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.
According to Movoto, the median list price of homes in Dayton was $159,900 in September 2023, compared to $139,900 in 2022. Homes in Dayton are selling quickly, with an average time on the market of just 34 days compared to 49 days last year. This is a sign of the strong demand for housing in the city.
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: House Prices & Trends
The Dayton, Ohio housing market is currently experiencing high competitiveness, with numerous factors contributing to its dynamic nature. Key statistics and trends from September 2023 highlight the vibrant state of the housing market in Dayton:
Market Statistics
- Competitive Environment: According to data by Redfin, the Dayton housing market is characterized by fierce competition, with homes receiving an average of 4 offers.
- Rapid Sales: Homes in Dayton are selling swiftly, with an average time on the market of just 20 days, down from 33 days last year.
- Price Growth: The median sale price of homes in Dayton reached $120,000 in September 2023, marking an 8.1% increase compared to the previous year.
- Price per Square Foot: The median sale price per square foot in Dayton stands at $91, reflecting a 7.7% surge since the previous year.
Key Trends
The following trends are shaping the Dayton housing market:
- Home Prices on the Rise: Dayton’s median home sale price has seen an impressive 8.1% increase from the previous year. This upward trajectory is expected to continue due to high demand and limited supply.
- Swift Sales: Homes are changing hands in just 20 days on average, underscoring the strong demand for housing in Dayton.
- Intense Competition: The market has become more competitive, with homes now receiving an average of 4 offers, up from 3 offers in the previous year. Buyers must act swiftly and competitively to succeed in this environment.
Overall, the Dayton housing market presents opportunities for both buyers and sellers. With rising prices, quick sales, and increased competition, it’s essential to be well-prepared and proactive to succeed in this dynamic real estate landscape.
Dayton Housing Market Forecast
The Dayton housing market, as of August 31, 2023, is showing some interesting trends according to data provided by Zillow. In this article, we’ll explore the current state of the Dayton housing market and address some common questions regarding housing prices and Dayton’s real estate scene.
Current Dayton Home Values
As of the latest data available, the average home value in Dayton stands at $110,193. This figure represents a slight decrease of 0.3% over the past year, indicating a relatively stable market. Furthermore, homes in Dayton are going pending in a remarkably short time, with a median of just 6 days on the market.
Market Metrics for July 31, 2023
Here are some key metrics that provide insights into the Dayton housing market as of July 31, 2023:
- Median Sale to List Ratio: The median sale to list ratio is 1.000, suggesting that, on average, homes in Dayton are selling very close to their list prices.
- Percent of Sales Over List Price: Approximately 48.7% of sales in Dayton were over the list price, indicating robust demand and competition among buyers.
- Percent of Sales Under List Price: Around 32.1% of sales in Dayton were under the list price, offering some opportunities for buyers to find deals below the asking price.
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.
Is Dayton an Up-and-Coming Real Estate Market?
Dayton has been gaining attention as an up-and-coming real estate market. Its competitive pricing, fast-selling properties, and the potential for a strong return on investment have drawn the interest of buyers and investors alike. However, the real estate market can be influenced by various factors, including economic conditions and local developments, so it’s essential to stay informed about the latest trends and forecasts.
In conclusion, the Dayton housing market, according to Zillow’s data, offers a mix of stability and opportunity. With affordable home values, competitive pricing, and a relatively fast pace of sales, Dayton continues to be an intriguing option for those looking to enter the real estate market or make strategic investments.
Please note that real estate markets can change over time, so it’s advisable to consult with local real estate experts for the most up-to-date information and personalized advice.
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