As our economy shifts, few topics are more talked about than the housing market. Is it going to continue on a wild streak? Is it about to crash? Something in between? Everybody wants to know what’s up. While I can’t speak for the entire country, I can tell you about something I know a bit about—what’s happening in Tippecanoe County.
Inventory and Number of Homes Sold
This is always the busiest time of year for listings, and we have 205 active listings on the market. If you’re looking for a home, you’ll probably have more choice now than you will later in the year.
There were 1049 homes sold in Tippecanoe County in the first half of the year, and around 650 of those were during the second quarter, so we’ve definitely seen an increase there, too.
Average Days on the Market
The average days on the market has actually gone down since the first quarter, from 18 to 14. A whopping 132 homes have had ZERO days on the market and 315 homes sold in 24 hours or less, which has contributed to things feeling so crazy.
If you’re interested in a home, we’re still seeing multiple offers, and you’re still going to need to move quickly. You might have a bit less competition than you’ve had in the past, but no guarantees.
Average Sales Price
The average sales price during the second quarter was $274,307. Homes sold ranged from $20,000 all the way up to $1.325 million.
One question that I’ve been getting is that with interest rates going up and uncertainty in the economy, will home prices start to depreciate?
Here’s what I’m telling people.
Appreciation is when home prices increase.
Depreciation is when home prices decrease.
Deceleration is when home prices continue to appreciate but at a slower pace.
Experts forecast price deceleration, not depreciation. That means home prices will continue to rise, just at a slower pace than they have been.
My Personal Stats
Just for fun, I wanted to mention my personal stats for the first half of the year. So far, of the 26 highest-priced homes in the county, I’ve been involved in five of those transactions.
I’m the #5 broker in the Lafayette Regional Association of Realtors, and I represent the highest average sales price of the top five. (For what it’s worth, #1 is a conglomeration of non-members—builders, out-of-area brokers, etc.—followed by my mom, Cathy, who is #2.)
Thank you to everyone who has trusted me and my team with your buying and selling needs, and we’re here to help whenever you need it. On to the second half of 2022!
*stats per IRMLS as of 7/5/22
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