Will loss of GM Lordstown affect the local real estate market?

Local News

Now that the General Motors plant in Lordstown has shut down, with over 400 Lordstown workers having already transferred to other plants, will that mean too many houses on the market that won’t sell?

So far, that hasn’t been a problem.

The number of new listings for Mahoning County in February was actually down six from February of last year. Trumbull County added just one, going from 171 to 172. Columbiana County was the same, with 76 for both years.

Marlin Palich, president of the Warren Area Board of Realtors, says there may eventually be an issue with too many houses, which would be a change because recently, the real estate market has been low on inventory.

Palich, who also works at Berkshire Hathaway in Howland, is already seeing a slowdown in the sale of higher priced homes.

“Maybe that $200,000 and over, that typically was getting multiple offers. It’s kind of stagnant. I think if we get under that 200 mark and under, those homes still seem to be doing OK because we have people employed maybe in other areas that will be buying those homes,” he said.

Palich says the added inventory could be good for the local real estate market initially, but he doesn’t expect home prices to drop right away.

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