Statistics through 12/22/22

We love knowing the statistics of our MLS and we plan to do a deep dive to give you an understanding of our 2022 market next week as soon as all the homes that sold in 2022 are shown as closed in the MLS. To get started though we wanted to provide you a quick glimpse.

In Lake County, IN the average sales price of the 7155 homes that have sold through 12/22/22 is $267,595. That price is up 10.38% over the same time period in 2021. Granted, 2021 also had more homes sold by 8.5% (7822 homes), which plays a factor into this statistic as well. Despite the increase in interest rates throughout the year, people are still buying an selling. It may not be as many as the prior year, which was a record setting year, but homes are still moving.

We took another step further and compared these numbers to 2020 when 7496 homes sold through 12/22/20 with an average sales price of $212,811. Again, the number of homes that sold is less (but if you don’t remember waiting at doors in the summer and fall of 2020 when everyone was looking, I’ll remind you), but the price is still up.

So that brings up the question… should you buy or sell now? Given the statistics for our area with the continued pricing increases due to the influx of buyers coming to NW Indiana, we have seen price increases for years in our area. Right now it is still considered a sellers market with the average days on market at 26 and the supply of inventory in Lake County sitting at 3.15 months. An even market is a 6 month supply of inventory, so we have a while to get to that number, but we have seen the supply steadily increase in 2022. Winter is a great time to purchase a house and remember that it takes at least 30 days to close and then a few weeks to find a house, so if you find one in January you may not be moving in the snow!

We will continue a very deep dive to provide you information from the GNIAR MLS once the final numbers are in. If you have any questions prior, don’t hesitate to reach out!