Northwest Indiana Real Estate Market Trends for December 2024

Here, you can learn about the current state of the Northwest Indiana real estate market including local housing market trends and general information about NWI homes for sale.

I am one of the top real estate agents in Northwest Indiana, and I offer low real estate commission fees in Northwest Indiana.

Overview of Northwest Indiana Real Estate Housing Market Trends Now

• Sales Volume -Trending up with a 13% increase during November 2024 vs. November 2023.
• Inventory – Inventory remains slightly elevated with 8% more homes for sale than a year ago, and 92 days of inventory based on recent buying momentum.
• Home Prices – Single family home prices are booming with a third straight month of double digit year over year increases in sold home prices for single family homes.
• Homebuyer Activity – Negative but steady with 14% fewer showings on existing homes vs. November 2024. This isn’t nearly as negative as what we saw during the late summer.
• Who does the market favor? – The market continues to slightly favor homebuyers.

November 2024 Northwest Indiana Home Sales Data

840 home sales were recorded with the NIRA Northwest Indiana MLS during November marking a 13% increase compared to November 2023. Let’s take a closer look at these homes by category.

Northwest Indiana Houses Sold in November 2024

768 houses for sale in Northwest Indiana were sold in November 2024. These homes had an average sale price of $316,481 up 11% compared to a year ago. The median sale price increased 17% on a year over year basis to $295,000. The average and median sale price per finished square foot was $158 and $156, respectively.

Homes are selling at a healthy pace that is neither overly fast or slow. The average days on market for these sold homes was 41 days up slightly from 34 during October. The median days on market was 21. The homes had an average list price reduction of $19,010. On average these homes sold for 97.3% of their most recent list price and 94.6% of their original list price

Northwest Indiana Condos Sold in November 2024

Condos for sale in Northwest Indiana represented 20 of the 840 homes sold in Northwest Indiana during the month. These homes had an average sale price of $252,638, down 6% compared to a year ago. The median sale price increased 5% to $237,450.

Northwest Indiana Townhomes and Half-Duplexes Sold in November 2024

Townhomes for sale in Northwest Indiana accounted for 52 home sales during November. The average sale price increased 7% to $307,153, and the median sale price increased 2% to $279,990. The average sale price per finished square foot was $176 whereas the median sale price per finished square foot was $171. These are down 4% and 2%, respectively.

Northwest Indiana Luxury Home Sales in November 2024

81 luxury homes for sale in Northwest Indiana were sold during November 2024. This is a 47% increase compared to a year ago! I assign luxury home status to home selling for more than $500,000 which is usually the top 10% of the real estate market.

These homes had an average sale price of $765,925 (+7%) and a median sale price of $610,000 (-3%). The average sale price per finished square foot was $231 up 1% compared to a year ago. The median sale price per finished square foot fell 6% to $193.

Trends in Homebuyer Activity

Homebuyer activity was soft during November. We had a 2% increase in the total number of showings during the month with 9,269 showings recorded. However, due to the fact inventory levels are higher than a year ago we had 14% fewer showings per listing during the month compared to November 2024.

Current NWI Homes for Sale

Inventory Levels

Inventory has been on this slow upward creep of a climb. Currently, there are 2,305 homes for sale in Northwest Indiana. This is up 16% compared to a year ago and essentially unchanged from one month ago. There are currently 2.0 active listings for every pending transaction indicating that inventory growth continues to slightly outpace homebuyer demand. That figure was 1.9 at this time last year and 1.8 at the start of last month.

Houses for Sale in Northwest Indiana

Today we have 2,097 houses for sale in Northwest Indiana. This is an 18% increase compared to a year ago. These homes have an average list price of $380,134 which is down 1% compared to a year ago. The median list price is down 2% to $319,900. The average list price per finished square foot of houses for sale in Northwest Indiana is $180..

New Construction Houses for Sale in Northwest Indiana

418 new construction houses are listed for sale in Northwest Indiana. This is up 5% compared to a year ago and up just 2% compared to the start of last month. The 5% year over year increase is one of the lowest increases observed this year. This indicates homebuilders may be slowing their home construction pace. These homes have an average list price of $494,309 and a median list price of $449,990. At these price points buying a new construction home in Northwest Indiana is nearly a luxury purchase. The average list price of these homes is a staggering $215.

Luxury Homes for Sale in Northwest Indiana

407 luxury homes for sale in Northwest Indiana are currently listed on the NIRA Northwest Indiana MLS. This is an increase of 16% compared to a year ago. Luxury homes account for 18% of the homes for sale in Northwest Indiana.

Luxury homes for sale in Northwest Indiana have an average list price of $798,340 down 7% compared to a year ago. The median list price is down 7% to $647,000. The list price per finished square foot is $230 (-7%) and the median list price per finished square foot is $214 (-1%).

Northwest Indiana Real Estate Market Forecast

Here, I provide my trend predictions for the Northwest Indiana real estate market over the next 90 days. This month I am going to stick with the same three topics from the previous month’s forecast, but new commentary on each of these.

Mortgage Interest Rates

Mortgage interest rates will remain in the range of 6.25% to 7.25% over the next 90 days. The case for lower mortgage interest rates at the end of 2024 and to start early 2025 is fading. We ended October with an average rate of 6.72% on a 30-year mortgage. We ended November with 6.81%. Over the last 60 days economic evidence indicates we might see inflation creep up more. On top of this, the market feels the incoming presidential administration’s economic policies will also be inflationary. Therefore, bond rates have held steady in the lower fours.

During Thanksgiving week we saw bond rates deteriorating a bit. That trend may continue. Additionally, due to seasonal slow down in real estate we might see the spread between the US10 Year and mortgages tighten, which would bring in a lower rate.

30 Year Mortgage Average Interest Rate Over the Last 12 Months

Homebuyer Demand

Last month I predicted a busier November through January period. November was good. But, I’m not sure that momentum will remain present during December and January. Falling rates in September and October likely brought out the buyers. Those buyers shopping then are likely to close in October through November. We never saw a stretch of time with lower interest rates in November. I expect about 750 home sales during December and about 550 during January aligned with what occurred in those months a year ago.

Home Prices

Home prices were phenomenal in October. This just continues to foster the case that home prices are likely to continue to increase. Unemployment remains low and we have started to set up consecutive months of hourly earnings outpacing the inflation rates. Additionally, any reduction in interest rates is likely to fuel more upticks in home prices.

Advice For Northwest Indiana Homebuyers & Home Sellers

Whether you are looking for homes for sale in Northwest Indiana to buy or thinking about selling your Northwest Indiana home here is some advice.

Homebuyers

We continue to see rising home prices despite stubbornly high interest rates. Homebuyers trying to time the market are being left with little opportunistic time to capture a home. Instead, get out there and start shopping now. November was slow on showings, and December always is. Get out there and look at homes. This is the time of year where you can get the biggest discounts on homes for sale.

Moral of the story, let’s get you out there buying! Completing your Quadwalls Dream Home Finder Assistant is a great first step!

Home Sellers

Home sellers need to remain conscientious on their pricing. Buyers are watching their spending on homes. This will continue to be true as interest rates remain high and the narrative changes from rates might fall soon to rates are likely to stay high for longer. That narrative will set up. Additionally, sellers need to recognize that though new inventory hasn’t grown too much we now have 2.0 active listings for every 1.0 under contract listing. That number is growing, not shrinking. Consider a temporary price reduction at a time when interest rates are falling.

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Northwest Indiana Real Estate Market Trends Wrap Up

Northwest Indiana real estate put up another strong performance in November 2024. Units sold were, and so were home prices. The election distraction is now behind us, too. Interest rates have remained stubbornly high with no relief during the month. This could tee up a slower December and January as inventory grows slightly against homebuyer demand. Asking prices continue to steadily creep higher, and the pace of new construction additions to the list of homes for sale has slowed some.

If you ever want to talk about buying or selling a home in Northwest Indiana you can contact me at (219) 309-6098 or chuck@quadwalls.com.

The Quadwalls Team Of Northwest Indiana Real Estate Agents

About Quadwalls.com

Quadwalls.com is a real estate website founded in Valparaiso, Indiana. The purpose is to help homebuyers and sellers save money and make better decisions when buying or selling real estate. Quadwalls.com does this by connecting your excellent information about real estate in Northwest Indiana and connecting you with the best real estate agents in Northwest Indiana.

Tools to Help You Get Started

We have tools for you to use to help you with buying or selling a home in Northwest Indiana.

Tools for Homebuyers

• Quadwalls HomeFinder Assistant – Put some rocket fuel in your search by telling us what you are looking for. We’ll help you find it.
• The Quadwalls Home Search App – Our app is fast, easy to use, and can connect you with us. We are here to answer your questions about homes for sale in Northwest Indiana.
• The Blog – Our blog is loaded with information to help you with what you need to know when buying a home.
• The Team – A team of the best real estate agents in Northwest Indiana ready to help you find and buy your new home.
• Lenders – If you need a mortgage to buy a home but don’t know where to start we can help you. Click here to start the home mortgage pre-approval process with Jason Woodard at Diamond Residential Mortgage Corp.

Tools for Northwest Indiana Home Sellers

• Quadwalls E-Valuation – We offer the free service of telling you what your home is worth. It is all online but is more thorough than the automated zesty online valuations. One of our team agents will actually research what your home is worth.
• Quadwalls Low Real Estate Commission Fees – The Quadwalls Real Estate Team offers low real estate commission fees along with its full-feature home selling service.
• The Blog – Our blog is loaded with articles to help you understand what to do for a successful home sale and how to increase the value of your home.
• The Team – Our team ranks amongst the best real estate agents in Northwest Indiana.

* Data was pulled from the NIRA Northwest Indiana MLS on November 29, 2024.

**Specific homes for sale here were available as of December 1, 2024 but may have been sold at the time you are reading this post.