Housing Prices by School District

Did you know that prices in the Dayton area have increased by 35.8% since 2019? The average single-family home in Dayton now sells for $249,439. That means that many homeowners who purchased their property in 2019 or earlier have significantly more equity in their homes. You can use that equity as a down payment on a new home, or use it to reinvest in renovations on your current house.

Last week we recapped local average home prices for 2022 on our social media accounts. We thought it might also be helpful to post the information here on our blog. Below you will see images with home price statistics for the school districts where we have done the most business with our clients (click on the photo below to see your neighborhood in more detail).

Here are some interesting facts about the seven areas we have recapped below:

Highest average home price: Springboro’s average home prices climbed to $452,084 in 2022. Springboro also had the highest average sale price in 2019.

Most significant price rate increase since 2019: Waynesville’s average home prices climbed more quickly than any of the other areas we recapped below. In total prices in Waynesville climbed +45.9% above 2019 or +$124,226.

Lowest average home price: Kettering remains one of the most affordable communities with an average sale price in 2022 of $221,372. Kettering also had the lowest average sale price in 2019.

The lowest rate of price increase since 2019: Oakwood home prices have remained relatively steady compared to the rest of the Dayton area. Although they did grow by +24.7% since 2019, that is more than 10 points below most of the other areas around town. In total, the average sale price of a home in Oakwood increased by +$76,366.

If you want to know the value of your home, please give us a call. We can do a free competitive analysis so that you can better understand how much equity you have in your current home.

2022 Dayton Housing Recap & Predictions for 2023

2022 was a challenging year for the housing market. Buyers & sellers faced very tight housing inventories early in the year which lead to multiple offer situations and home sales well above their list prices. As the year progressed, rapidly rising interest rates had a significant impact on the market. Interest rates on 30-year fixed mortgages were just under 4% in early March and by the fall they were over 7%. The sharp increases in interest rates drove many buyers out of the market during the 4th quarter.

2022 Recap

You can see the market effect of higher interest rates in December which saw a 27% drop in sales vs. 2021. Inventory levels were lower than last year, which continued the year-long trend. For the month, there were 10.5% fewer new listings than in 2021. December’s average sale price was $231,308 which was 5.9% higher than a year ago. While this is a significant increase, it is important to compare it to April when the interest rates were lower than they were in the 4th quarter. In April 2022 prices increased by 19.6% vs 2021. So while prices were higher in December vs last year, the rate of increase had slowed significantly.

If we look at statistics for the year, the average sale price in 2022 was 9.3% above 2021. Average sale prices have been climbing rapidly in the Miami Valley for the past 5 years. The average sale price for a home in 2018 was $165,511. In 5 years, that price has climbed 39.8% or more than $65,000! That is great news for homeowners who can cash in on the extra equity when it comes time to sell or tap into that equity for renovations. The large increase in home prices combined with higher interest rates forced many first-time buyers out of the market.

With fewer buyers looking for homes, we have seen a small increase in the length of time houses stayed on the market in the 4th quarter. It took 67 days to sell a home in December 2022 vs. 66 days in 2021. This change in time on the market forced some sellers to take price reductions to get their properties under contract. From a historical perspective, our low inventory levels mean that homes are still selling more quickly than they did years ago. In 2018, homes took 83 days to sell vs. just 61 days in 2022.

2023 Predictions

What are experts predicting for the housing market in 2023? Lawrence Yun, the NAR Chief Economist commented, “I see many hopeful signs for early next year”. In his comments on January 12th he added, “The 30-year mortgage rate dropping under 6% is now a distinct possibility. The gate is beginning to open for homebuyers who got shut out in October and November when the rates went above 7%. However, there is still a housing shortage and not enough listings.”

Many experts are predicting a drop in home prices in some markets across the country. Our low inventory levels will likely prevent that from happening, but we should see a slowdown in the rate of increase. Home prices should start to level off as long as we see increased inventory levels through the spring.

If you’d like to read more about 2023 housing predictions, check out these articles:

“5 Expert Predictions for the Housing Market in 2023” (Leslie Cook), Money

“Housing Market Predictions for 2023: Will Home Prices Drop” (Robin Rothstein), Forbes

“Housing Market Predictions: Six Experts Weigh in on the Real Estate Outlook in 2023” (Swampna Venugopal Ramaswamy) USA Today

If you have been considering buying or selling a home in 2023, January is an excellent time to start planning. We are already helping several sellers get their homes ready for the market later this year. We would love to help you achieve your housing goals in 2023!

2023 Home Design Trends

Every year in December and January most of the major home and design publications feature articles about the decor trends we will see in the coming year. While many of the more outside-the-box ideas won’t show up in most homes, we see the more popular trends when we show houses or look at them online. The four trends below seem to show up in most experts’ predictions.

Nature & Natural Materials

Wood and stone give a space warmth and personality. They link the interior to the outside and offer a coziness that we didn’t see in the farmhouse trend that relied heavily on white and grey. Hardwood and LVP flooring that looks like wood is becoming more popular in warm tones. We are seeing fewer people choose grey carpet and wood finishes for their flooring. Homeowners are adding more wood trim and natural wood cabinetry in kitchens. The use of natural materials can bring a lot of warmth to a space. Earth tones like browns, greens, and blues are also predicted to remain popular.

image from Pantone

Image from Benjamin Moore

Image from Shewin Williamns

Warm colors

Some publications predict bold colors will rule and others like a more muted palette, but all agree that warmer tones like beige, yellow, orange, and brown will be important. The Pantone color of the year is Viva Magenta (See the photo above). Red tones can also be found in Benjamin Moore’s color of the year which is raspberry blush and Sherwin William’s pick Redend Point. While we don’t recommend you paint an entire room one of these bold colors, using them in rugs, throw pillows or other decorative accents can really refresh your interior spaces.

Image from HGTV Canda

Design Should Reflect Your Personality

A few years ago many homes were decorated in a very similar grey and white motif with stripped-down minimal decor. We saw so many homes online and in person that were decorated in the same way. Experts are predicting that more homeowners will want to experiment with creating a unique space for themselves. Prints, colors, and layered textures can create a welcoming home that better reflects your family’s lifestyle and personality. If you are planning on selling your home in the near future, we recommend keeping your walls a neutral color and layering in colorful and printed fabrics in your decor.

Sustainability

This trend seemed to be in every article we read. It goes hand in hand with creating unique spaces that reflect your personality. Designers are seeing homeowners rely less on fast furniture from Ikea or Wayfair. Instead, they are shopping at antique malls, re-sellers, and flea markets for items that can be refinished or repurposed in their homes. A coat of paint or a new stain color can make a piece of furniture that you have owned for years into something fresh and new.

If you’d like to read more about design trends for 2023, we recommend that you check out these articles:

35 Home Design Trends on the Rise in 2023: (Mitchell Parker) Houzz Magazine

2023 Design Trends We Already Have Our Eyes On: (Ashley Chalmers) The Spruce

8 Interior Design Trends for 2023: (Barbara Bellesi Zito) US News & World Reports

Are you considering making some bold changes to your home? Keep in mind that bold color choices on your walls may not appeal to everyone. If you decide to go for it, keep in mind that it might be a good idea to neutralize your walls in the future when it comes time to sell.