2023 Tippecanoe County Market Recap

Oh, the weather outside is . . . balmy? And then frigid? What happened to the snow?? I know, I know, February is coming, but wouldn’t it have been fun to have a White Christmas? Okay, a girl can dream.

But we’re not here to talk about the weather. Let’s talk real estate! What on earth happened in 2023?? Well, let’s take a look at Tippecanoe County stats for 2023:

Homes Sold

The lack of inventory in our area, particularly in certain price ranges, continues to be a challenge, and there was a significant drop in the number of homes sold in Tippecanoe County this year compared to last.

Homes sold in 2023: 1818

Homes sold in 2022: 2179

Sales Price

The range in sales prices was between $30,000 and $1.35 million, so there was a wide range there. Homes continue to appreciate nicely in Tippecanoe County, increasing the average sales price.

Average sales price in 2023: $301,885

Average sales price in 2022: $276,398

Days on Market

Homes are still selling pretty quickly, though things slowed down a little bit in the past year.

Average days on the market in 2023: 19

Average days on the market in 2022: 15

There were also 151 homes (or about 8% of homes sold) that had zero days on the market. 394 homes (22%) sold in 24 hours or less.

Seasonal Breakdown

Here’s a seasonal breakdown, if you’re curious how that breaks down seasonally.

Jan to March 2023 (winter):

Listed: 414

Sold: 355

DOM: 30

Sale: $282K

Apr to June (spring):

Listed: 600

Sold: 536

DOM: 15

Sales price: $315K

July to Sept (summer):

Listed: 575

Sold: 523

DOM: 14

Sales price: $309K

Oct to Dec (fall):

Listed: 380

Sold: 404

DOM: 21

Sales price: $293K

What were the big influencing factors in Tippecanoe County?

There were some major factors that influenced the housing market in Tippecanoe County in 2023.

Interest rates: Mortgage rates climbed significantly for most of 2023, reaching 8% at one point (though they have dropped some since). This slowed affordability for many buyers

Lack of land to build on: There are so many builders and so little land! It’s not a shortage of land, actually, but of ready-to-build land. This will be one of the biggest changes we see in the next five years as many developers are moving to get buildable lots ready to sell

Strong economic environment: Tippecanoe County has a diverse economy and consistent population growth. From outdoor recreational activities to a strong public school environment, Tippecanoe County provides a high quality of life.

So, what’s coming in 2024? Well, we’ll see! If 2023 is any indication, it promises to be a wild ride. No matter what’s going on in the market, if there’s anything I can do to help, just reach out.