It’s been a few months since we saw more than 50 new listings in a 7-day stretch in Tippecanoe County. I’d say the rates have people excited about buying again!
We’re seeing a lot of buyer activity but not a lot of quick decision-making. And you know what? I’m happy about that. Always happy when people have a minute to think, pray, process. A home is the biggest investment most people will make in their lifetime!
Looking back to approximately the same week in 2021, the numbers are nearly identical.
When it comes to inventory in the Greater Lafayette metro area, listing inventory is up about 8% month-over-month and 29% year-over-year.
NAR Chief Economist Lawrence Yun says that this is the beginning of six to eight rounds of rate cuts, which will continue well into 2025. Many of us saw mortgage rates anticipated the Fed’s path, which led to lower 30-year and 15-year rates before the Fed’s announcement on September 18th. Consumers who were previously priced out due to earlier higher mortgage rates can now be back in the market.
The 30-year fixed rate mortgage average is the lowest it’s been in the last 12 months.
Unique properties are drawing a lot of activity, but most of those buyers have to sell to be able to buy. Usually, they’re the folks have had an automated search going, and now they have to scramble to get their own home listed so they can proceed with a purchase. (A year ago, this was nearly laughable because we had such extreme competition.)
So, we’re busy! It feels like spring again! Tippecanoe County is a robust market, largely in part due to our lack of inventory.
Stats from the IRMLS, 2021 to 2024.
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