August 2019 vs 2018
Northwest Indiana Home Sales and Values
Welcome back to my monthly blog and update of the Northwest Indiana Real Estate Market. So, if you have stayed up on the blog the Northwest Indiana Housing market has been strong for the last few years. The Month of August was another good month and the market continues to stay strong.
Home Sales in Northwest Indiana were down slightly about .49% so not even 1% in August 2019 compared to 2018. The main reason behind this is the lack of inventory on the market itself. Now something that is GREAT for sellers but not good if you’re a buyer is the average price of a home has increased. In Aug 2019 the average home sold for $213,874 compared to $199,709 in 2018 which is a 7.09% increase. With the average price per square foot going up to $109.23 from $100.10 for a 9.12% increase in 2019 compared to 2018.
Home market times are pretty much stable with homes selling 1.39% faster with an average time on market of 63.83 days in 2019 compared to 64.72 in 2018. One thing I have noticed is that homes sold within 30 days is up to 43.44% in 2019 compared to 40.38% in 2018.
A big reason we are seeing numbers like this is the lack of inventory on the market and many buyers are just waiting for the right home to come on the market. Now I personally think the market will continue in this direction. The main reason I think this is because interest rates are now back under 4% in most cases. Back in December and January rates were up to 5.5% and sometimes almost 6% in some cases. Which changes the affordability for buyers. With rates now under 4% and continuously going down I expect home prices to continue to rise regardless of all the R word talk on the news. Yes recession! Recession doesn’t always mean the housing market is going to have issues.