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2023 Housing Market Overview for Real Estate Investors

Dayton Real Estate Market 2023

Learn trends and real estate statistics about the Dayton real estate market to determine if it’s a strong place for your next single family or multi family home investment.

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    Dayton Real Estate Market Trends and Statistics for Real Estate Investors 2023

    Dayton Ohio Real Estate Market Trends & Statistics 2023

    In this section, you’ll learn about the main factors that make the Dayton real estate market one of the best for 2023: affordability, cash flow, population growth, and job growth. Check out Dayton’s housing market, population, and employment trends in the tabs to learn more.

    Data Sources:

    View Dayton & Cincinnati Investment Properties

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    In this section, we’ll discuss the median home value and rents in 2023 and over the last seven years. These trends are important for real estate investors to understand affordability and equity growth opportunities in Dayton.

    Home prices in Dayton are below the national average.​

    Median Home Value

    Dayton vs United States

    The data in this chart is based on the average single family home in Dayton and the United States as of December 2022. 

    The median home price in Dayton, Ohio is $186,058 as of July 2022. That’s 45.8% less than the national average home price. The average home price in Dayton neighborhoods where RealWealth members invest is $131,000. The Dayton, OH housing market is somewhat competitive, with an average of 61 out of 100 in Redfin’s ranking system. Homes go pending in Dayton about 29 days after they’re listed and sell for around 3% less than list price. Hot homes—those that are in demand and attract multiple offers—sell for about 2% above list price and go pending in around 7 days.

    Dayton rents are also affordable compared to the national average

    Median Monthly Rent

    Dayton vs United States

    The data in this chart is based on the average single family home in Dayton and the United States as of December 2022. 

    Low rent and a high rent-to-value ratio make Dayton one of the best places in Ohio to invest. The median monthly rent in Dayton is $1,244—that’s 37% lower than the national median rent. The average rent in neighborhoods where RealWealth members invest is $1,250. The city of Dayton has an average price-to-rent ratio of 12.4, which makes buying real estate more affordable than renting here. In Dayton, RealWealth investors see an average rent to value ratio (RTV) of 0.95%. As a matter of fact, this is one of the rare real estate markets in the country right now where investors can easily find properties that adhere to the 1% rule – but they need to have proper guidance and know where to invest.

    Dayton has been appreciating at a steady rate

    Median Home Value (2014-2022)

    Dayton

    +79%

    8-YEAR EQUITY GROWTH

    6%

    BELOW NATIONAL AVG.
    The average home value in Dayton, Ohio has appreciated by 79.22% in the past eight years. This is 5.73% less than the average US home appreciation rate for the same time period. This indicates that real estate in Dayton is not overvalued, as it has appreciated at a slightly lower rate than most other US regions. The Dayton area has seen a modest yearly home appreciation rate of 8.69% each year since 2014.

    Dayton rents have been rising quite rapidly.

    Median Monthly Rent (2014-2022)

    Dayton vs United States

    +55%

    8-YEAR RENT GROWTH

    35%

    ABOVE NATIONAL AVG.
    Dayton has seen a lot of change in its rental market over the past eight years. Rents have risen by 55.16% since July 2014, which is about 35% greater than the average national rent price growth during that time period. The average rent in Dayton, Ohio has increased 6.48% annually since July 2014. Zumper’s data shows that median rents for 1-bedroom apartments in Dayton rose by 8% from 2021 to 2022.

    Dayton Population Trends

    One of the most promising signs of a strong real estate market is population growth. In this section, we’ll discuss what’s happening in the Dayton metro in that area.

    Dayton's population has been slowly growing

    Population Growth

    Dayton Metro Area

    1.73%

    CHANGE 2010-2021

    76%

    BELOW NATIONAL AVG.

    According to the U.S. Census Bureau, between July 2010 and July 2021, Dayton’s population grew by 1.73%. This rate was much slower than the national average, which was 7.3% during that same time period. The Dayton metro area’s growth has been considerably slower than both its surrounding counties and the national average since 2010. But since 2015, the population of Dayton has grown at an average of 1,675 per year—a 0.2% annual increase. There is a small net in-migration of people from Warren and Franklin Counties to Dayton because the cost of living is lower in Dayton than in Cincinnati and Columbus (where many people work).

    Dayton Employment Trends

    Another sign of a good place to invest in real estate is a strong economy. In this section, we’ll discuss what’s happening with jobs in Dayton.

    Dayton has been experiencing some job growth.

    Job Growth

    Dayton Metro Area

    9,800

    NEW JOBS 2021-2022

    2.6%

    ANNUAL GROWTH
    Dayton’s job growth has been slow but steady. According to a 2021 HUD report, at the end of 2000, jobs in the HMA numbered 424,400. From 2001 through 2010, however, the HMA lost jobs every year—most of which were lost at the beginning and end of that 10-year period. This can be attributed to two economic recessions that occurred during that time period. The Dayton metropolitan statistical area added 9,800 new jobs between July 2021 and July 2022. That is an increase of 2.62% from 374,000 jobs to 383,800 jobs—a significant increase over the past five years but still lower than the annual average for all U.S. metro areas (3.84%). Over the past five years, the number of tech jobs in Dayton has grown by 23%, bringing the total number of tech jobs to 18,460 in 2021—the eighth-largest for emerging markets in America according to CBRE’s ranking system. CBRE ranked Dayton No. 2 on its list of the top up-and-coming markets for tech talent in North America this year.

    Major employers in Dayton

    Dayton real estate market employers

    Why Invest in the Dayton Housing Market Today

    In this section, we’ll recap what we’ve covered above in terms of Dayton’s housing market trends, population trends and employment trends to help you understand what makes Dayton a strong place to invest in 2023.

    High home price and rent appreciation rates

    The housing market in Dayton has been heating up since 2014, with home values increasing by 79.22%. The average rate of rent growth in Dayton is 6.48% per year. In 2022, the Dayton metro area ranked No. 17 on Realtors’ list of the top 100 housing markets in terms of listing price appreciation and home sales growth. According to Neighborhood Scout, Downtown/Oregon, Rosewood Park and University Park East are among the highest appreciating neighborhoods in Dayton.

    Strong rental market

    The rental market in Dayton is strong. Even though home prices are relatively affordable compared to most other cities in the US, 53% of Dayton households rent their homes. In Dayton, Ohio, Realwealth members see an average RTV of 0.95%. With the right guidance, it’s easy to find high cash flow properties here. Also, in the past eight years, monthly rent prices in Dayton have grown by 55.16%.

    Affordable real estate market

    The median home price in Dayton, Ohio is $186,058. This is 45.8% lower than the national average of $343,000. And rent in Dayton is also 37% lower than the median national rent price. A new study by the National Association of Realtors (NAR) has found that Dayton is among the top 10 affordable markets for households earning between $15,000 and $49,999 annually.

    Slow but consistent population growth

    The Dayton metro area’s population growth rate of 0.17% annually is slower than many other metros in the US, but it shows that Dayton is growing, albeit slowly. As more people move away from big cities and affordable housing becomes an issue across the US, we might see more people move to super-affordable areas like Dayton.

    Declining unemployment rate

    In January 2022, the unemployment rate in Dayton, OH (MSA) was 4.40%, according to the United States Federal Reserve. This is a significant improvement from the peak of 15.70% unemployment in April of 2020 when the market was experiencing a recession. The unemployment rate has continued to improve and bottomed out at 3.20 percent in December of 2021. The Dayton market has experienced a significant increase in jobs over the past five years, which has led to increased consumer confidence and spending. This bodes well for the real estate market in the area.

    Newsworthy Building and Developments in Dayton

    Planned developments can help you as an investor to estimate how the value of your investment property might change in the future. Here are some notable projects in the works in Dayton right now:

    Dayton 94 by Inland Development Partners

    Dayton 94 is a modern industrial development built along the Interstate 94 corridor in Dayton. The building has a total area of 335,000 square feet and can be adapted to suit various uses. It is visible from and accessible via the Dayton Parkway Interchange off I-94. Work on the building began the first week of August, and the structure is expected to be ready for occupancy by next summer.

    Amazon Fulfillment Center in Union

    The e-commerce giant Amazon has announced plans to open a new fulfillment center in Union. The facility covers 630,000 square feet and is located less than two miles from Dayton International Airport. Amazon currently has one other fulfillment center in the Dayton area—a 1 million square foot facility in Beavercreek that opened in 2015.

    Dayton Arcade Renewal

    The Dayton Arcade, shuttered since the early 1990s, will be reopened to the public. The Arcade is a complex of several buildings that stretches across nearly an entire city block, from Ludlow to Main Streets and from Third to Fourth. The project will also include construction of a new arts facility at the southeast corner of Main and Stewart streets, housing a $45 million, 51,000-square-foot building called the Roger Glass Center for the Arts.

    Dayton International Airport expansion

    The Dayton City Commission approved development agreements with Sierra Nevada Corp. and SD Hangar Partners LLC in support of a new aircraft maintenance and repair facility at Dayton International Airport. The city has also sold large parcels of land around the airport to NorthPoint Development Corp., which has constructed new warehouse and distribution facilities for Crocs, Chewy, Amazon, Purina and others. NorthPoint predicts that its development projects will create nearly 4,000 new jobs and result in nearly $350 million in private investment.

    Intel’s $20 billion semiconductor plant in Licking county

    Intel held a groundbreaking ceremony on September 24, 2022 for its newest $20 billion semiconductor manufacturing site, located in Licking County, Ohio. The project will generate more than 20,000 jobs in the state and create thousands of indirect and support jobs, including contracted positions. Intel’s new facility will be the largest private sector company investment in Ohio’s history. Even more impressive is that the project will create 3,000 direct Intel jobs earning an average of $135,000 per year (plus benefits), 7,000 construction jobs over the course of the build and tens of thousands of additional indirect and support jobs including contracted positions. Intel plans to begin construction of the factories by 2022 and complete them by 2025.

    Metro Population
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    Median Household Income
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    Unemployment Rate
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    Median Home Price
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    Median Monthly Rent
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    Dayton Ohio Real Estate Market Trends & Statistics 2023

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