YOUNGSTOWN, Ohio (WKBN) – It is getting harder to buy a home in the Valley. Fewer homes are on the market now, and most of those are beyond what some can afford.
According to area realtors, there are still more buyers than homes available in the Valley.
“Not much has changed recently with it being a seller’s market, still, but we did recently see a little uptick in interest rates,” said Patrick Burgan, president of the Youngstown-Columbiana Association of Realtors.
Those higher interest rates will make it even harder for buyers because they can’t afford payments on larger homes.
The amount of homes available in the Valley is also down, and many of those are on the expensive side.
“Inventory is way down year-over-year. A healthy market is considered four to six months worth of inventory. Right now, what we’re experiencing is one to two months of inventory,” Burgan said.
Burgan says the best way to balance the market is to build smaller and more affordable units.
He also says many of the larger, existing homes that are being bought now are by people from outside the Valley. He said they are looking to move into a bigger place for a lower price because they are working from home.
“The cost of living in the Mahoning Valley is so low. These markets that are, for all intents and purposes, a lot more expensive than the Mahoning Valley, we’re seeing people relocate here,” Burgan said. “Now, everyone’s home, doing home schooling from home or working from home. You need a little more space.”
Burgan believes the usual market patterns will mostly hold true this summer.
“We will have more listings than we do now. It will follow the same cycles that we have, but it just is going to be half the rate that it was a year ago,” Burgan said.