Similar to other Ohio industries, the Dayton real estate sector endured uncertainty through the start of the coronavirus (COVID-19) outbreak. But after the area switched towards reopening procedures, the market also resumed its operations with full force.
There were little to no movements in March-April. But the reopening came with an increased demand for the area’s listings. That trend has held its traction to the present. As such, the Gem City has continued to enjoy a period of heightened activity.
Lack of Inventory is Fueling Demand
While the Dayton housing market is going through increased activity, its listings remain in contrast to that trend. Despite an influx of potential buyers, the area holds a tight inventory. This not only creates an air of competition for available homes, but also influences the overall demand in the region.
According to realtors in the area, this particular trend is not out of the ordinary. But it does stand apart due to one distinction. Typically, the real estate activity in the area slows down during the back-to-school season. But remote learning measures have ensured that's not the case this year. This means that sellers may continue to hold strong on their asking price this time of the year.
Extra Space is a Top Priority
A trend that stands out in the Dayton real estate market is the sudden demand for extra space by homebuyers. Whether they are asking for an additional bedroom or a study, the interest in additional rooms has reached new heights.
This also extends to non-conventional spaces such as finished basements and home offices. Realtors are also experiencing an increased demand for larger spaces such as open concept living rooms. Other areas of interest include but are not limited to outdoor spaces and activities. This requirement stems out of remote working and learning measures that many families have adopted in the past few months. As they move to a new home, they need to ensure it fulfills the changing demands of the world.
Realtors are Banking on Low Interest Rates
During the COVID-19 pandemic, mortgage rates have hit an all-time low. For reference, the rates for 30-year fixed mortgages stood at 3.03 percent in the fourth week of August. But they are currently down to 3.01 percent around the same time in September. In comparison, the rates in the fourth week of September 2019 were at 3.64 percent.
The Dayton housing market is banking on mortgage rates to maintain their movement in order to have strong seasons ahead. With that being said, nothing can be said for certain due to the COVID-19 outbreak and its overall effects. However, if the market continues to move at its current pace, it might score its strongest activity period this year.
Realtors from the Gem City are also looking forward to new listings to appeal to homebuyers. With the inventory at an all-time low, any homes being put on the market have a high chance to sell. Apart from meeting heightened demand, it would also contribute to the overall performance of the area’s housing market.
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