YOUNGSTOWN, Ohio (WKBN) – It’s hard to find a market or area of our lives that COVID-19 hasn’t had an impact on. One market that has been impacted for the better is the housing market, a trend we’ve seen all through 2020 and now into 2021.
Youngstown is one of the top 20 cities in the United States to see home values surge.
A recent study done by Insurify shows that from January to October of 2020, the value of homes in Youngstown went up about 15%. Local realtors confirm that is, in fact, the trend.
“You can sell your house for more now than you could a year ago. Inventory is low,” said Emily Estok, with Mayo Realty.
Home values going up doesn’t mean the houses have changed, just that demand is high and supply is low. For sellers, that means you get more money when selling your house.
“We actually did fewer transactions but had higher volume in sales than we did in 2019,” said Patrick Burgan, president of Youngstown-Columbiana Real Estate.
For buyers, it means you have to move fast when you find a home you like.
“This house came up and actually it wasn’t even, they never even posted it. They had just talked to him and he was like, ‘This is a great deal, you guys need to move on it,’ and we put an offer down that same week,” said homebuyer Emilee Croutch.
Even though you have to move fast, both realtors and buyers say you’re getting a lot of house for your money, compared to big cities.
“Even with the prices going up the way they are, the affordability in Youngstown is just absolutely phenomenal,” Burgan said.
Because of affordability, they’ve seen an influx of people from big cities and other states moving not just to Youngstown but the suburbs.
“It’s kind of all over, to be honest. We’re seeing a ton of increase in Mahoning County in particular,” Estok said. “I think a lot of people are moving back. They wanna be closer to their families. They realize they don’t need to be in a big city, especially if they work from home.”
With low interest rates guaranteed through 2021, the rising home value is something they expect is here to stay for the near future.
“It is a really great opportunity to sell your house at the top of this market and turn around and buy something at an incredibly low interest rate,” Burgan said.