11 months ago by Kelsey Koomler
Northwest Indiana Real Estate Market Update- October 2024
As we are now firmly into the final quarter of 2024, the Northwest Indiana real estate market continues to show a mix of opportunities for buyers and sellers. Here’s a closer look at the latest trends.
Sales Volume on the Rise
September 2024 saw a 5% increase in home sales compared to last year, with 891 homes sold. Single-family homes made up the majority, with 809 houses sold, but they are staying on the market longer, averaging 35 days—an increase of 9.4% from 2023.
Inventory Trends: More Homes, Slower Growth
Inventory levels have increased by 17% compared to October 2023, though the rate of growth has slowed. Currently, there are 2,247 homes for sale, and while buyers have more options, homes are selling faster than they are being replaced. New construction is also up, with 406 homes listed, though builders are seeing pricing pressure with only modest price increases.
Home Prices: Strong Growth
Home prices are trending upward, with the average sale price for single-family homes increasing 10% to $313,800, and the median price jumping 17% to $293,000. Luxury homes, however, are seeing some pricing pressure, with a 7% drop in the average sale price to $681,349.
Buyers Take the Lead
The market has shifted in favor of buyers, with fewer showings per listing and homes selling at 95.5% of their original list price. Sellers need to be strategic, as the average price reduction was $20,524 in September.
What’s Next?
Mortgage rates are expected to continue falling, but their impact may not be felt until late 2025. Home prices will likely see moderate growth, but inventory remains plentiful, so buyers can afford to take their time.
Advice for Buyers and Sellers
Buyers should act now as prices are expected to keep rising. Sellers need to stay flexible, offering competitive pricing and showcasing value as buyers have more options.
Final Thoughts
Northwest Indiana’s market remains dynamic, with opportunities for both buyers and sellers. Whether you’re looking to buy or sell, the team at Kraft Real Estate Services is here to help you navigate the current conditions.
