Market Update 2024 vs 2023 NW Indiana
📊 2024 Real Estate Market Update vs. 2023 📊
The real estate market in 2024 has shown some promising growth despite fluctuating interest rates. Here’s what we’re seeing:
🏡 Overall Market Trends:
2% increase in both total volume and number of homes sold across the NIRA MLS.
Average days on market have remained stable – buyers are still motivated, and homes are moving at a steady pace!
7% increase in average sales price, driven in large part by the rise in new construction. This trend is a positive indicator for home values.
🌍 County Insights:
Lake County continues to lead in sales, with a 6% increase in volume. However, the average sales price only rose by 4% compared to other counties. A big factor? The influx of buyers moving from Illinois seeking more affordable options and a change in lifestyle.
Porter County has seen a strong 11% increase in the total number of homes sold, with a 7% increase in average sales price. New construction is driving much of this growth as more buyers flock to the area for newer homes and more space.
Jasper/Newton Counties are also experiencing notable growth, partly driven by people moving away from the busy Lake County areas to enjoy a quieter, less populated environment.
🔑 What Does This Mean for 2025? Despite interest rates fluctuating between the 6% to 7% range, the market shows signs of resilience. The uptick in homes sold, volume, and prices, coupled with more buyers moving to less populated areas, suggests a healthy market moving into 2025. If interest rates decrease slightly, we can expect this trend to continue!
🏡 Whether you're buying, selling, or just watching the market, it's a great time to stay informed and make moves strategically. If you’re curious about how these changes impact YOU, reach out today!
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