Do Rising Prices Mean More Development for Waynesville?
Many local Southern Ohio real estate markets are enjoying a stronger pulse when it comes to house value, and Waynesville house values seems to be more towards the front of the pack. I live and work out of Monroe and loosely in the center of Southern Ohio real estate markets between Dayton and Cincinnati, working in a baker's dozen counties so I get to see a lot local markets and one I've been watching the last year is Waynesville.
Last year, June 2013, the average selling price of a home in Waynesville was $248,000 and for June this year we see homes selling for an average of $231,000. I came across a blog post elsewhere online and a comment asking why the drop in homes for sale in Waynesville and lower prices than neighboring communities. First of all, there's only a few dozen homes for sale in Waynesville, compared to let's say, Lebanon which currently has a little over 200 currently.
First of all, with such a small market, the sale of one or two of the gorgeous luxury homes in Waynesville can have a wild impact on the averages, so, don't let the lower sales prices fool you. Take a look at this chart below, and you'll see it's wild and all over the place. Again, that's only natural for a small market.
Now, areas surrounding Waynesville that have larger real estate markets like Lebanon naturally show more balanced activity and have as of late been enjoying better house values. In comparison with homes for sale in Waynesville, the Dayton MLS reports homes in Lebanon averaged a sales price of 200k in June 2013 but topped out at 211k in June 2014. And that's a positive difference. I can also tell you many nearby communities are seeing this, so it stands to reason that while averages show a decline in price, it's not necessarily a true depiction of Waynesville Ohio real estate. That's what makes me think we'll see development and new construction in the not-too-distant future.
As the areas surrounding Waynesville grow in size, scale and market, it stands to reason so will Waynesville. I'm willing to bet between now and end of 2015 we'll see some new construction.