YOUNGSTOWN, Ohio (WKBN) – The Youngstown-area real estate market is on an upward trend.
The Ohio Board of Realtors says overall, average home prices in the Buckeye State increased by more than 7% from last summer to this summer.
Locally, prices are trending even higher.
Sue Filipovich, with Burgan Real Estate, said Mahoning Valley prices have increased by nearly 10% over the last year.
“There is still a shortage of inventory out there,” she said. “It’s the supply and demand factor. There’s less supply, but there is still a demand for the homes, which drives up the prices, and I think people are staying in their homes longer.”
Also on the rise are rental prices.
Filipovich said student loan debt is making it impossible for many people to get mortgages, so they’re renting for longer periods of time.