Northwest Indiana Real Estate Market Trends for November 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 up with an 8% increase in the number of homes sold during October 2024 vs. October 2023.
• Inventory – Inventory remains elevated compared to a year ago with 19% more homes for sale, but inventory appears to be leveling off.
• Home Prices – Single family homes are trending up in the low double digits marking the second consecutive month of double digit growth in prices in over two years!
• Homebuyer Activity – Negative but improving with 8% fewer showings per listing than a year ago, but a huge improvement over the last six months.
• Who does the market favor? – The market currently slightly favors buyers.

October 2024 Northwest Indiana Home Sales Data

889 home sales were recorded with the NIRA Northwest Indiana MLS during October marking an 8% increase compared to October 2023. Let’s take a closer look at these homes by category.

Northwest Indiana Houses Sold in October 2024

814 houses for sale in Northwest Indiana were sold in October 2024. These homes had an average sale price of $310,343 up 10% compared to a year ago. The median sale price increased 11% on a year over year basis to $272,000. The average and median sale price per finished square foot was $157 and $156, respectively.

Homes are moving relatively quickly, too. The average days on market for these sold homes was 34 days and the median days on market was 19. The homes had an average list price reduction of $20,001. On average these homes sold for 97.6% of their most recent list price and 95.1% of their original list price.

Northwest Indiana Condos Sold in October 2024

Condos for sale in Northwest Indiana represented 30 of the 814 homes sold in Northwest Indiana during the month. These homes had an average sale price of $262,415, up 20% compared to a year ago. The median sale price increased 13% to $225,000.

Northwest Indiana Townhomes and Half-Duplexes Sold in October 2024

Townhomes for sale in Northwest Indiana accounted for 45 home sales during October. The average sale price increased 4% to $282,420, and the median list price increased 2% to $269,990. The average sale price per finished square foot was $170 whereas the median sale price per finished square foot was $171. These are down 3% and 4%, respectively.

Northwest Indiana Luxury Home Sales in October 2024

94 luxury homes for sale in Northwest Indiana were sold during October 2024. This is a 56% 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 $721,976 (+3%) and a median sale price of $615,937 (-7%). The average sale price per finished square foot was $235 up 10% compared to a year ago. The median sale price per finished square foot increased 4% to $204.

Trends in Homebuyer Activity

Homebuyer activity has continued to trend less than what was observed in 2023. Many months there were fewer total showings this year than during the same month last year. However, October had a 9% increase in showings to 11,827. More importantly, activity should also consider the amount of inventory.

The number of showings during a month per active listing excluding new construction homes has not yet passed what occurred in 2023. During October had an average of 5.3 showings during the month, a decrease from 5.6 during October 2023, but it is a slight increase from 5.0 occurring in September 2024.

Current NWI Homes for Sale

Inventory Levels

Home inventory continues to trend upward, but that trend is relaxing. Currently, we have 2,319 homes for sale in Northwest Indiana. This is a 19% increase compared to the start of November last year. This is less than the year over year increases we were seeing during the late spring and summer this year indicating homebuyers are buying a bit faster than sellers are placing a for sale sign in their yards.

Houses for Sale in Northwest Indiana

Today we have 2,117 houses for sale in Northwest Indiana. This is a 22% increase compared to a year ago. These homes have an average list price of $381,836 which is down 4% compared to a year ago. The median list price is unchanged from a year ago at $329,500. The average list price per finished square foot of houses for sale in Northwest Indiana is $169.

New Construction Houses for Sale in Northwest Indiana

410 new construction houses are listed for sale in Northwest Indiana. This is up 22% compared to a year ago and up just 1% compared to the start of last month. These homes have an average list price of $503,614 and a median list price of $459,990. 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 $217.

Luxury Homes for Sale in Northwest Indiana

424 luxury homes for sale in Northwest Indiana are currently listed on the NIRA Northwest Indiana MLS. This is an increase of 21% compared to a year ago. Luxury homes account for 18% of the homes for sale in Northwest Indiana. 36% of these homes listed at over $500,000 are new construction homes.

Luxury homes for sale in Northwest Indiana have an average list price of $785,682 down 11% compared to a year ago. The median sale price is down 7% to $650,000. 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 only increased during October. We ended September at the low point for the year and watched on as rates marched higher throughout October. The election, geopolitical tension, and overall uncertainty drove the bond market higher during the month. Strong homebuyer purchasing for October also pushed demand for mortgages higher which supports higher and higher rates.

Mortgage rates are likely to continue to run at elevated levels. The economy is strong and there is a growing case for the Fed to hold off on another rate cut. I predict over the next 90 days mortgage interest rates will meander between 6.25 and 7.00 for an U.S. average. We ended October at 6.72.

30 Year Mortgage Average Interest Rate Over the Last 12 Months

Homebuyer Demand

I predict a busier November through January period than what we have seen in the last two years. The driver will be interest rates, a continuation of positive economic data, and whether or not an optimistic outlook develops amongst the buying public once the election is decided. My opinion all of these will move enough in the right direction causing a more upbeat holiday real estate market which will follow through to a nice start to 2025. I see more tailwinds than headwinds.

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

Go buy a home. You missed a great opportunity to lock in a low interest rate during September. Get something bought so that when the next rotation downward occurs you can refinance your mortgage. Also, there is ample inventory on the market, so there is something for everyone. Lastly, value. Homebuyers get the best deals during the holiday season. If you are thinking about buying a home get out there and do it.

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 were outstanding in October, and there was a lot of purchasing. I continue to believe the majority of showings are going to a minority of homes. There are ways to put yours in that minority, though. A great aesthetic, excellent marketing, and most importantly illustrating a bit of value are all the ingredients to get homebuyers coming in your door.

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Northwest Indiana Real Estate Market Trends Wrap Up

Northwest Indiana real estate had an outstanding month in October. Lots of sales and home prices were very strong, especially on single family homes. The declines in homebuyer activity are less severe and recuperating and at the same time we are seeing inventory additions slowing down. The market still favors buyers, but not by a lot.

Overall, the macroeconomic picture remains strong. All time highs in the stock market, low unemployment, falling inflation rates, and rising hourly wages are fueling what is actually a pretty good economy. We will see the typical seasonal slow down during the holidays, but there are more tailwinds for the housing market than head winds.

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 3, 2024.

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