Northwest Indiana is a wonderful place to call home. Low taxes, affordable housing, beautiful parks, excellent schools, easy access to healthcare, and being within close proximity to Chicago are only a few of the many advantages residents benefit from. They can enjoy suburban life while still having access to the amenities of a major city. With all this to offer, it is no surprise the local housing market is thriving!
The current state of Northwest Indiana’s housing market continues to soar. It’s as if people are starting to notice the hidden gem Northwest Indiana is. Because of this, finding a home could certainly be the buyer’s biggest challenge. The Indiana Association of REALTORS® (IAR) most recent Local Market Update for June 2021 shows acquiring a house in Northwest Indiana is not as simple as it once was. Inventory of homes across the 7 counties showed only 1,114 homes for sale, as compared to 1,956 in July of last year. That’s a 43% decrease in supply.
This has put sellers in prime positioning, as the median selling price continues to rise. The same IAR market report showed July at $225,000 being the median price of a home in Northwest Indiana, compared to $202,250 at the same time last year. This is a 11.2% increase. Although experts can only predict what the market will do, it’s likely numbers will continue on the same track, with a slight gradual pace decrease heading into fall, as summer comes to an end.
Although inventory is tight, the Region offers housing options to meet any lifestyle, budget, and household size. Whether looking to own or rent, options including apartments, townhomes, mobile homes, condominiums, and single-family homes in a wide range of sizes and prices are available to meet anyone’s needs. The Greater Northwest Indiana Association of REALTORS® represents more than 2,700 REALTOR® members. If you are in the market, we encourage you to contact a local REALTOR® through gniar.com to help you find your perfect home.