October 2024 Real Estate Market Update: Continued Growth and Rising Prices!
Hello, Dayton! As we enter the fall season, we’ve seen some exciting developments in our local real estate market. October 2024 was another strong month, with sales volume, home prices, and overall market activity continuing to show positive trends. Whether you’re a buyer, seller, or just curious about the market, we have some great insights to share with you!
October Market Highlights
In October, the Dayton real estate market saw 1,248 home sales, which is a slight increase of 4 transactions compared to last year. The sales volume for the month hit $347.7 million, a 5% increase from October 2023. This is a great sign that demand for homes remains strong as we head into the final months of the year.
Both average and median home prices also continued to rise. The median price in October reached $245,000, which is up 4% from the previous year, and the average sales price came in at $278,667, marking a nearly 5% gain. These increases reflect a healthy market, with more buyers willing to invest in homes at higher prices.
Year-to-Date Performance
Looking at the year-to-date performance, the market has shown impressive growth. 12,248 homes have been sold through October, a 6.8% increase compared to 2023. The total sales volume for the year stands at $3.4 billion, marking a 16% increase from last year—indicating strong market momentum.
The year-to-date average sales price has increased by 9.09%, reaching $278,447, while the median sale price has grown by 6.62%, now at $239,900. These numbers show that both home values and overall market activity are continuing their upward trajectory throughout 2024.
Inventory Insights
While new listings slightly decreased in October—down 1% from last year to 1,573 new listings—inventory for the year is up by 6.75%. There were 15,032 new listings through October, helping to meet demand in a tight market.
At the end of October, there were 2,169 active listings, which represents a 1.7-month supply based on October’s pace of sales. This is very much in line with the previous year, where a 1.8-month supply was available. The tight inventory indicates that homes are continuing to sell quickly, making it a competitive environment for buyers.
What Does This Mean for You?
For sellers, this is still a great time to consider listing your home. Rising prices and continued demand mean you could get a good return on your investment. For buyers, while the market remains competitive, it’s important to stay informed about the current trends, as prices continue to rise. Acting now could help you lock in a home before prices increase further.
Let’s Connect!
Whether you’re looking to buy, sell, or simply have questions about the market, our team is here to help. We offer no-obligation assessments to provide you with the insights you need to make informed decisions.
Stay tuned for more updates, and let’s make the remainder of 2024 a successful year in real estate together!