The increase in home sales “suggests an improving market with active participation from both buyers and home sellers,” said Kelly McCormick, president of Dayton Realtors and a realtor for 33 years.
Year to date, the average sales price of a single-family home or condominium is $272,424, representing an 11% rise over 2023′s year-to-date numbers. The median sales price also grew, going from $210,000 through May 2023 to $230,000 through May 2024, a 9.5% increase.
Helping fuel the year-to-date success were strong numbers from the month of May, with 1,360 transactions reported during the month, a 6% increase over May 2023.
May was the fifth consecutive month of an increase in year-over-year sales, and it also saw residential sales price continue to rise. The average sale price for a home in May increased to $288,362, up 11.1% from last May, while the median sales price came in at $250,000, also besting last year’s figure by 11%.
The limited number of homes available for sale has been a big factor in ongoing price increases. But there were 1,753 new listings added in May, up 23.5% percent from May 2023′s 1,419. Year-to-date, the 7,077 new listings are a 17.6% increase from the 6,020 submitted through May of last year.
Total available active inventory was 1,540 homes by the end of May, a 55.7% increase compared to a year earlier. In comparison, the Columbus market saw inventory go from 2,671 in May 2023 to 3,549 last month, a 32.9% jump, according to Columbus Realtors.
What the Dayton area has on hand in active inventory represents just over a month’s supply of listings based on May’s pace of sales. A normal market inventory supply of homes is approximately three months, according to Dayton Realtors.
“While the increase of new listings is a positive sign for home supply and demand, the ongoing inventory shortages in many communities continues to drive up home prices,” McCormick said. “Our trending reports from the Dayton MLS includes an eight-county coverage. That type of coverage is an influence on our reporting. Monitoring these trends will provide insights to our summer market inventory and sales trends in Dayton, Montgomery County and surrounding counties.”
McCormick argued it’s still a good time to buy a home, suggesting prices may continue to go higher. She said it may take a home hunter more time to find what works for them during early summer, the peak buying season, which follows spring’s peak listing season.
Home sales increases also occurred statewide. During the first five months of the year, Ohio home sales activity is up 3% compared to January-to-May 2023. Year-to-date sales totaled 50,131, up from the 48,672 homes sold a year ago, according to Ohio Realtors. The average sales price during the period this year is $280,414, an 8.4% increase from the $258,715 mark set a year ago, the organization said.
Ohio Realtors President Ali Whitley said the rise in sales and average prices reflects “strong demand and confidence” in Ohio’s real estate, confirming that homeownership remains a valuable long-term investment.
Ohio home sales in the month of May alone reached 12,642, a 3.2% increase over May 2023. The average sales price last month reached $305,041, a 9.1% increase from the $279,686 mark recorded in May 2023.
Thirteen of the 14 Ohio markets that are tracked experienced an increase in average sale price for the month compared to May 2023, the organization said.
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