YOUNGSTOWN, Ohio (WKBN) – There is some good news and bad news on the real estate front in the Valley. That has been the story for a while now as the housing market continues to cool from historic highs over the past few years.
While the number of homes sold continues to decline, the average sale price has only declined slightly and has increased in some areas.
According to March numbers released by the Ohio REALTORS, the housing market is challenged by higher mortgage rates and inventory continues to be light.
“Ohio’s housing market continued to face the challenges of a higher mortgage rate environment, combined with ongoing tight inventory levels of homes listed for sale in March,” said Ohio REALTORS President Ralph Mantica. “However, we are beginning to see an uptick in homes being marketed for sale in many Ohio marketplaces and a stabilization of interest rates – providing improved conditions as we enter into the traditional spring home-buying season.”
In Trumbull County, new listings have fallen 25.1% from March 2022 to March 2023 and year to date they are down 12.3%. Sold listings are down 15% from this time a year ago and down 22.1% year to date.
The numbers are a little better for the average price of a house in Trumbull County. That metric is only down 4.4% from March 2022 to March 2023 and down 1% year to date.
In Mahoning County, new listings are down 10.8% from a year ago and 1.2% year to date. Sold listings are down 8.8% from last year and 15.9% year to date.
The average sale price in Mahoning County is only down by 1.1% from the same time last year but is up 3.2% year to date.
In Columbiana County, new listings are down 25% from the same time last year and 13.5% year to date. Sold listings are down 16.1% from last year and 17.1% year to date.
The average sale price in Columbiana County is up 12.3% from the same time last year but down 7.2% year to date.
Average home prices:
- Columbiana County: $165,881, up from $147,752 a year ago
- Trumbull County: $149,040, down from $155,866 a year ago
- Mahoning County: $169,853, down from $171,812 a year ago.