Price, volume of Dayton-area autumn home sales up from 2023, down from June peak

The average sales price for January-through-October came out to $278,447, up 9% compared to the $255,236 average price between January-through-October 2023. The median price also increased, reaching $239,900 for the first 10 months of this year, a 6.6% increase compared to the $225,000 median home sales price for the same span of 2023.

Several factors contribute to rising home sales prices in the region, including a persistent low inventory of homes for sale, especially coming out of the COVID-19 years, combined with steady demand, according to Kelly McCormick, president of Dayton Realtors and a realtor for 33 years.

Lowered interest rates and increased costs to build also sent the price of re-sale homes upward, McCormick said.

“Additionally, the increase of interest rates this year created a higher focus on the moderate resale market versus higher-end priced properties or new construction,” she said. “The economic cycle seems to be set up for a continuous strong real estate market and economy going into 2025.”

October was part of the year’s increase in the amount of homes sold and an increase in home sales price. There were 1,248 transactions reported for the month, a miniscule 0.3% increase compared to the 1,244 sales recorded in October 2023, according to Dayton Realtors data.

Also increasing in October were the average and median prices for home sales. The average sales price totaled $278,667, up 4.8% compared to $265,824 in October 2023. The median price also increased to $245,000, rising nearly 4.3% from October’s median price of $235,000.

October’s median home price still was down from the $255,000 mark it reached in June, the region’s highest-ever median price.

The rise in the number of home sales and home prices locally in October mirrored what occurred at the state level.

Ohio home sales for the month reached 11,717, a 4.8% increase from the 11,176 homes sold during October 2023, according to Ohio Realtors. The average sales price statewide in October reached $290,223, a 6.1% increase from the $273,554 mark recorded in October 2023.

Ohio Realtors President Ali Whitley said the rise in home sales for the month is “a clear sign of growing confidence and momentum in the market. Additionally, we continue to see average sales price and dollar volume increase, showing that owning a home remains a great investment.”

Thirteen of Ohio’s 14 markets that are tracked experienced an increase in average sale price for this October compared to October 2023, Ohio Realtors said.

During the first 10 months of the year, Ohio home sales activity was up nearly 1% compared to January-to-October 2023. Year-to-date sales numbered 110,785, up from the 109,828 homes sold a year ago, according to Ohio Realtors. The average sales price during that time was $291,616, a 7.2% increase from the $271,981 mark set a year ago.