DAYTON, Ohio (WDTN) – The housing market is still booming across the Miami Valley.
Billie Duncan-Hart, president of Dayton Realtors, said 2020 was a record year for real estate.
“I’m a Daytonian, lived here all my life, and we have never seen a market like this,” Duncan-Hart said.
Stephen Payne was also born and raised in Dayton. He has been a realtor in Dayton for 17 years and is currently working for Keller Williams. He said homes were flying off the market at prices well above asking.
“We saw a jump in the cash offers, we saw multiple bidding wars almost always, houses were on the market for hours in some cases,” Payne said.
That has not changed now two years into the pandemic; inventory is still low. According to Duncan-Hart, less than 1,000 homes are on the market right now in the Dayton area, something she said is unheard of.
“That’s what makes it so difficult, especially if you’re in a first-time buyer price range. As soon as that property hits the market, the sellers are having a flood of people taking a look at them, multiple offers. Some people, a lot of people, are putting in offers sight unseen,” Duncan-Hart said.
Duncan-Hart added the resale market from 2020-21 is up just over 11 percent and the average sale price in the Dayton area is $219,000.
Payne does not see that momentum slowing down for the start of 2022, even with the Federal Reserve considering an increase to interest rates.
“Unless we get a large supply showing up this spring, I don’t think much is going to change. You’re still going to have to be competitive, you’re still going to have to be prepared and ready to fight for a house,” Payne said.