate investors seeking appreciation and rental income.

7. Proximity to Major Cities

Dayton’s location places it within reasonable driving distance of major cities like Cincinnati, Columbus, and Indianapolis. This proximity can attract potential residents and commuters, enhancing the appeal of the city and its real estate market.

8. Diverse Housing Options

Dayton offers a range of housing options, from single-family homes to multi-unit properties. This diversity allows investors to choose properties that align with their investment goals, whether it’s cash flow, long-term appreciation, or a mix of both.

9. Favorable Financing Opportunities

Low-interest rates and favorable financing options can make it more cost-effective for investors to acquire properties in Dayton. These conditions can enhance the return on investment and make real estate investment in the area more attractive.

10. Growth Potential

With its affordability, economic stability, and ongoing development projects, Dayton presents significant growth potential. Investors who enter the market in 2023 and 2024 may benefit from the city’s long-term expansion and increasing property values.

Investing in real estate carries risks, and it’s essential to conduct thorough research, work with local experts, and develop a solid investment strategy. While Dayton offers numerous advantages, it’s crucial for investors to align their goals and risk tolerance with the specific opportunities the city provides.

Disclaimer: Real estate markets can fluctuate, and past performance is not indicative of future results. Consult with a financial advisor or real estate professional for personalized investment advice.


References:

  • https://www.zillow.com/dayton-oh/home-values
  • https://www.redfin.com/city/5413/OH/Dayton/housing-market
  • https://www.realtor.com/local/Dayton_OH/housing-market
  • https://www.movoto.com/dayton-oh/market-trends



Source link

Recommended For You

About the Author: Tony Ramos

Article Content Writer We write content articles for all businesses. We produce content that can include blog posts,website articles, landing pages, social media posts, and more. Reach out for more information to mydailyrealestatenews@gmail.com, "Best regards" Tony.

Leave a Reply

Your email address will not be published. Required fields are marked *