A home in Dayton’s Patterson Park neighborhood, which saw residential property values increase 21 percent. CORNELIUS FROLIK / STAFF

Tale of two Daytons: Home values surge in areas, slip in others

Home values in Dayton are rebounding after unprecedented declines, but the recovery has been uneven across the city, with real estate values in some neighborhoods continuing to slide.

In 2014, nearly three-fourths of residential properties in the city (74 percent) decreased in value, according to data from the Montgomery County Auditor’s triennial update.

This year, 38 percent of residential properties increased in value, 38 percent decreased and 24 percent remained unchanged.

RELATED: Montgomery County property values bounce back from historic drop

There were major gains in neighborhoods, including Patterson Park (values up 21 percent), the Oregon Historic District (+18 percent), University Park (+15 percent), downtown (+11 percent) and Wright-Dunbar (+10 percent).

But values kept tumbling in other parts of the city, including Southern Dayton View (-14 percent), Hillcrest (-13 percent), College Hill (-12 percent) and Princeton Park (-11 percent).

“You are seeing some neighborhoods losing value, but not nearly to the extent that you saw in the past,” said Montgomery County Auditor Karl Keith.

MORE: Montgomery County’s million-dollar homes

Dayton’s real estate market increased in value by 0.5 percent in 2017, marking the first increase notable since 2005, according to the auditor.

The increase represents a turnaround: Dayton’s real estate market value dropped 9 percent in 2014, 12 percent in 2011 and 2 percent in 2008. Right now, the total value is about $3.8 billion, down from more than $5 billion in 2005.

Three years ago, 18 neighborhoods and residential developments in Dayton lost 20 percent or more of their value and seven lost 30 percent or more, Keith said.

This year, no neighborhood or development in Dayton lost more than 20 percent in value, he said.

Ten neighborhoods and residential developments had double-digital percentage losses in value this year, compared to 74 in 2014, Keith said.

The city of Dayton represents about one-third of the residential properties in Montgomery County, officials said.

“What happens to the city makes a big difference countywide, for those numbers as well,” Keith said.

RELATED: How much have your property values changed in your community?