Typically, the housing market in Greater Lafayette starts to slow down in the fall. But this year has been all kinds of strange ever since the pandemic started, and nothing is following expected patterns. If you have a Realtor in your life, he or she probably needs a hug (the air hug variety)! Things are crazy town around here.
Let’s dive into the stats for Tippecanoe County for the third quarter of the year, shall we?
Days on Market
The average days on market during the third quarter of this year was 18, down four days from last year. Many homes are just flying off the market, especially if they’re on the lower end of the price spectrum. I have buyers who are waiting to buy homes as soon as the right thing comes on the market.
So, if you’re someone who’s thinking of selling your home, give me a call! I just might have a buyer waiting for your home to be available.
Sales Price
The averages sales price this past quarter was $224,000, up from $213,588. If you’re a homeowner in Tippecanoe County, you’re continuing to see some nice home equity build.
The average price per square foot is $121.97, up from $112.98 during the third quarter of last year.
Number of Homes Closed and Inventory
Interestingly, the number of homes closed during the third quarter of this year and the third quarter of last year are almost identical. It was 751 this year compared to 749 last year.
Inventory—home inventory is crazy low. There are currently just 207 homes for sale in ALL of Tippecanoe County. That means that there are just 24.8 days of inventory (for reference, a balanced market is six months’ worth of inventory). The absorption rate (more about that in this blog post I wrote) is 0.11. WOW!
If you’re a buyer, it’s hard to find the right house at this time. It might take some patience for it to come on the market. However, I’m here to help! If you’re interested in buying, give me a call.
*Stats per the IRMLS, 7/1/19 to 9/30/19 and 7/1/20 to 9/30/20, accessed on 10/1/2020.
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