26-02-2025
Real estate on the rebound after train derailment
EAST PALESTINE, Ohio (WKBN) — In the two years since a Norfolk Southern jumped the tracks in East Palestine, residents have expressed a number of fears, including plummeting property values but local real estate experts say that hasn't been the case.
'If someone is looking for a great value, great homes, there's no worry in my opinion,' said President of the Youngstown-Columbiana Association of Realtors Sharon Drummond.
Drummond believes the housing market in East Palestine is back on the uptick.
'The median price right now is about 135,' Drummond said.
In the immediate aftermath of the February 2023 train derailment, housing sales screeched to a halt but it's been steadily rebounding.
'Five percent has been the decrease but we're on the upswing again,' said Drummond.
Drummond attributes any hiccups in the market as more so a product of things like rising interest rates or low inventory than any lingering affects from the derailment.
'That's why we don't have an influx of new homes on the market to sell. Because if you're at three (percent) and you want to sell — guess what, you're buying at seven,' she said.
In 2022, there were 75 homes bought and sold in East Palestine. In 2023, 73 sales and 2024 saw a rebound to 75 sales with homes being on the market for an average of 100 days.
'That's three months. And all deals, unless they're cash are going to take from 21-45 days to process. So those days keep counting unless they're pending,' Drummond said.
In the wake of the derailment, Norfolk Southern rolled out a plan to help sellers concerned about plummeting property values. The company's Value Assurance Program will handle paying the commission to the agents in transactions as well as providing a post-sale appraisal where the company pays the difference if the property is valued higher than the sale price.
'It's already been done. Your sale is closed so as a seller you had to be happy with where you are in the negotiations and if there's a bump in the plus side, hey that's a wonderful thing right?'
Drummond also credits the company's investment in the town as assets that will ultimately cause property values to rebound long term.
'There's going to be new parks and possibly a new school. Money to build the city — that only enhances your property values,' Drummond said.
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