Well, it was another wacky year in our Greater Lafayette housing market. Really wacky.
2024 got off to a sloooooooooowwwwwwww start. January is usually fairly nutty since brokers are goal-setting and planning their year. But February brought things to a screeching halt. In Tippecanoe County, 350 homes sold and closed in Q1, with an average of 32 days on market and an average sales price of $293k. These numbers were nearly identical to Q1 of 2023.
Q2 of 2024 is where things got interesting . . .
We had a major industry shift mid-year because the settlement from a lawsuit required compensation to be removed from the multiple listing services, and a new Indiana law requires buyer agency agreements to be signed prior to performing real estate activities. (I wrote a blog about it here.) These changes sent many people into a tailspin for most of Q2 (as we approached the July 1 and August 17 dates, respectively.) However, we studied and prepared, and I actually don’t think either of these changes has had a negative effect on our market. I think the buyer agency agreements have been very helpful.
Despite all of that, 644 homes were listed and 527 sold, averaging 18 days on market and an average sales price of $333k (April through June). These numbers still very closely mirror 2023; however, the average sales price starts moving up at this point.
In the third quarter of 2024 (July through September), the market stayed active with 544 homes being listed for sale and 482 closing. Days on market inched up by 1 day and the average sale price move to $339k.
The fourth quarter of 2024 is one of the most active I can remember, with 423 homes being listed and 441 closing. (2023 was 380 listed and 404 closed.)
In total, 1801 homes sold and closed in Tippecanoe County in 2024. That’s down just 17 from 2023, where 1818 homes sold an closed. We’re quite consistent here in the Midwest! Our average sale price went from $302k to $324k. And, while homes are sitting a little longer on the market, our average days on market went from 19 to 23.
What is my crystal ball telling me about 2025? Consistency is key. I think we’ll see another busy, steady year.
What questions can I answer for you about our real estate market?
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