{"id":764,"date":"2024-01-13T19:31:10","date_gmt":"2024-01-13T19:31:10","guid":{"rendered":"https:\/\/stacygrove.com\/blog\/?p=764"},"modified":"2024-01-27T03:14:44","modified_gmt":"2024-01-27T03:14:44","slug":"2023-tippecanoe-county-market-recap","status":"publish","type":"post","link":"https:\/\/stacygrove.com\/blog\/2023-tippecanoe-county-market-recap\/","title":{"rendered":"2023 Tippecanoe County Market Recap"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Oh,&nbsp;the weather outside is . . . balmy? And then frigid? What happened to the snow?? I know, I know, February is coming, but wouldn\u2019t it have been fun to have a White Christmas? Okay, a girl can dream.<\/p>\n\n\n\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=\"2023 Market Recap\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/g-qGWHWApMU?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\">But we\u2019re not here to talk about the weather.&nbsp;Let\u2019s&nbsp;talk real estate! What on earth happened in 2023?? Well, let\u2019s&nbsp;take a look&nbsp;at Tippecanoe County stats for 2023:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Homes Sold<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The lack of inventory in our area, particularly in certain price ranges, continues to be a challenge, and there was a significant drop in the number of homes sold in Tippecanoe County this year compared to last.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Homes sold in 2023: 1818<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Homes sold in 2022: 2179<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Sales Price<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The range in sales prices was between $30,000 and $1.35 million, so there was a wide range there. Homes continue to appreciate nicely in Tippecanoe County, increasing the average sales price.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Average sales price in 2023: $301,885<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Average sales price in 2022: $276,398<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Days on Market<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Homes are still selling pretty quickly, though things slowed down a little bit in the past year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Average days on the market in 2023: 19<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Average days on the market in 2022: 15<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There were also 151 homes (or about 8% of homes sold) that had zero days on the market. 394 homes (22%) sold in 24 hours or less.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Seasonal Breakdown<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s a seasonal breakdown, if you\u2019re&nbsp;curious how that breaks down seasonally.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Jan to March 2023 (winter):<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Listed: 414<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sold: 355<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">DOM: 30<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sale: $282K<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Apr to June (spring):<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Listed: 600<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sold: 536<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">DOM: 15<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sales price: $315K<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>July to Sept (summer):<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Listed: 575<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sold: 523<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">DOM: 14<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sales price: $309K<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Oct to Dec (fall):<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Listed: 380<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sold: 404<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">DOM: 21<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sales price: $293K<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What were the big influencing factors in Tippecanoe County?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">There were some major factors that influenced the housing market in Tippecanoe County in 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Interest rates: <\/strong>Mortgage rates climbed significantly for most of 2023, reaching 8% at one point (though they have dropped some since). This slowed affordability for many buyers<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Lack of land to build on: <\/strong>There are so many builders and so little land! It\u2019s not a shortage of land, actually, but of ready-to-build land. This will be one of the biggest changes we see in the next five years as many developers are moving to get buildable lots ready to sell<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Strong economic environment: <\/strong>Tippecanoe County has a diverse economy and consistent population growth. From outdoor recreational activities to a strong public school environment, Tippecanoe County provides a high quality of life.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, what\u2019s coming in 2024? Well, we\u2019ll see! If 2023 is any indication, it promises to be a wild ride. No matter what\u2019s going on in the market, if there\u2019s anything I can do to help, just reach out.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oh,&nbsp;the weather outside is . . . balmy? And then frigid? What happened to the snow?? I know, I know, February is coming, but wouldn\u2019t it have been fun to have a White Christmas? Okay, a girl can dream. But we\u2019re not here to talk about the weather.&nbsp;Let\u2019s&nbsp;talk real estate! What on earth happened in [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":765,"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_memberships_contains_paid_content":false,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-764","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\/2024\/01\/2023-Market-Update.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/764","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=764"}],"version-history":[{"count":2,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/764\/revisions"}],"predecessor-version":[{"id":768,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/764\/revisions\/768"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/media\/765"}],"wp:attachment":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/media?parent=764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/categories?post=764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/tags?post=764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}