Northwest Indiana Home sales have not disappointed or even slowed down to Start 2021! Northwest Indiana Home sales are up an average of 15.45% in Jan 2021 compared to 2019 for residential closed transactions. The average home sale increased an average of 10.63%. Not only that but the average home value price per square foot increased a whopping 13.23% with homes selling an average of 56.25% faster! Part of that is because of how they are now reporting market times which went into effect Jan 5th of 2021. Now with the more accurate reporting, 72% of sales were sold within 30 days of being on the market with an average list to sales price of 99.14%. That means there were minimal reductions in price. In fact, it is so low that the reduction like that is typically because of a price cut from the appraiser.
With numbers like this in January I feel like it is safe to say 2021 will be another interesting year for Northwest Indiana Home Sales. Especially for buyers. It is 100% a sellers’ market at this point, and I do not see much changing anytime soon. Especially with the low interest rates making homes more and more affordable. Not to mention the mass exodus we are seeing from pretty much every major city in America. If you are thinking of selling your home this may be a great time. You can get a basic idea of your homes values here!
The big question is, will this change? My thought is HIGHLY DOUBTFUL! See, when you have cheap interest rates it makes housing even more affordable pushing up the home prices. Not only that but since COVID-19 happened it seems like there is a mass exodus from Cities like nothing we have ever seen before. I personally do not see that changing with more and more people working remotely they will need more space for home offices etc. I personally feel every major city in America is in for a rude awaking in the next 5 years. With people working remotely now and more and more companies going in that direction people are looking to have space for home offices. I personally have known a lot of people that loved living in the city but now question why we are paying so much for rent for a small space when I can move to say Northwest Indiana and buy a home with plenty of space with a cheaper monthly expense. This is what is drastically increasing Northwest Indiana Home Sales and Values. As I stated at the beginning of the pandemic, I also believe most companies are not going to renew their leases on office space. They will seek smaller remote locations for new hires and trainee’s compared to space for everyone.
Now, I am not saying everyone is going to leave. We love our cities for what they. Great areas for entertaining, restaurants, concerts, sporting events etc. but if you take 5% of the Chicago population and say they relocate to Northwest Indiana over a 5 year period then Northwest Indiana would grow by about 50%. This is a massive growth boom which would only increase Northwest Indiana Home sales and values.
Unrealistic you say? It may be. I mean 5% is a lot to lose for a city to one state but with the lower tax rates Indiana has to offer as well as the lower property taxes I really think the logical option would be to move to Northwest Indiana. This is something I will be tracking for you monthly with the house sales in Northwest Indiana.