YOUNGSTOWN, Ohio (WKBN) – People are buying more homes here in the Valley, and the number of pending sales are on the rise.
One reason for the increase in the housing market is millennials. They are skipping the rental phase and going straight to buying a home.
This time last year in Mahoning County there were 259 pending sales. Today there are 349 homes pending, up 35 percent.
Columbiana County is up 61 percent, with 142 pending sales compared to 194 last year. In Trumbull County, pending sales are up 42 percent with 275 homes pending compared to 194 last year.
Sue Filipovich with Burgan Real Estate said her clients today are a different age group than when she first started. She used to always sell to families and the retirement community, but now most of her clients are millennials.
“We see more of them. They have waited to buy a house. They got into their careers, saved money and now they are ready to buy so the rental market it down just a little bit as far as that age group goes,” Flipovich said.
Flipovich said she still has a strong retirement clientele, with many seniors wanting to retire in the Mahoning Valley.
The demand for housing is taking a toll on the inventory available. The housing inventory in Mahoning County has fallen the most at 33 percent. Last year there were 1,430 homes for sale, now there are only 960. In Columbiana County, there is an 18 percent decrease with 409 homes for sale. In Trumbull County, the inventory has fallen by 30 percent with 770 homes for sale, down from 1,100 last year.
The high demand is driving up the costs. Flipovich said new construction costs have gone up because building materials have skyrocketed and more people are staying in their homes and don’t want to sell.
“There is not much land available either. So with less building going on, there are fewer homes being built, fewer condos being built, and less housing available,” Flipovich said.
Flipovich said when prospective buyers are house hunting, they want updated bathrooms and kitchens and the house to be move-in ready.