Dayton ohio - June 2024
Dayton Monthly Market Wrap-Up: Top Insights You Can't Miss
If you’re a homeowner in Dayton or planning to become one, I’m going to be sharing an update on the latest real estate market trends from June 2024. Make sure you read all the way to the end so that you can take advantage of some hidden opportunities whether you’re thinking about buying or selling.
Here’s what you are going to learn in this video.
– Average Dayton Home Price for June 2024
– Dayton Market Sales to list price
– Dayton Days on Market
Inventory
Alright over all from a high level perspective, in June there were 1.3 months of supply available in the Greater Dayton area, which means we are still very much in a seller’s market. 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 prices up. More than 6 months of supply means there’s lots of properties available for buyers to choose from which can drive prices down.
Average Price
The average price for a home in the greater Dayton area is $292,966 but keep in mind that is the average for the entire Dayton MLS. The average in your local area could vary quite a bit from that number. That average price is up 9.5% vs this time last year. A shortage in available homes continues to drive sales prices up.
List to Sale Price Ratio
Moving right along, the average list to sale price ratio was 100% in June. That simply means that properties were selling for 100% of list price. That’s the same as the month before AND June of last year (2023) 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.
Days On Market
Now you might be wondering how long it’s taking properties to sell? On average in June in Dayton it was taking 7 days for a property to sell. That is trending up from last monthwhere it took 5 days on average, and up even more, but still not much from June of 2023 when it took 4 days. However you look at it though, homes that are priced correctly are still selling in a short amount of time.
Interest Rates
Ok if you’re thinking about buying real estate in the near future, mortgage rates are ranging between 6.3% to 7.05% depending if you are going fixed or variable and whether you’re getting financing through a bank or an alternative lender.
Year to Date Insights
In summary when you look at June’s market statistics, home sales in the Dayton area slipped slightly in the month of June, falling short of the numbers posted in 2023 . The median and average prices, however, continued their upward trajectory. June’s sales capped off the first half of 2024 which saw 7075 sales transactions of single family homes and condominiums, compared to 6365 during the first half of 2023, up 11% from last year.
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. I’ll always just give you the straight facts so that you’re informed to make the best decision that’s right for you, based on your personal situation. 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.