|
Get informed, Michiana!
Indiana sales are up 9% over April 2023, with Michigan up 27%. Statewide “year to date” sales are up also: 1% in Indiana and 2% in Michigan. This improvement seems to come from relatively flat mortgage interest rates, and the increase in what’s for sale on market.
Although still historically “tight,” at about a 1.5 month supply, inventory (total homes for sale) shows these increases: for Indiana, 11% over March, 8% over last April, and 6% year to date, and for Michigan, 7% over March and 11% over April ‘23. So, the market is better for buyers than it was, while prices continue to increase due to the overall low supply.
“Days on Market” also continues to lower in both states, so buyers will want to act fast to offer on their favorite home. Indiana is averaging about two weeks on market, with Michigan just over a month. Obviously, different price points and popular parts of town may vary, and the best conditioned, most correctly priced homes continue to outperform their competitors significantly.
Perhaps the most notable factor in recent reports is the affordability of Michiana over the rest of the nation. While the national median home price is $389,000, Southwest Michigan shows median $255,000, year to date, and Indiana statewide boasts only $242,000.
Again, that makes it a great time for buyers to move forward, and still a terrific time for sellers, too. Thanks for working with us and referring friends and family. Remember, at Inspired, it’s all about you!
|