Census data: Median home values above $150K in 10 area cities

Property values in Montgomery County are generally going up according to County Auditor Karl Keith. This home sale sign is on Volusia Ave. in Oakwood.. TY GREENLEES / STAFF
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Property values in Montgomery County are generally going up according to County Auditor Karl Keith. This home sale sign is on Volusia Ave. in Oakwood.. TY GREENLEES / STAFF

Median home values in Mason, Oakwood and Springboro are among the highest in the state, but even so, worth just a quarter of those in Indian Hill, Ohio’s priciest enclave, according to new government figures.

By county, U.S. Census Bureau data released this month show Warren County ranks third in the state, lifted by Mason’s median home value of $230,100 and Springboro’s $207,500 according to the 2012-2016 American Community Survey 5-year estimate. By city, Mason ranked 24th and Springboro 35th in the state.

Oakwood's $228,700 median value ranked 25th in the state and led Montgomery County, followed by Centerville's $179,600, which was 43rd in Ohio out of 250 larger municipalities in a Cleveland.com analysis of the Census data.

The common denominator among areas with higher home values like Mason and Oakwood is most often the local educational system, said Karen O’Grady, Dayton Area Board of Realtors president.

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“The schools are the largest barometer that people use in judging where they are going to move,” she said. “If they are interested in a good education for their children, they are looking at schools.”

O’Grady said people relocating will examine the local school district even if they don’t have children.

“They understand the school system is one of the things that drives their property value,” she said. “If they are looking at investment, they are looking at schools. If they are interested in appreciation, they’re looking at schools.”

MORE: Montgomery County property values rebound from historic drop

A second common factor that can keep home values high is the distance away from employment, O’Grady said. Doctors will typically not want to live much more than 15 minutes away from work, and others will not want to commute one-way more than 30 minutes, she said, putting a premium on neighborhoods closer to higher-wage jobs.

Dayton’s home values, despite holding steady in recent years, are less than double many of its suburban neighbors. The median $66,000 value in Dayton is among the state’s lowest. Youngstown’s $43,000 is at the bottom.

Springfield ($77,000) ranked 225th and Urbana ($98,500) 171st in Ohio cities.

A 6.3 percent upswing in housing values in Montgomery County seems to be touching all quarters, including Dayton. Although values rose greater in the southern suburbs like Washington Twp., Kettering and Oakwood, the recent triennial review by the Montgomery County Auditor’s Office showed Dayton’s residential property values up slightly between 2014 and 2016. Montgomery County ranked 53rd out of the 88 counties.

RELATED: Final property value notices to hit Montgomery County mailboxes

The Census survey showed 10 cities in the region had median home values above $150,000 including Beavercreek, Centerville and Oxford. In addition to Warren County, Greene County (8) and Butler County (9) were the only other regional counties to crack the top 10 counties. Clark County was 60th and Champaign County 33rd.

The median residential sales price of a home in the five-county area served by the Dayton Area Board of Realtors through November of this year rose to $134,000, a 5.9 percent increase over last year. The average sales price is up more than 5.7 percent over 2016 to $155,822 based on 15,036 sales of single family homes and condominiums.

The Realtor’s group has 2,800 members in Darke, Greene, Montgomery, Preble and Warren counties.

MORE: Buyers snap up urban townhouses in downtown Dayton

Home values don’t appear to be coming down soon, O’Grady said.

“This is the first time in many years we’ve had houses selling for over list and with multiple offers. And we’re not getting any indication that that’s going to go backwards in 2018.”

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