This month was a strong month on the Real Estate market. At least here in Northwest Indiana that is. Closed home sales in Northwest Indiana were up 2.41% in 2019 compared to 2018. Not only were home sales up but the home values were up an average of 7.28% per square foot compared to 2018. As well as homes are selling 6.83% faster with the average market time now being 71.88 days compared to 77.15.
The housing market is staying strong here in Northwest Indiana. There are a few reasons why I feel they are so strong and why I feel it will continue to stay strong. One of the reasons is the amount of people moving from Illinois. Another reason and personally the one I think is more important are the interest rates. Ever since the interest rates have fallen from over 5% to below 4% home sales have done nothing but increase. This is also a good reason why home values are continuing to grow at the rate they are. I’m surprised interest rates aren’t even lower. Especially with where the Treasury notes are at. We shall see what happens in the future.
Below are the states directly from the MLS for all Residential Real Estate sales in Northwest Indiana for November of 2019 as well as 2018. My goal is to keep you up to date with the current Real Estate market here in Northwest Indiana. Stay tuned for the December market report to come out in early January as well as a Year over Year report.