October 2020 vs 2019
Northwest Indiana Home Sales and Values
The Northwest Indiana Real Estate market is unheard of! Home sales are up 24.21% in October of 20 compared to 2019. Not only that but the average sale price is up 15.44% with an increase per square foot of 14.32%.
In addition to home sales and values being up drastically homes on average are selling much faster with the total time on market reducing 12.3% to 57 days total on market. Out of that 53% of homes are sold within 30 days which is up from 39% a year ago.
I personally see the Northwest Indiana Housing market staying strong. Seems since COVID-19 started people are fleeing the city of Chicago and the surrounding areas which is driving up the local demand for homes in a market that only has so much inventory. No to mention Interest Rates are under 3% so that is also a competing factor with more buyers being eligible to purchase more home than when the rates were at 5%. A lot of people are leaning towards new construction but with the lack of people in the trades there are not as many new construction homes going up as previous years. Thanks to the Housing boom of course.