Rising interest rates, inflation not slowing down housing developments in Montgomery County

The housing market has been hot for the last three years, but will rising interest rates and inflation have an impact on it?

News Center 7 spotted crews busy working on new apartments off Wilmington Pike and houses across the street, behind the Cornerstone Development.

Its not just the suburbs; Dayton is also a hot market. New single-family homes are being built off of Needmore Road.

>> Deputy shoots, kills dogs that attacked pregnant donkey in Shelby County

One builder told News Center 7′s Mike Campbell that the demand for housing in the Miami Valley is “still very strong.”

“When you look, there’s a lot of pent-up demands,” Lance Owens, owner of Oakes Tree Development, said after receiving approval from the city commission. “We’re excited to get going in this project.”

The project will be called The Reserves at Needmore. The first of five phases, Oakes said, will bring more than 160 new homes in Dayton and Riverside. There’s not much concern about interest rates or inflation.

“But the existing inventory for new and existing homes is almost non-existent, the demand is still very strong,” Oakes said.

In Huber Heights, a new condo development was recently approved just off State Route 201, north of I-70. Interim City Manager, Bryan Chodkowski said its a development with the Homeowners Association and may be attractive to empty nesters.

“The developer is confident those will fly off the shelf,” Chodkowski said.

Chodkowski said the city has hundreds of new housing units in the pipeline because of the demand of people wanting to move to Huber Heights.

>> UPDATE: Shooting victim found inside crashed car Saturday in Dayton identified

“We think we’ve been doing a good job making sure we have high quality, variable housing stock for all interested persons,” Chodkowski said.

Home values in Dayton went up 24 percent last year and 114 percent in the last five years. The median sold price in the city was $140,000 in Dayton. In Montgomery County, the median price was $190,000.

The numbers have elected leaders reaching out to support builders.

“This is the right solution at the right time,” Matt Joseph, Dayton City Commissioner, said. “The faster you can get it up, the better.”

Builders and those approving the plans said the only thing that’s slowing down the building boom is the lack of workers that crew leaders have to deal with.