{"id":696,"date":"2023-09-01T15:28:27","date_gmt":"2023-09-01T15:28:27","guid":{"rendered":"https:\/\/stacygrove.com\/blog\/?p=696"},"modified":"2023-09-01T23:53:36","modified_gmt":"2023-09-01T23:53:36","slug":"summer-2023-tippecanoe-county-market-update","status":"publish","type":"post","link":"https:\/\/stacygrove.com\/blog\/summer-2023-tippecanoe-county-market-update\/","title":{"rendered":"Summer 2023 Tippecanoe County Market Update"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"1st Half 2023 Tippecanoe County Market Update\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/aHm3HzYT1NU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>So, how\u2019s the market? <\/strong>This is a question I hear regularly. My answer: Until people stop getting married, getting divorced, having babies, and dying, we have homes to sell. The market is different than it was a year ago and five years ago and ten years ago, but that\u2019s basic economics. We\u2019re busy! Let\u2019s dial things in a bit . . .<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Stats<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s look at Tippecanoe County housing market stats from January 1, 2023, to July 31, 2023. Here are the important ones:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Total closed sales:<\/strong>&nbsp;1,050&nbsp;homes<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Average days on market:<\/strong>&nbsp;19 days (This number was 44 days in 2019, 39 days in 2020, and 30 days in 2021 and 2022)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Average sales price:<\/strong>&nbsp;$305,711 (This number was $283k in 2019, $322k in 2020, $324k in 2021, and $380k in 2022)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Average sale price to list price&nbsp;ratio:<\/strong> 100% (almost to the dollar!)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Lowest sale price:<\/strong>&nbsp;$55k, which was a condo in West Lafayette (near Purdue) that needed extensive water remediation<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Highest sale price:<\/strong>&nbsp;$1,350,000, which was a home with 8,750 total finished square footage on 1.13 acres in West Lafayette<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Active inventory:<\/strong>&nbsp;154 residential dwellings (This number was 256 in 2019, 171 in 2020, and 123 in 2021 and 2022)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Major Factors Influencing the Housing Market<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Interest rates:<\/strong>&nbsp;While they\u2019re higher than most buyers (and current Realtors) are used to, they\u2019re not astronomically high. You can read more about that <a href=\"https:\/\/stacygrove.com\/blog\/why-buy-now\/\">here<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Lack of inventory:<\/strong>&nbsp;This is one of the biggest issues in Tippecanoe County\u2014mostly due to the vast variety of types of housing needs we have: student, executive, low income, transitional, and temporary. This is wild, considering that only about 104,000 people work in Tippecanoe County.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>House conditions:<\/strong>&nbsp;In general, homes in Tippecanoe County cost more than surrounding counties, and we have relatively lower vacancy rates. The level of new construction is still behind what it needs to support local industry expansions. Lot and housing prices may not be attainable for many households. &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What\u2019s Ahead<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Obligatory statement about how I don\u2019t have a crystal ball . . . yada, yada, yada. BUT.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Interest rates<\/strong> may not factor into this as much as some fear. 89% of mortgages have rates of 5% or less. That\u2019s insane.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Equity<\/strong> has a HUGE role. With 87 million homeowners in the U.S. . . .<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>39% own outright (34 million)<\/li>\n\n\n\n<li>31% with 50% or more equity (27 million)<\/li>\n\n\n\n<li>30% (26 million) with less than 50% equity<\/li>\n\n\n\n<li>70% of homeowners have at least 50% equity in their homes<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>New construction<\/strong>&nbsp;needs to ramp up: According to READI Region Housing Study, Tippecanoe County will need about 11,000 units in the next seven years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>More people<\/strong>&nbsp;are coming: Major industry and high-wage jobs are near, and we have a wide range of services and amenities for local residents. We also have 50,000 students and a Big Ten university in our backyard.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I wish I could tell you exactly what\u2019s ahead for the housing market, but I know one thing for sure\u2014things are going to keep on changing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">*Data Sources: NAR, Corelogic, READI Region Housing Study, KW Realty International<\/p>\n","protected":false},"excerpt":{"rendered":"<p>So, how\u2019s the market? This is a question I hear regularly. My answer: Until people stop getting married, getting divorced, having babies, and dying, we have homes to sell. The market is different than it was a year ago and five years ago and ten years ago, but that\u2019s basic economics. We\u2019re busy! Let\u2019s dial [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":697,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[9],"tags":[],"class_list":["post-696","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-update","entry"],"jetpack_featured_media_url":"https:\/\/stacygrove.com\/blog\/wp-content\/uploads\/2023\/08\/Tippecanoe-County-Market-Update.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/comments?post=696"}],"version-history":[{"count":1,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/696\/revisions"}],"predecessor-version":[{"id":698,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/696\/revisions\/698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/media\/697"}],"wp:attachment":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/media?parent=696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/categories?post=696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/tags?post=696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}