Market Update 3/6/23

The update on the local market shows that more homes are going under contract in the last week. We are also seeing a steadiness in the sold prices, but that said, the entire area is still in a lack of inventory. St. John and Cedar Lake are showing the highest inventory, but this is due to new construction home inventory. The lowest inventory is seen in Highland and Griffith with less than 1 months supply.

The way that we calculate a months supply of inventory is to find out home many homes are on the market today and the how many homes sold in the last 30 days. That said you divide the 1st number by the 2nd number and you get the months supply of inventory. This means that if no other homes came on the market, you would sell out of all of the homes in that amount of time.

Porter County has some similar looking statistics and isn’t trending much differently than Lake County. We are still in the lack of inventory phase. This means that if you are having thoughts of selling that you should reach out to us and let us chat with you about the value of your home.

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