Valley Housing Prices Surge As Inventory Shortage Persists
YOUNGSTOWN, Ohio — Higher sale prices, dwindling housing stock and fewer days on market were the hallmarks of the 2021 residential real estate market, and experts expect much of the same for this year.
Last year, the average sale price for single-family houses in the 18-county region, which includes Mahoning, Columbiana and Trumbull counties, was $219,302, an 11.3% year-over-year increase from $197,061, according to MLS Now. For the month of December, houses sold for $214,869 on average, down 2.1% from November, but up 6.5% from December 2020.
The region showed gains in sold single-family listings for December and the year, closing 2021 with 49,923 listings sold, up 4% from 2020. December 2021 saw 4,426 listings sold, up 1.9% from November, and up 2.4% from December 2020 when 4,322 listings were sold.
Meanwhile, the available inventory of houses continues its downward trend. MLS Now reports the 12-month average of single-family houses available for sale in 2021 dropped 28.9% from the previous year to 6,636. The 18-county regional inventory finished the month of December with 5,118, down from 6,786 in November, and down 24.5% from December 2020.
The Youngstown Columbiana Association of Realtors, which covers Mahoning and Columbiana counties, reports the available inventory of houses in December 2021 declined 31.1% year-over-year. Stark Trumbull Area Realtors, which covers Trumbull, Carroll and Stark counties, saw a 27.6% decline in available inventory for the same period.
MLS Now predicts these trends will continue into 2022, though at a more moderate level, according to the report.
“Strong buyer demand and inventory shortages are likely to persist over the next year,” MLS Now reports. “Home sales are projected to remain strong, but will be tempered by the limited supply of homes, higher sales prices and rising interest rates, with the Federal Reserve planning multiple rate hikes in the new year.
“Price growth is expected to slow somewhat as a result, but affordability will likely remain a top constraint for some homebuyers.”
Mahoning County led the three-county area in December with 276 listings sold, up from 245 in December 2020. The county reported 171 new listings, up from 145 in December 2020. Listings sold for an average $164,652 in December, up 6.2% from $154,993 in December 2020.
The county finished the year with 2,932 listings sold, up 2.7% from 2020, and an average sale price of $166,278, up 10.4% from last year.
In Trumbull County, 223 listings were sold, up from 200 sold in December 2020. The county had 134 new listings in December, up from 114 the same month a year ago. Listings sold for an average $153,344 in December, up 20.9% from $126,891 in December 2020.
Trumbull County finished 2021 with 2,352 listings sold and 2,689 new listings, both up 8.9% from 2020. The average sale price of $166,278 for the year was up 10.4% from $150,587 in 2020.
Columbiana County had 82 listings sold in December, one more than was sold in December 2020. New listings totaled 55, one fewer from the same month a year ago. On average, houses sold for $161,215 in the county, which is down half a percentage point from December 2020.
For the year, Columbiana County reports 957 listings sold, up 4.4% from 2020, and 1,255 new listings, up 12.7% from the previous year. The average sale price of $160,332 was up 20.1% from $133,474 in 2020.
On average, the time single-family listings stayed on market until sale in the three-county area decreased by double-digit percentages across the board.
In Mahoning County, listings were on the market for an average of 44 days, which is down 27.9% from 2020. Listings in Trumbull County were on the market for an average 45 days last year, down 33.8% from 2020. And Columbiana County’s average time on market declined 21.5% year-over-year to 62 days.
Published by The Business Journal, Youngstown, Ohio.