2021 truly turned out to be a great catch for Dayton realtors. The real estate market saw a record-shattering year, quadrupling the 2011 sales. Single-family houses are trending here, the market itself proves to be client-friendly, offering relatively low prices.
This very inexpensiveness draws buyers like bees to a honey pot. But what surprises the most is how, despite all this, Dayton still succeeds to stay in the focus of many hunters on real estate and attract investors. Indeed, everyone in the field (both investors and buyers) has increasingly been aiming at small markets with lower prices over the past few years.
There are not so many smaller markets that have experienced high increases in rent, but Dayton is definitely one of those which enjoy the rise in numbers. Even though we are said to observe the continuation of this trend, and sales prices may face some sort of a decrease, this year still has a great possibility of becoming another bunch of records.
Dayton is a city in Ohio, actually located in the southwest of the state, in the Miami Valley (or Greater Dayton metro area). The city, despite its sizes, which are relevantly small, has a complex economy fueled by such industries as manufacturing, aeromechanics, agriculture, logistics, government, military, automotive, etc. Many projects in economic development are constantly being implemented here, and a vast number of big companies have their headquarters located in the city.
It is 14% cheaper to live in Dayton as compared to the national average; due to the interstate major roads permeating the fabric of the city, more than half of all the Americans may reach it in only one day; there are a lot of places to visit, views to see and things to do. So if choosing where to establish a realty company in Ohio, the city of Dayton wouldn’t be a mistake.
The city is one of the largest in the state, housing approximately 137,000 people at the moment. Even though the amounts of population haven`t increased a lot, and the pace in Dayton itself has slowed down compared to previous results from 2021, its suburban areas do have experienced the largest rates of growth over the decade, setting a new record mark.
Joblessness is becoming less and less of a problem in Dayton, while the number of people with higher education is growing steadily. Now almost 32% of those living in the area hold at least bachelor’s degrees, many of which are in the fields of exact sciences. This further enhances the region’s reputation as one of the centres of the exact sciences. After all, there are many universities, colleges and other educational institutions to guard this image (at least five universities appear in mind immediately). The GDP here is over 41 billion dollars. This means that over the last decade it has grown by more than 16%.
The Dayton real property market has many advantages and interesting features, but 2021 became a success first of all for the investors in rental property. Now more households belong to tenants than to anyone else in the city.
Over the last few years, house prices in Dayton have been steadily rising. In general, the average values are now: $129,900 for a home (1 family) and $97 per square foot. But in the end, houses are usually sold at a slightly higher price – $140 000. If you want to settle in the region, the best option would be to buy a house in the Westwood area. The average listing price there is more than twice as cheap ($52,000).
In fact, one of the secrets of the market attractiveness for tenants is that housing prices are relatively low, while the proportion of price to rent keeps rising. And, to put it mildly, there are not that many cities where a social security check can easily cover your rent. But Dayton can rightly boast of offering such an opportunity, even though there was a slight leap in rents over the last few years. That makes it special. On average, for living a month in a home with three bedrooms you would pay $983 here. That’s the median rent in the city. The cheapest offers in the neighborhood are even less than $750 per month, while the highest reach $1,650 per month.
The affordability of housing and the dynamics of changes in prices are the main components that investors should take into account when they decide whether to enter the market or not. This analysis over the long run can suggest what to expect in the possible future, as well as present a broader picture of prospects. The housing affordability index (median family income compared to the median price of a house) may also give you a useful hint. But keep in mind that affordability does not always entail the purchase of real estate. We have already said about some special features of the market in Dayton, and one of them is that more people here would rather rent than own, so most households now belong to renters. Therefore, all factors must always be carefully considered. According to the latest data, the average family in Dayton can easily afford to pay for housing without any significant difficulties.
Dayton, the historic land and the birthplace of Orville Wright (world-famous inventor) is increasingly becoming not only an interesting place for tourists to visit but also one of the most comfortable cities in the United States to live in. Prices here are relatively low, the life is inexpensive, and the city is one of the most favorable for business and career growth. There are more than 300 miles of different biking trails in the area, dozens of cozy parks, and thanks to Dayton Art Institute the city became an outstanding art destination.
That’s all about the real property market in the city of Dayton, which certainly still has much to offer in 2022.0