It's a seller's market, but buyers are gearing up ahead of the homebuying season.

The average rate on a 30-year mortgage in the U.S. eased for the seventh straight week to 6.63%, according to Freddie Mac. That, paired with federal interest rates holding steady at a benchmark rate of 4.25-4.5% means some optimism for prospective homebuyers.

"Don't wait to buy real estate," George Berick of Century 21 Lakeside Realty said. "Buy real estate and then wait."

Contrary to some larger markets, the Mahoning Valley is still experiencing a housing shortage, due in part by many homeowners unwilling to let go of pandemic-era, record-low mortgage rates.

"I've been hearing some of my colleagues in Florida saying there's some isolated markets where they're getting an abundance of listings. But not here," Berick noted.

The slow pace of houses popping up on in the Valley market is inspiring competition among buyers, which Berick expects could drive up the average sales price of homes by 10- 12% by year's end.

"Company-wise, last year we hit about a $200,000 average sale price, which is phenomenal. I am not seeing that go down," he added.

That average sale price is lower than Ohio REALTORS's statewide average of $255,052 from January 2024, which increased 7.6% in the full calendar year. 

For the average homebuyer, it may be more difficult to build or purchase a new house.

Many developers are slowing down, and focusing in on building on the higher end of the scale, rather than meeting the market where it's at.

"When you have an average sale price of 200, and you're building 450's, 500's, 600's, that's a very isolated group of buyers that you're catering to," Berick said.