August 2024 Market Report
Can You Still Afford To Buy A House in Dayton, OH?
If you’re a homeowner in the greater Dayton area or planning to become one, I’m going to be sharing an update on the latest real estate market trends from August 2024. Here is what you can expect to learn.
-Inventory Supply
-Average Price
-List to Sales Price Ratio
-Days On Market
-Interest Rates
-Market Trend Insights
If you want an accurate market analysis for your home or you’re thinking of buying and want to know where hidden opportunities may lie, you can either request a free no-obligation market evaluation or book a call with me to have a no-pressure conversation about your options. If that would be helpful, you can click the link with this video and set it up.
Inventory
Alright over all, from a high level perspective, in August there were 1.5 months of supply available in the Greater Dayton area, which keeps things pretty firmly in seller’s market territory. What does that mean? Months of supply tells you how many months it would take for all of the homes currently on the market to sell, given the average sales volume. 4-6 months of inventory indicates a more balanced market, less than 4 months means there’s not a lot of inventory available which can drive price up. More than 6 months of supply means there’s lots of properties available for buyers to chosen which can drive price down. How is that number trending vs. last month? Well it’s the same, we had 1.5 months in July which doesn’t surprise me because we are heading into fall and August typically sees less homes selling during the back to school season, so I wouldn’t conclude yet that it means the market is shifting beyond what it normally does this time of year.
Average Price
The average price for a home in the Dayton area is $286,666 but keep in mind that is the average across all areas. They range from an average price $123,062 in Dayton to $571,780 in Springboro. That average price is up 9.6% vs this time last year, but it is up 1.5% vs last month, so while it may seem that pricing has stabilized in other parts of the country and in some instances it has even seen a drop that is not the case in our local Dayton market.
List to Sales Price Ratio
Moving along, the average list to sale price ratio was 100% in August. That simply means that properties were selling for 100% of list price. That’s exactly where we were this time last year also. Now when you’re looking at this stat, you’ve got to keep in mind that it has a lot to do with the strategy a seller uses when they’re listing their property. A year ago seller’s were able to get away with overpricing their homes and still get buyer’s in to see it and possibly decide to negotiate or pay over asking price because they didn’t have many other homes on the market to choose from. That seems to be changing. Over the last 30 days, homes that are overpriced are seeing price cuts and days on market higher than homes that are priced in line with their true market value.
Days On Market
Now you might be wondering how long it’s taking properties to sell? On average in August in greater Dayton it was taking 6 days for a property to sell. That is the same from last month where it also took 6 days on average, but up from last year where it only took 4 days. Once again, time will tell if this is market driven or just seasonally driven.
Interest Rates
Ok if you’re thinking about buying real estate in the near future, mortgage rates are ranging between 6.11% to 6.17% depending if you are going fixed or variable and whether you’re getting financing through bank or an alternative lender.
So in summary, sales of single-family and condominium units reported by Dayton REALTORS® in August found home sales relatively unchanged from August 2023. The average sales price continued its upward trajectory and hit $286,666, a jump of 9.6% from the previous August. Likewise, the median price saw an increase to $249,000, up 6% from last year. Either way, like I always say, it’s important to understand is that macro level market statistics really mean nothing in Dayton. What’s happening in the city of Dayton can be completely different than what’s happening somewhere else. There are different micro markets everywhere.
So the bottom line is that whether you’re buying or selling, your situation is unique and a general market update should be taken with a grain of salt. If you want an accurate market analysis for your home or you’re thinking of buying and want to know where hidden opportunities may lie, you can either request a free no-obligation market evaluation or book a call with me to have a no-pressure conversation about your options. If that would be helpful, you can click the link with this video and set it up. Otherwise feel free to check out my other videos and I’ll be back next month with an updated report.