DAYTON — The housing market has been hot over the past couple of years but it’s starting to cool off a bit.
We spoke to a local real estate about the recent trends.
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Billie Duncan-Hart, president of Dayton Realtors, told News Center 7′s James Rider Wednesday that the housing market is starting to settle down a little because of a couple of factors, including higher interest rates.
“The last month we’ve seen an increase in inventory which we desperately need, said Duncan-Hart. “But because of the increase in inventory, we are see things stable out just a bit where properties are on the mark a bit longer. They’re still going for price in many cases or very close.”
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There were 61 more houses sold in May of this year compared to 2021, according to the Dayton Area Board of Realtors. The total sales from those homes were up 20%.
The home prices are still rising, steadily growing over the past year, Dayton Realtors said. The median sale price was up 13 percent to $220,000 this May compare to May of last year.
Duncan-Hart said she is not seeing the bidding wars that have been so common the past couple of years.
“Almost all of the offers I had coming in on listings and all the offers I was writing for buyers all had an escalation clause,” said Duncan-Hart. “I’m not seeing any escalation clause in the last month.”
Duncan-Hart told Rider she thinks it’s a good thing the market is cooling a little bit for several reasons but there’s a few communities like Centerville and Springboro where it’s not slowing down as much as other cities.
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