Dayton home values make uneven gains
Some neighborhoods still decline, but market shows overall gain.
Home values in Dayton are rebounding after unprecedented declines, but the recovery has been uneven across the city, with real estate values in some neighborhoods continuing to slide.
In 2014, nearly three-fourths of residential properties in the city (74 percent) decreased in value, according to data from the Montgomery County Auditor’s triennial update.
This year, 38 percent of residential properties increased in value, 38 percent decreased and 24 percent remained unchanged.
There were major gains in neighborhoods, including Patterson Park (values up 21 percent), the Oregon Historic District (+18 percent), University Park (+15 percent), downtown (+11 percent) and Wright-Dunbar (+10 percent).
But values kept tumbling in other parts of the city, including Southern Dayton View (-14 percent), Hillcrest (-13 percent), College Hill (-12 percent) and Princeton Park (-11 percent).
“You are seeing some neighbor- hoods losing value, but not nearly to the extent that you saw in the past,” said Montgomery County Auditor Karl Keith.
Dayton’s real estate market increased in value by 0.5 percent in 2017, marking the first increase notable since 2005, according to the auditor.
The increase represents a turnaround: Dayton’s real estate market value dropped 9 percent in 2014, 12 percent in 2011 and 2 percent in 2008. Right now, the total value is about $3.8 billion, down from more than $5 billion
in 2005.
Three years ago, 18 neighborhoods and residential developments in Dayton lost 20 percent or more of their value and seven lost 30 percent or more, Keith said.
This year, no neighborhood or development in Dayton lost more than 20 percent in value, he said.
Ten neighborhoods and residential developments had double-digit percentage losses in value this year, compared to 74 in 2014, Keith said.
The city of Dayton represents about one-third of the residential properties in Montgomery County, officials said.
“What happens to the city makes a big difference county-wide, for those numbers as well,” Keith said.
More than 60 percent of county residential properties are valued higher than three years ago, Keith said in July.
The higher valuations — the biggest gains since 2005 — also could mean increased property taxes for some next year.
Values on all properties, including commercial, rose 4.5 percent, representing $1.2 billion in gains and claw- ing back about a third of the $3.5 billion in value lost after 2008, Keith said. The coun- ty’s tentative total property tax value is a little more than $26 billion.
Montgomery County Treasurer Carolyn Rice said in July that the higher values show that neighborhoods are stabilizing.
“Property owners whose homes lost value during the Great Recession are finding equity being restored,” Rice said.