Millenials and retirees sweeping up real estate in Valley

YOUNGSTOWN, Ohio (WYTV) – The real estate inventory in the Valley is at an all-time low. That’s good for the economy but not so good for someone who is house hunting.

The average price to purchase a house in the Youngstown area is about $80,000 to $90,000. Pricing and the interest rates are making purchasing a home in the area an easier proposition, but the inventory is getting challenging.

Last year, 5,543 homes were sold in the city. Right now, there are 482 homes for sale in Youngstown on Zillow. In 2015, sales of single family homes in the tri-county area finished 10 percent ahead of 2014.

Sue Flipovich, with the Youngstown-Columbiana Association of Realtors, said a contributing factor to the rise in sales are Millennials who are bypassing rentals and going straight to purchasing a house.

“They are saving money. They are savvy and they are smart and want to work with a real estate professional to get that move up home,” Flipovich said

The average interest rate right now for a new home is about 4 percent, making relocating to the area enticing. Flipovich said retirees is a growing group of buyers that are looking for a deal.

“There are various ages, they have been many that over 65, over 60 that are moving into the area – coming here for their retirement home. Some have family close by where they want to come back to be close with their grandkids, to be close to their family,” Flipovich said.