Dayton ohio - July 2024
Dayton Monthly Market Wrap-Up: Top Insights You Can't Miss
If you’re a homeowner in Dayton or 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 July 2024. This market update is coming to you a week later than I’d hoped. My momma had her knee replaced last week and so some of my work got pushed to the back burner. Anyway, make sure you stick around to the end of this video 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 July 2024
– Dayton Market Sales to list price
– Dayton Days on Market
Inventory
Alright, over all from a high level perspective, in July there were 1.5 months of supply available in the Dayton area, which believe it or not, 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 prices 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 up slightly from 1.3 which doesn’t surprise me, as we’re starting to see more homes hit the market than we have been seeing for the last year.
Average Price
The average price for a home in the greater Dayton area is $282,427 but keep in mind that is the average across all areas. They range from an average price of $114,140 in the city of Dayton to $410,000 in Springboro. That average price is up 5% vs this time last year, but it is down 3.73%% vs June. The 1,328 sales for July revealed an increase of 13% over last year, reflecting the demand of the summer home buying season. These sales produced a cumulative sales volume of over $375 million, a 19% rise from July 2023.
List to Sale Price Ratio
Moving along, the average list to sale price ratio was 100% in July. That simply means that properties were selling for 100% of list price. That’s the same for for the month of June 2024 and for July 2023 which was also at 100%. 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 many sellers under priced their homes to entice bidding wars and there were not a lot of homes to choose from on the market. Although we are not seeing the bidding wars like we did last summer, we are still experiencing a very competitive market.
Days On Market
Now you might be wondering how long it’s taking properties to sell? On average in July, in Dayton it was taking 6 days for a property to sell. That is trending down from last month where it took 7 days on average, but up from last year where it only took 4 days. So just know that if you’re planning to sell your home, homes that are priced right are still selling in a very short amount of time.
Interest Rates
Ok if you’re thinking about buying real estate in the near future, mortgage rates are ranging between 5.7%-6.38% 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
So in summary when you look at July’s market statistics, although it looks like things are stabilizing, I personally think it’s too early to call it because the Federal Reserve is expected to drop interest rates when they meet later this month. So to me, I think that could draw buyer’s who are sitting on the sidelines back into the market. Combine that with the ongoing housing shortage and we could see some interesting things going into the fall season, a time we usually start to see a slow down. Combine that uncertainty with the upcoming election, Good night. Real estate is never boring!! Either way, one really important thing to understand is that macro level market statistics really mean nothing in Dayton. What’s happening north of Dayton can be completely different than what’s happening somewhere else and even within the county, there are different micro markets everywhere. For instance if you’re thinking of selling, those of you in Centerville and Springboro may actually continue to see multiple offers if you’ve got a desirable home. Not 20 offers like we’ve seen in previous years, but a few offers. If you’re looking to upgrade that desirable home and buy a new bigger property, keep your eye on dropping interest rates. Now could be a good opportunity to make that move.
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 facts straight 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.