What’s up with Tippecanoe County real estate inventory and with the housing market in general? I hear lots of people talking about how more homes are on the market and how more homes are sitting. Let’s break it down.
Tippecanoe County Housing Market Inventory
For the past four years, we’ve taken a market snapshot (#mondaymarketupdate) every Monday morning. Here’s what we saw the first week of July for the past four years for the number of active listings:
July 2024: 167
July 2023: 145
July 2022: 207
July 2021: 174
So, while it might feel like there are more homes on the market in Tippecanoe County than you’ve seen in a while, inventory is the second lowest it’s been in the last four years.
In Tippecanoe County, 865 homes have sold in the first half of the year.
Tippecanoe County Home Prices
The lowest sale price during the first half of 2024 was $72,500 (this was a bank-owned estate sale in Dayton that was a complete rehab for a cash buyer).
The highest sales price was $955,000 (this was a sprawling ranch on the south end of the county with over 7,000 square feet plus a separate guest house). Keep in mind that luxury in our county is anything over $410,000.
The average sales price was $316,380.
Tippecanoe County Days on Market
The average number of days on market during the first half of the year was just 23.
Statewide Housing Market Stats
Here are some statewide stats.
When we talk about average daily listings (new listings hitting the market each day), more homes were listed for sale across Indiana on an average day through the start of summer than any time since May and June of 2020.
Nearly 40% of the homes on the market statewide in early June have had a price reduction since listing.
Mortgage Rates
And what kind of housing market update would this be without some talk of mortgage rates?
There’s no question that mortgage rates are still elevated, but the 30-year rate has come down nearly a full point since its peak in October of 2023 and has fallen four straight weeks through June 23.
So, undoubtedly, the market is changing as days on market grows. However, it’s still growing in terms of an increased average sales price and low housing inventory across the county.
I wonder what’s in store for the second half of the year? Historically, presidential election years have had only a small, temporary impact on the housing market.
*All IRMLS stats are as of 7/2/24.
*Additional stats provided by the Indiana Association of Realtors.
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