Tornadoes and pandemic create competitive housing market for Miami Valley

Local News

MIAMI VALLEY, Ohio (WDTN) – Houses are being built faster than they can sell in the Miami Valley as effects of the Memorial Day tornadoes and the coronavirus pandemic intersect.

Real estate expert, Elizabeth Cooper, says the destruction of the Memorial Day tornadoes created a shortage of housing that hasn’t yet gone away.

Nationally, the real estate spring market is being pushed back due to coronavirus concerns. However, the housing shortage has created a busy market of buyers and sellers in the Miami Valley.

“In the last 24 hours we had 25 homes listed in our area but 31 went under contract so there still just aren’t enough homes for people to get what they’re looking for,” explained Cooper who is the founder of Dayton Real Estate Crush.

Those looking to buy are feeling the pressures of the quickly moving housing market.

“Unfortunately there is just not enough houses on the market at this time. So there’s really not that many homes to choose from. So we’re expecting that you have to be pretty competitive with your offers and you have to move very quickly,” said Christine, a Dayton resident who has been house hunting for about a month and a half.

This means that despite only seeing homes through virtual tours due to social distancing, some are still choosing to move forward with purchasing a house sight unseen.

“A lot of the buyers that we’re working with have gone through this process where they may not have found something for months because it was so competitive. So I think people who are still able to buy feel it’s worth taking that opportunity now in order to get a home,” said Cooper.

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