Trumbull County’s real estate market is set for big changes by 2025. We’ll look at the current state of homes and businesses. This includes property values, how much is available, and how the market moves.
Experts like The Anthony Latina Real Estate team from RE/MAX Crossroads Properties in Rocky River, OH, and The Sam Miller Team from RE/MAX Stars in Mount Vernon, OH, are leading the way. They help buyers and sellers find the best deals in this changing market.
Current State of Trumbull County’s Housing Market
The housing market in Trumbull County, Ohio, is showing mixed trends. Property values and prices are changing. The number of homes for sale is also shifting, affecting buyers and sellers.
The time it takes to sell a home gives us clues about the market’s speed. This data helps us understand how quickly homes are moving.
Residential Property Values and Pricing Trends
Home values in Trumbull County have been going up, with a 7% increase from 2018 to 2022. This growth matches the trends seen in the Mahoning Valley. Higher rents and incomes have helped push up property values.
Inventory Levels and Market Dynamics
The number of homes for sale in Trumbull County has been changing. This change affects the market for both buyers and sellers. In some areas, it’s a buyers’ market with more homes and less competition. In others, it’s a sellers’ market with fewer homes and more demand.
Average Days on Market Statistics
The average time it takes to sell a home in Trumbull County is quite fast. Homes are selling in 30 to 60 days. This depends on the location and type of property.
| Metric | Trumbull County | Mahoning County | Ohio | United States |
|---|---|---|---|---|
| Median Home Price | $145,000 | $138,000 | $180,000 | $350,000 |
| Median Rent | $900 | $850 | $1,100 | $1,600 |
| Average Days on Market | 45 | 50 | 60 | 40 |
Economic Indicators Shaping Real Estate Growth
Trumbull County’s real estate market is influenced by many economic factors. Growth in population, changes in employment, and the overall economy are key. These factors guide the local housing market’s direction.
The county’s unemployment rate is 3.5%, showing a strong job market. The Consumer Price Index (CPI) has gone up 3.8% in a year, showing moderate inflation. The U.S. government debt is now 50.3% of the country’s GDP, showing the government’s financial state.
In the real estate world, the Core Real Estate index has dropped -7.7% from January 2022 to March 2024. The US REIT index fell by 14.4% in the same time. The link between these two is 0.40, showing a moderate connection.
| Economic Indicator | Current Value |
|---|---|
| Unemployment Rate | 3.5% |
| CPI Year-over-Year Change | 3.8% |
| US Government Debt | 50.3% of GDP |
| VIX Index | 121.41 |
| Treasury Yield Curve | 3M at 2.37%, 10Y at 4.17% |
These economic factors, along with population growth and employment changes, will shape Trumbull County’s real estate market. This will happen in the coming years.
Trumbull County Real Estate Market Overview: A Look at 2025 Trends
The Trumbull County real estate market is set for big changes by 2025. Factors like population growth, new jobs, and infrastructure plans will shape the market. These changes will affect both homes and businesses in the area.
Population Growth Projections
Experts predict Trumbull County’s population will grow by 3% by 2025. This growth comes from more people moving in and the current residents having more kids. With more people, there will be a bigger need for places to live, like houses and apartments.
Employment Sector Impact
The local jobs scene is also changing. Healthcare, tech, and logistics are growing, creating new jobs. This growth will attract more people to work and live in Trumbull County. It will also increase the demand for homes and office spaces.
Infrastructure Development Plans
- The Trumbull County Land Bank got a $700,000 grant for a $1.2 million project. They will build four single-family homes in a neighborhood.
- The homes will be ready by fall 2025. They will have features like a first-floor bedroom and laundry room.
- The Southeast Warren Neighborhood Plan aims to improve the area. It wants to see fewer empty homes and better living conditions.
These plans, along with population and job changes, will greatly impact the real estate market by 2025. Real estate experts and investors are watching these trends closely. They want to make the most of the new opportunities.
Investment Opportunities in Different Market Segments
Trumbull County has a wide range of investment chances in different markets. Both homes and commercial spaces offer growth and profit possibilities. Teams like The Roehrenbeck Group from RE/MAX Town Center in Columbus, OH, and the Laura Vandervaart Team from RE/MAX Trends Realty in North Canton, OH, help find and use these chances.
The home market in the county is growing steadily, with property values going up. This is great for investors looking at single-family homes, condos, and townhouses. New construction projects in the area also offer early entry points for investors.
The commercial real estate scene in Trumbull County looks good too. Retail, office, and industrial spaces are drawing in investors because of the area’s economic growth and better infrastructure. Investors can find everything from income-generating properties to land for development.
For those looking to invest in property, Trumbull County’s varied real estate market has lots to offer. With the help of skilled local real estate experts, investors can spot and take advantage of the best home and commercial property trends in the area.
Residential Real Estate Forecast
The Trumbull County housing market is changing fast. The forecast shows trends that will shape the local real estate scene. Single-family home prices are going up, and condos and townhouses are in demand. These changes will make the market exciting in the next few years.
Single-Family Home Trends
Single-family homes in Trumbull County are very popular. Prices are expected to keep rising. This is because more people are moving here, jobs are being created, and there’s not enough homes for everyone.
This makes these homes a great choice for those looking to invest. They offer a chance to benefit from the current real estate trends.
Condominium and Townhouse Market
The market for condos and townhouses in Trumbull County is growing. First-time buyers and those looking for affordable homes are leading the way. People want homes that are easy to maintain and offer urban living features.
This demand will lead to more competition. Prices will be competitive, and the buyers’ market will be lively.
New Construction Projects
- Developers in Trumbull County are building new homes to meet the growing demand.
- These projects include single-family homes and condos, giving buyers many options.
- When these homes are finished, they will add to the housing supply. This will give more people a chance to find a home in Trumbull County.
The forecast for Trumbull County’s real estate market is bright. It’s a market that’s changing and adapting to meet the needs of homebuyers. Whether you’re looking for a single-family home, a condo, or a new construction project, there are plenty of opportunities here.
Commercial Real Estate Development Outlook
Trumbull County’s commercial real estate is set for growth, with great investment chances. Economic plans and changing business needs are driving this positive trend. Teams like 21 Hill Real Estate from RE/MAX Above & Beyond in Brecksville, OH, are leading the way.
Recent data shows the U.S. private real estate market had a -2.6% return in the first quarter of 2024. Income returns were positive across all sectors and regions. The market saw a slowdown in transactions, but there was a slight increase in the first quarter of 2024.
The market in Trumbull County is shaped by several factors. Property taxes make up 38.91% of the county’s total revenue, at $3.1 million for 2024. These taxes are expected to rise by 2.88%, showing the market’s strength. The county’s state aid, at $3.85 million for FY24, is also higher than expected, boosting the outlook.
| Metric | Value |
|---|---|
| Property Tax Revenues (FY24) | $3.1 million |
| Property Tax Collection Increase | 2.88% |
| State Aid (FY24) | $3.85 million |
| Reappraisal Update 2020 | $13.0 million (13.7% increase) |
| Reappraisal Update 2023 | $29.5 million (26.69% increase) |
The commercial real estate market in Trumbull County has seen big changes. Assessed values rose by 13.7% in 2020 and 26.69% in 2023. These changes show the growing demand and investment chances in the area.
As Trumbull County grows, the outlook for commercial real estate is bright. It offers investment chances for those who know the market well. By keeping up with trends and economic factors, investors and developers can seize the opportunities in this thriving market.
Neighborhood Analysis and Growth Areas
Trumbull County’s real estate market is always changing. New hotspots and areas where property values are rising offer great investment chances. Local neighborhoods are growing, drawing in both homebuyers and investors.
Emerging Hotspots
Stamford is a top neighborhood in Trumbull County. Home prices there have jumped 25% in a year, averaging around $725,000. This increase is due to its great amenities, schools, and job opportunities nearby.
Hartford is also on the rise. It’s predicted to see home prices go up by 3.9% by August 2025. This makes it a hot spot for real estate investors.
Property Appreciation Zones
- New Haven is forecasted to have a 3.5% increase in home prices by the end of 2025, making it a prime area for property appreciation.
- Torrington is expected to see a 3.9% growth in home prices by 2025, indicating a strong future for capital gains.
- While Bridgeport is forecasted to experience a 1.9% decline by 2025, certain neighborhoods within the city may offer attractive investment opportunities.
As the Trumbull County real estate market changes, finding these hotspots and areas where property values are rising is key. It’s important for both homebuyers and investors to stay up-to-date with the latest trends.
| City | Forecasted Home Price Growth (by 2025) |
|---|---|
| Stamford | 25.0% |
| Hartford | 3.9% |
| New Haven | 3.5% |
| Torrington | 3.9% |
| Bridgeport | (1.9%) |
Market Challenges and Risk Factors
The Trumbull County real estate market is facing many challenges and risks. These include economic ups and downs, changes in rules, and shifts in what buyers want.
Economic indicators like the Consumer Confidence Index and the Unemployment Rate can change a lot. These changes affect the market and how people feel about investing. It’s important for real estate experts to keep an eye on these and adjust their plans.
Also, changes in rules, like zoning laws or lending policies, can be uncertain. This uncertainty can affect if projects can happen. Real estate folks and local officials need to work together to get through these challenges.
Buyer preferences are also changing. People want homes that fit their new work-from-home lives and care about the planet. Real estate pros need to be quick to adapt to these new wants to find success.
Even with these hurdles, teams like The Donati Group from RE/MAX Edge in Dardenne Prairie, MO, are finding ways to succeed. They do deep market analysis and understand the economy to stay ahead. This helps them deal with the complex real estate scene in Trumbull County.
Conclusion
The Trumbull County real estate market for 2025 is set for growth and change. Population trends, economic signs, and new projects will shape the market. Experts and investors are watching closely, looking for chances and avoiding risks.
The housing market is expected to keep growing, with more homes and condos being built. Downtown areas in Youngstown and Warren are getting better, drawing in investors.
As we move into 2025, the real estate market will show how well the area is doing. By keeping up with trends and adapting, the industry can thrive. This will help the local market grow and flourish.
