Northwest Indiana Real Estate Market Trends for April 2024

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

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Overview of Northwest Indiana Real Estate Housing Market Trends Now

• Sales Volume – Trending down with a 2% reduction in March 2024 vs March 2023 and a 5.4% reduction in Q1 2024 vs. Q1 2023.
• Inventory – Trending up as all metrics indicate we have about 16% more homes for sale compared to a year ago.
• Home Prices – Trending up for single family homes and luxury homes priced over $500,000 whereas townhomes and condos are more flat compared to last year.
• Homebuyer Activity – Trending down with meaningful reductions of 23% fewer showings per existing home listings in March 2024 vs. 2023
• Who does the market favor? – Tipping to favor homebuyers with 61 days of inventory on the market and a build up of inventory against weak March showing traffic.

March 2024 Northwest Indiana Home Sales Data

During the month of March 2024 we recorded 810 home sales in the NIRA Northwest Indiana MLS. This is a 2% reduction compared to March 2023. Let’s take a closer look at the data to better understand market trends.

Northwest Indiana Houses Sold in March 2024

698 single family homes closed during March. This was an 8% decrease compared to March 2023. During the month the average sale price for houses for sale in Northwest Indiana was $286,985 (+7%) and the median sale price was $259,950 which was a whopping 13% higher compared to March 2023. The average sale price per finished square foot increased 11% to $147 and the median sale price per finished square foot rose 10% to $149.

Northwest Indiana Condos Sold in March 2024

Condos for sale in Northwest Indiana 30 home sales during the month. This was a 14% decrease compared to a year ago. The average sale price fell 1% to $231,412 and the median sale price fell 1% to $207,450. The average sale price per finished square foot was $164 also down 1% compared to a year ago. The median price per finished square foot increased 3% to $151.

Northwest Indiana Townhomes and Half-Duplexes Sold in March 2024

Half-duplexes and townhomes for sale in Northwest Indiana units sold increased 21% to 82 for the month. The average sale price per finished square foot increased 4% to $262,464. The median sale price was $259,995 up 3% compared to a year ago. The average sale price fell 1% to $160 while the median price per finished square foot fell 2% to $169.

Northwest Indiana Luxury Home Sales in March 2024

Luxury homes for sale in Northwest Indiana accounted for 45 of the home sales during the month. Luxury homes are those selling for more than $500,000 which is typically less than 10% of the homes sold. During March luxury homes account for 5.6% of homes sold during the month.

Luxury has been doing well. During the month the average home sale price for luxury homes increased by 11% to $816,372 and the median sale price increased 8% to $660,000. The average sale price per finished square foot rose 22% to $227 while the median sale price per finished square feet was flat at $183. I will advise some caution, though. There was a single sale for over $5.9MM.

Trends in Homebuyer Activity

Overall, homebuyer activity is tepid. We are seeing a seasonal uptick, but activity is actually a bit soft.

Showings scheduled in our showing software were down 7% on a whole. Homes for sale in Northwest Indiana during the month received an average of 7.7 showings. Taking out new construction homes, each listing received an average of 10.1 showings. These are down 19% and 23% respectively.

The difference between these numbers is interesting. On the whole, we are down 7% but the median and average number of showings is down 19% and 23%. This is an indication to me that a few homes are getting an overwhelming amount of showings while others get few.

Current NWI Homes for Sale

Inventory Levels

Home inventory is trending up. Currently, we have 1,591 homes for sale in Northwest Indiana. This is a 14% increase compared to a year ago. Single-family homes and condos are showing the greatest number of increases on a percentage basis. Additionally, there are 1.3 available homes for every pending deal. This is 16% compared to the beginning of April 2023 and unchanged from the start of March this year.

Houses for Sale in Northwest Indiana

Today we have 1,381 houses for sale in Northwest Indiana. These homes have an average list price of $400,628 up 3% compared to a year ago. The median list price had increased 1% to $349,900. The average list price per finished square foot is up 3% to $169.

Pulling out new construction lowers the numbers. 1,053 existing houses for sale in Northwest Indiana are listed. These homes have an average list price of $374,458 (+1%) and a median list price of $285,000 down 5% compared to a year ago. The average and median list price per finished square foot is $158 and $147, respectively. Each of these is essentially flat compared to a year ago.

New Construction Houses for Sale in Northwest Indiana

328 new construction houses are listed for sale in Northwest Indiana. There is a strong premium on new construction homes today. The average list price of these homes is $484,165 (-2%) and the median list price is $443,695 (-1%). The premium can be seen by looking at the price per finished square foot. The average is $205, and the median is $198.

Luxury Homes for Sale in Northwest Indiana

19 of the homes for sale are luxury homes for sale in Northwest Indiana with a list price above $500,000. The average list price of these homes is $843,165 down 4% from a year ago, and the median list price is down 1% to $679,950. The average list price per finished square foot is $245 unchanged from a year ago. The median list price per finished square foot is up 3% compared to a year ago to $224.

Northwest Indiana Real Estate Market Forecast

Here, I provide my trend predictions for the Northwest Indiana real estate market over the next 90 days.

Interest Rates

Interest rates have been hovering in the 6.5% to 7.0% range as an average since the start of 2024. I believe this pattern will continue for some time. As we see more demand in the mortgage market I wouldn’t be surprised to see this range increase from 6.75% to 7.25%. I do believe we stay off of the peaks nearly 8% we saw in Q4 2023.

The Fed funds rate isn’t likely to see an interest rate reduction until at least June. If and when those Fed funds rate cuts begin they are unlikely to be reflected in the mortgage market for a few months or until the seasonal demand lessens.

Luxury & Second Home Markets Will Keep Doing Well

In many parts of the economy we are seeing luxury products perform well. Numerous luxury publicly traded companies have put out exceptional results and forward looking guidance. In the housing market we are also seeing luxury homes performing well. This also translates to second home communities here in Northwest Indiana such as along Lake Michigan, around our inland lakes, and in north LaPorte County where we have more second homebuyers.

Home Prices Continue to Flatten Out

Though March closings showed some really impressive gains on single family homes, active listings are showing lesser forward optimism amongst home sellers. Looking at all the metrics at each category for each housing type we see a mix of low positive and negative single digits values for these metrics on a year over year basis. It will be interesting to see if closing prices starting to also align with the low single digit appreciation in the coming months.

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

The market is starting to favor homebuyers. This isn’t as typical at the start of the homebuying season. But really, it is a story of two sides. Homes listed at aggressive prices are selling very quickly and we are starting to see multiple offer notifications on some homes. On the other hand, homes listed a bit high are lingering and can provide a great opportunity for an offer at the right price without competition.

In the near term, interest rates are not going to come down. More of the economic personalities of the world are starting to be more doubtful about the number of predicted interest rate cuts and that those which will occur are looking more like occurring in Q3 or Q4. And home prices will not fall any time soon.

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 prices remain strong despite softer demand for homes. There are still plenty of buyers out there. As the market slightly favors homebuyers there is plenty of opportunity for home sellers to score big. Pricing your home just right is the name of the game to sell quickly and attract the most beneficial terms. If you are thinking about selling your home in Northwest Indiana learn more about our all-inclusive listing service with our low real estate commission fee.

Northwest Indiana Real Estate Market Trends Wrap Up

Overall, we are just seeing a really healthy kind of outlook in the real estate market. Volume is a bit light compared to recent history, but there is enough to say that there is an active market. Home prices are continuing to increase though at a more historically typical rate. The market is starting to favor homebuyers a bit more than sellers. However, this can quickly change.

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 March 30, 2024.

**Specific homes for sale here were available as of April 3, 2024 but may have been sold at the time you are reading this post.