Local realtors expecting strong housing market despite sales dropping in 2023

DAYTON — Last year was not the best time to buy a home in the Miami Valley.

Sales of single-family homes were down more than 11 percent from the year before.

News Center 7′s Nick Foley spoke with local realtors who said the housing market this year is strong and the outlook is even better.

Dayton Realtors’ President Kelly McCormick is feeling good about the Dayton housing market in the months and even years ahead.

This is despite sales in the area dropping 11.4 percent in 2023.

The big issue continued to be inventory with fewer people selling.

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“It’s hard to find a house. Everyone feels more urgency when they come upon a house they like, they don’t think they have choices. It’s not necessarily they’re thinking statistically, they are just thinking availability,” McCormick said.

But she said they’ve already seen an uptick in sales in January following a trend that began in November of last year.

With the Federal Reserve Board promising several interest rate drops in 2024 she believes that will entice more people to put homes on the market as they look for new properties themselves.

“I think the decrease in interest rates will definitely be impactful to the marketplace in 2024, leading up to 2025 we believe it’s going to trend up meaning it’s going to be good news for sellers and good news for buyers,” McCormick said.

While it remains to be seen just how quickly additional inventory will drop on the market, one thing is clear.

Home values in the Miami Valley continue to grow with the average sale prices in 2023 at more than $255,000, a seven percent jump from the year before.

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