A Strong Finish to 2024!
As we close out 2024, the Dayton real estate market continues to show strength, with solid growth in sales volume and home prices throughout the year. While December saw a slight seasonal dip, the overall performance for the year reflects a healthy, stable market with continued demand. Here’s a look at both the December 2024 market and a full-year recap of real estate activity.
December 2024 Market Update
December typically sees some slowing in activity as we approach the holidays, and 2024 was no different. Listings in December were down by 5.74%, with 854 new listings compared to 906 in December 2023. Similarly, the number of homes sold decreased by 4.92% to 1,025 transactions.
Despite the slight slowdown in activity, prices continued to climb. The median sale price surged by 10.09% to $240,000, while the average sales price rose by 6.06% to $271,248. These price increases show that the market remains resilient, even during the seasonal dip. Homes continued to sell at a high rate, with 99.1% of listed properties selling at or above their asking price, reflecting strong demand in the local market.
Inventory was also slightly up in December, with 1,937 active listings, which represents a 1.8-month supply based on the pace of sales. This is a small increase compared to last year’s 1.7-month supply, but it still indicates a competitive market.
Full Year 2024 Recap
Looking at the full year, 2024 was a year of continued growth for Dayton’s real estate market. The number of new listings rose by 4.85%, with 17,091 homes listed in 2024. The number of homes sold also increased by 5.29%, reaching 14,450 transactions—a solid gain compared to 2023.
The total sales volume for 2024 reached an impressive $4.01 billion, reflecting a 14% increase from 2023. As for home prices, both the average and median sale prices saw healthy increases. The average sales price climbed by 8.31% to $277,780, while the median sale price rose by 6.67% to $240,000.
What’s even more remarkable is that homes continued to sell at their asking price, with the sale-to-list price ratio staying steady at 100%. This indicates that the market is well-balanced, with sellers getting their desired prices and buyers staying engaged despite rising prices.
What Does This Mean for You?
For sellers, the continued price increases and demand for homes present a great opportunity to capitalize on the market’s strength. If you’ve been thinking about selling, now could be a great time to put your home on the market, especially with prices continuing to rise.
For buyers, while the market remains competitive, the steady increase in prices also indicates that buying sooner rather than later could be beneficial in the long run. Interest rates and inventory levels will continue to fluctuate, but the overall market dynamics suggest that home values will continue to appreciate.
Let’s Connect!
As we move into 2025, our team is here to help you navigate the real estate market. Whether you’re looking to buy, sell, or simply need some advice, we offer no-obligation assessments to help you make informed decisions. Let’s work together to make your real estate goals a reality in the coming year!