Valley real estate forecast: Sunny through 2024
The Mahoning Valley’s real estate market has been strong coming into the fall season, and it is expected to remain that way through December and throughout 2024.
Let’s take a deep dive into the current state of real estate in the Mahoning Valley, reviewing market trends and offering insights for both buyers and sellers in this competitive real estate environment. The Valley has witnessed its fair share of ups and downs in the real estate market over the years, and the current landscape is no exception. Here are some key aspects influencing the market today:
l Steady demand — The demand for homes in the Valley remains strong. This is attributed to factors such as affordable housing, good schools and a strong job market in the region. The growth and investment opportunity in the Valley continues to draw people here.
l Limited inventory — One of the challenges in the current market is the limited inventory of available homes. This has created a competitive environment, with multiple buyers often bidding on the same property. As a result, prices have seen a modest but steady increase in the last few years.
l Interest rates — Even though interest rates have increased slightly from the extremely low post-pandemic rates we saw at around 3%, rates remain historically low, and buyers are continuing to enter the market.
l Downtown revival — Many cities in the Mahoning Valley are experiencing a revitalization of their downtown areas. Because of the recent changes, these areas are becoming increasingly attractive for both commercial and residential real estate investments.
l Investment opportunities — Investors are also eyeing Northeast Ohio for its long-term potential. The region offers opportunities for real estate investment, from single-family homes to multi-unit complexes and beyond.
For those looking to buy a home in the Mahoning Valley, here are some insights to consider:
l Be prepared — Due to limited inventory, it’s essential to be prepared when you find a property you like. Have your finances in order, pre-approval completed, and be ready to make a competitive offer.
l Work with a local Realtor — A local real estate agent with expertise in the Mahoning Valley market can provide valuable guidance to help you navigate the competitive landscape. This is a MUST in any real estate market.
If you’re planning to sell your property, here’s what you should keep in mind:
l Price realistically — While the market is competitive, it’s essential to price your home realistically. Overpricing can deter potential buyers and take longer to sell your home. A local Realtor can provide you with a comparative market analysis showing you the potential value of your home in this market.
l First impression matters — Invest in making small upgrades and updates to the inside of your home and its curb appeal. First impressions are crucial in this market.
The real estate market in the Mahoning Valley is in a unique place with steady demand, limited inventory and low interest rates. Whether you’re a buyer or seller, understanding these market trends and working with a local Realtor can help you make informed decisions in this competitive landscape. The Mahoning Valley continues to offer so many opportunities for those looking to call this beautiful place home.
Michael Stevens is the 2023 president of the Youngstown Columbiana Association of Realtors.