Third Quarter 2024 Real Estate Market Update: Steady Prices Amid Changes!
Hello, Dayton community! As we transition into the final months of 2024, it’s time to reflect on the results from the third quarter of the year. The Dayton real estate market has shown resilience, with solid price growth despite a dip in sales volume. Whether you’re thinking of buying, selling, or just keeping an eye on the market, we have valuable insights to share!
Q3 Highlights
September brought a total of 1,175 home sales, representing a 12% decrease compared to the 1,344 sales in September 2023. This decline in transactions reflects broader market dynamics, but it’s important to note that overall demand for homes in our area remains strong.
The cumulative sales volume for September reached $324 million, down 4.6% from last year. Despite fewer sales, prices continue to climb, showcasing the value of homes in our community.
Price Trends
The trend in home prices remains positive. The average sales price rose to $276,129, marking a 9% increase from the previous September. Meanwhile, the median sale price increased to $232,000, up 2.2%. This growth in prices reflects a competitive market where buyers are willing to invest in quality homes.
Year-to-Date Performance
Looking at the broader performance for the year through September, we see an overall increase in sales activity. There have been 10,969 sales year-to-date, representing a 7% increase from 10,216 in the same period last year. The total sales volume for the year has hit $3.05 billion, a remarkable 17.6% increase compared to 2023.
The average sales price for the year stands at $278,348, reflecting a 9.6% increase, while the median price has risen to $239,000, indicating an 8% increase. These trends suggest that home values continue to appreciate, which is great news for current homeowners and potential sellers.
Inventory Insights
In September, there were 1,462 new listings, down 13.4% from last year’s 1,690. However, year-to-date listings total 13,451, up 7.7% compared to the previous year. The overall inventory at the end of September showed 2,013 active properties, translating to just under two months’ supply based on the current resale rate, indicating a tight market.
Why This Matters to You
The third-quarter results highlight a competitive landscape for buyers and a favorable environment for sellers. If you’re thinking about selling your home, the rising prices could lead to a great return on your investment. For buyers, understanding the current market dynamics is key to making informed decisions.
If you have any questions about your home’s value, want to explore your buying options, or need insights into the current market conditions, please don’t hesitate to reach out! We offer no-obligation assessments tailored to your needs.
Let’s Connect!
Our team is here to support you in achieving your real estate goals. Stay tuned for more updates as we approach the end of the year, and let’s make the rest of 2024 a successful year in real estate together!