Comparing 2019 to 2018
Northwest Indiana Home Values and Sales
Well 2019 ended up being a great year in the Northwest Indiana Real Estate market after a slow start. If you follow my posts every month, you’ll remember our market was down in sales about 7%-8% earlier this year but we ended up with just 2.44% less closed homes in 2019 compared to 2018. Part of this was with the higher interest rates we were experiencing from the end of 2018 until the rates dropped back under 4% in June.
So, let’s get into the fun stuff! Home values are on the rise in 2019 with the average home sale increasing 5.89% on average with a sales price of $203,728 compared to $192,380 in 2018. Another big factor that is up is the price per square foot. In 2019 houses had a 5.09% increase in price per square foot at $103.7 compared to $98.67 in 2018. Not only are prices increasing but the market times are as well. Homes sold 4.26% faster in 2019 compared to 2018 with the average market time being 72.9 days.
Overall 2019 was a great year in the Real Estate industry and personally I think it will continue. Especially if the interest rates continue to average below 4%
All these figures are directly from the MLS and cover only residential real estate listings that have closed in the years specified.