If you are relocating to the Dayton area from elsewhere—or even if you are moving within the region—you’ll find a robust housing market, much like you’d find in many cities across the U.S.
Fewer single-family homes for sale is pushing prices up, creating a seller’s market in which houses sell fast and often with multiple offers. That’s despite an economic slowdown brought on by the COVID-19 pandemic that began in March 2020.
“What we’ve been seeing is a lack of inventory and multiple offers that come out of that situation,” Sharon Geier, president of the Dayton Realtors, says. “Buyers are eager, and sellers are reluctant to put their home on the market—at one point, when we had the COVID situation, not wanting people to come into their house. I think that’s quieted down because we have so many ways to show homes with technology. Then there’s the other side, if they’re a seller and their house sells almost immediately, then they have to have something lined up for themselves, a place to be next.”
Rates are low, too, with a 30-year mortgage floating around 3%, giving buyers more buying power.
Geier, a former teacher who started selling real estate in 1986, full time since 2004, says she doesn’t expect a slowdown soon. Real estate professionals see the trend continuing throughout 2021.
“For people coming in, Dayton is a very affordable market, even though the prices have risen significantly in the past couple of years” she says. “Compared to other areas where they’re moving from, it’s pretty attractive.”
The median-sales price for a home in Dayton has risen to $168,525 on 17,305 sales in 2020—both records—from $116,122 in 2015, Dayton Realtors report.
Additionally, builders are experiencing a rise in the costs of materials, with framing-lumber prices more than doubling since July and adding $24,000 to the price of the average new home, according to the National Association of Home Builders. The median sales price nationally was $349,400 as of February, up 5.3% compared with a year earlier, the builders association said.
“There are developments coming along, but builders are having problems getting the lumber that they need at a price that they can afford,” Geier says. “The supply chain itself has broken down. They’ve run into problems getting what they need to do the building.”
Rents are rising, too, according to data from national real estate company Zillow. The average rent was $1,060 in February this year, compared with $858 five years earlier—a 23.5% increase.
With the economy steaming along as the pandemic begins to alleviate, most professionals are advising people to research the market and not wait when they see something they like.
“Life goes in cycles, and the housing market goes in cycles,” Geier says. “I think we’ll be in this market for a while. There’s going to be a point when it swings back, but I don’t know when. It’s a good thing, but it’s a frustrating thing, too, representing the buyers, it’s so difficult for them because the competition is so stiff to try to get their offer accepted. On the other side, sellers have to look at multiple offers and try to sort out what’s going to best for them to choose. It’s not an easy market right now on either side.”
- Bill Ferguson Jr.
Union Village, a one-of-a-kind community under construction in Warren County, will host the 2021 Home Builders Association (HBA) of Dayton Homearama® Oct. 2-17, 2021. It’s the first time in nearly a decade the highly anticipated Homearama® will take place at a single site.
This is the start of something special. Building something that is unique, has matchless charm and character, while showcasing a new construction concept intimate throughout the region. It’s a place where front porches invite you in, with a small-town urban lifestyle.
Combining a mix of experiences, Homearama® Lifestyle Edition provides something for everyone. In addition to daily entertainment for show-goers and families and the latest interior design trends in furniture, window treatments and painting, you will see hundreds of great new ideas for your home—from the newest flooring and countertop selections to the hottest new floor plans. Union Village builders are showcasing a concept unlike anything else throughout Southwest Ohio.
“Homes have never been more important,” says HBA of Dayton President Erika Deady. “They are our offices, our schools, our playgrounds and our sanctuaries. Your local home builders continue to provide innovative solutions to meet the evolving needs of the communities we serve and Union Village is a prime example of a cutting-edge development that highlights a reimagined look at what lifestyle looks like.”
Based on the principles of new urbanism, the community already contains 10 homes, seven townhomes, commercial space and six parks. Homearama® Lifestyle Edition will showcase the walkable lifestyle and exceptional homes you cannot find anywhere else in Ohio. Union Village is a 1,230-acre master planned community based on new urbanism, which includes principles such as walkability, sustainability and quality of life. The community will have a 200-acre greenway system of meadows, woodland parks and pathways connecting to Armco Park and the Warren County Sports Park. It’s convenient for commuters to Dayton or Cincinnati. The development is located near the intersection of Ohio 63 and Ohio 741, which is 3 miles from exit 29 on I-75.
Tickets are available throughout the summer and leading up to the event online at DaytonHomearama.com or by downloading the free Dayton Homearama® mobile app with a smartphone (iTunes store or Google Play).
The HBA of Dayton’s Homearama® Lifestyle Edition provides the Dayton region, and those throughout Northern Cincinnati, an intimate look at the residential building industry, which tells a compelling story of what housing means to the local economy. National statistics articulate constructing 100 new single-family homes means the economy increases wage and business income by $28 million, creates 297 full-time jobs and generates $11.1 million in federal, state and local tax revenue. Furthermore, a healthy housing industry means more jobs and a stronger economy. Home building increases the property tax base that supports local schools and communities.
Please join us at this year’s Homearama®, bring a friend, make a family day of the entertainment, and begin planning your next home, dream home and everything in between at Union Village.
— Story provided by the Home Builders Association of Dayton.
Oberer Homes finds a home in Greater Dayton area
- Terry Troy
As one of the preeminent home builders in the Greater Dayton area, it’s safe to say that Oberer Homes likes the location.
“We have been here for over 70 years and are a fourth generation, family-owned builder,” says Traci Bohn, marketing director for the company. “Dayton is our home, and we have been building here since we started in 1949. Since then, we have expanded and grown into different states and different markets, but we always come back to our home.”
And for good reasons, she adds.
Dayton is strategically located between Columbus and Cincinnati, giving the builder access to those two major metropolitan areas, in addition to Dayton.
“Dayton also has a very rich history, with the Wright brothers, and there is a lot of innovation and development in our area that is tied to that aviation history,” Bohn says.
The diverse culture is another big draw, says Bohn.
“We have a lot of different cultural festivals in Dayton and the surrounding areas,” she says.
Like the Dayton Greek Festival, Dayton Celtic Festival, Italian Fall Festival and Ohio Renaissance Festival in Waynesville to name but a few. Then there are the arts, which include the Dayton Art Institute, Benjamin & Marian Schuster Performing Arts Center, Victoria Theatre and the Dayton Ballet, the second oldest ballet company in the nation, which is looking forward to its 85th anniversary in its 2022-2023 season.
So why are arts and culture so important to a home builder?
Aside from providing ample entertainment for its employees, arts and culture are important to the clients who buy Oberer Homes, a builder that prides itself on customization and not being an average cookie-cutter home builder. Oberer Homes’ buyers are people who covet a more active lifestyle, which also makes the plethora of recreation opportunities in the Greater Dayton area another key selling point.
“The Five Rivers MetroParks runs through the Dayton area, offering bike trails, walking paths and other recreational activities,” says Bohn. “Then we have Carillon Park.”
Which is a 65-acre park in the heart of the city that serves as a main campus for Dayton history.
“Of course, Dayton is also a very important residential market because of all the major employers we have in the area,” adds Bohn. “Such as Wright-Patterson Air Force Base, Premier Health, Kettering Health, LexisNexis and Reynolds and Reynolds.”
The area is also home to several very strong school districts and collegiate education, which makes relocation to the area a very easy decision for top executives, says Bohn.
With all those reasons to call Dayton home, it’s very easy to see why Oberer Homes has chosen Sugarcreek Township for an ambitious new project. Nestled away in the Cornerstone at Centerville mixed-use development, Cornerstone Villas offers 37 homesites in close walking distance to retail, grocery stores and incredible restaurants. Best of all, it offers easy access to Wright-Patterson Air Force Base and Wright State University.
“We’re hoping to start construction later this year,” says Bohn.
Which means Oberer Homes will continue to be a big part of the Greater Dayton community for decades to come. n
Due to the current housing market, there’s never been a better time to build your own home in the Miami Valley
- Corinne Minard
While buying a new home is always a stressful endeavor, that’s become even more true over the last year in Dayton.
Dayton Realtors report a lack of homes on the market, which is causing multiple offers to come in and driving prices up. For example, the number of monthly sales in March 2021 was down 5% from March 2020, but the sales volume was up 5% when comparing March 2020 to March 2021.
While the market is tighter than ever before, the incentives for owning your own home still exist. Interest rates remain low, with a 30-year mortgage staying around 3% at this time. With home values continuing to increase, buying a home is still considered a good investment. And as rents continue to rise, purchasing a home may help people decrease their monthly expenses.
For these reasons, more people may want to consider building a new home instead of buying one that currently exists.
“In terms of buying, right now your options are very limted and you have to settle for what is currently out there or wait on the perfect opportunity for the chance to provide a competitive bid.That’s not an ideal situation for a life-long investment, but it is the reality facing a lot of consumers right now. Whereas if you’re looking to build, you could build something that’s exactly what you want,” says Brian Albrecht, designer and project manager for Albrecht Wood Interiors and Rhoades Estate Homes, and vice president of the Home Builders Association of Dayton.
The ability to get what you want—even during a seller’s market—is why more Realtors and home builders are suggesting prospective buyers turn to building their own home.
“Building a home allows a buyer to customize the home to fit their needs. You choose which options and features that are important to you and transform your home to fit your lifestyle,” says Erika Deady, sales coordinator at Oberer Homes and president of the Home Builders Association of Dayton.
And while building your own home may seem like an option available only to the very wealthy, there are a wide variety of home builders to fit many different price points. Oberer Homes, for example, offers 30 different layouts for buyers to choose from that can then be customized. Buyers can also choose from a lot in one of Oberer’s developed communities or on another lot of their choosing.
“The options are endless. You imagine it and we can create it. The buyer can be as involved as they would like to be. We leave that up to them,” says Deady. “Building a home is an opportunity to create the space for family traditions to begin, for celebrations to be had and for safety and stability.”
From start to finish, the average amount of time is only about seven months, though that can depend on the size of the home.
Rhoades Estate Homes, on the other hand, works with buyers to build new homes from scratch and can even assist them in finding a lot.
“We don’t have anything that buyers look at and say, ‘Oh, I like that, let’s just build that.’ Every home that we build is going to be entirely different from all the other ones,” says Albrecht.
No matter what company you choose to build your home, both Albrecht and Deady suggest going with a company affiliated with the Home Builders Association of Dayton (HBA).
“The builders accepted as members of the HBA are well established and proven builders that can be trusted,” says Deady.
“We have members that go across the entire spectrum as far as helping out with affordable housing to the high custom end of things. You’ve got to have people that can cater to every level of the industry,” adds Albrecht.
Members of the HBA of Dayton represent the absolute best of the home building, development and remodeling industry in Warren, Montgomery, Greene, Preble and Darke counties. Finding a professional you can trust is of the utmost importance and all HBA members are pros that will shoot straight, tell you what needs to be done and offer honest, fair pricing for every job. Additionally, members adhere to the highest industry standards and it shows through in the high quality homes and projects members build throughout the Dayton region. And finally, the HBA of Dayton has the professionals to make the process easy and pleasant because you aren’t just building a house—you’re building a long-lasting relationship with your builder.
Whatever builder you choose, Albrecht says that buyers can expect to get a lot of bang for their buck in the Miami Valley.
“There’s not many places around the entire country that you can get as much for as little as Dayton,” he says. “I actually have a friend who just moved here from Austin, Texas, … and the equivalent house up here down there is three to four times as expensive and probably doesn’t have as big of a yard and all of that sort of stuff. Whether you’re building a new home or buying an existing, there’s just really good value in Dayton.”
When you and your family envision living in the Dayton region—being active members in the community who share the same values of others in the region—you can trust the HBA of Dayton to help you on your journey. Find them on their social platforms @HBADayton and visit HBADayton.com to begin your journey. n
DO ask questions. “Have your chosen builder explain their entire process from start to finish. Make sure all your questions get answered,” says Erika Deady, sales coordinator at Oberer Homes and president of the Home Builders Association of Dayton.
DON’T settle for a builder you’re not comfortable with. “Interview builders to make sure you find the builder who is the right fit for you and your needs,” says Deady.
DO be patient. “Don’t rush it. You’ll regret that very quickly. You don’t want to be doing a remodel in the middle of trying to build your house. That’s a good way to cost yourself money,” says Brian Albrecht, designer and project manager for Albrecht Wood Interiors and Rhoades Estate Homes, and vice president of the Home Builders Association of Dayton.
DON’T trust everything you see on TV. “Your TV channels, they unfortunately lie to you,” says Albrecht. “They set people up for failure. Really too often, they don’t give legitimate pricing. They don’t do good timelines. And oddly enough, the things that they blow up into a huge deal aren’t the things that are going to usually be a problem in a normal construction.”