The rate of home sales moving up reflects a strong late-spring and early-summer market in Dayton, which is not surprising, said Kelly McCormick, president of Dayton Realtors and a realtor for 33 years.
“Sellers see interest rates dip somewhat ...,” McCormick said. “More buyers are locking in mortgage interest rates as they nudge downward; these actions mean people feel the time is good to buy now.”
The average rate of a 30-year mortgage fell below 7% this week (6.94%) for the first time in more than a month.
The average sales price year-to-date is $267,158, representing an 11.2% rise over 2023′s year-to-date numbers. The median sales price also grew, going from $203,750 through April 2023 to $225,000 through April 2024, a 10.4% increase.
Helping fuel the year-to-date success were April’s robust numbers, with 1,228 transactions reported during the month, a 14.2% increase over April 2023.
April, which was the fourth consecutive month of an increase in year-over-year sales, also saw residential sales price continue to rise. The average sale price for single-family homes and condominiums last month increased to $265,444, up 6.3% from last April, while the median sale price also improved, reaching $225,000, up 3.2% from last year.
Dayton-area home sales comparison
| Monthly numbers | April 2024 | April 2023 | % Change |
|---|---|---|---|
| Homes sold | 1,228 | 1,075 | 14.23% |
| Median sale price | $225,000 | $218,000 | 3.21% |
| Average sale price | $265,444 | $249,835 | 6.25% |
| Year-to-date numbers | Jan-Apr 2024 | Jan-Apr 2023 | % Change |
| Homes sold | 4,375 | 3,748 | 16.73% |
| Median sale price | $225,000 | $203,750 | 10.43% |
| Average sale price | $267,158 | $240,253 | 11.20% |
There were 1,557 new listings added in April, up 21% from April 2023. Year-to-date totals saw 5,321 listings, an increase of 15% from the figures submitted through April of last year.
McCormick said that new listings being up 21% is “exciting” and supports confidence in the market.
“An example is the inventory of properties owned by baby boomers,” she said. “This group, statistically, has been holding back from home sale and home purchase decisions. An upward trend may be reflective of this group making changes in their lives.”
Total available active inventory was 1,323 homes by the end of March, representing one month’s supply of listings based on April’s pace of sales. A normal market inventory supply of homes is approximately three months, Dayton Realtors officials have said.
The rise in the amount of home sales also occurred at the state level.
During the first four months of the year, Ohio home sales activity is up 4% compared to January-to-April 2023. Year-to-date sales totaled 38,749, up from the 37,255 homes sold a year ago, according to Ohio Realtors. The average sales price during the period this year is $270,536 a 7.9% increase from the $250,703 mark set a year ago, the organization said.
“The strength and stability of the Ohio housing marketplace is evident, as sales activity levels for the year are outpacing sales from a year ago,” Ohio Realtors President Ali Whitley said in a statement. ‘With the increase in home sales, the market is also showing a consistent increase in average sales price. This is encouraging news for both current homeowners and potential buyers, affirming that housing in Ohio remains a solid, long-term investment.”
Ohio home sales in April reached 11,547, a 13.2% increase over April 2023. The average sales price reached $280,814, a 4.9% increase from the $267,665 mark recorded in April 2023.
Nine of the 14 Ohio markets that are tracked experienced an increase in average sale price for this April compared to April 2023, the organization said.
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