Northwest Indiana Real Estate Market Trends for March 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 flat. February closings were down 12% compared to a year ago, but currently there are 3% more under contract transactions than at the start of March 2023.
- Inventory – Trending up with 14% more homes for sale now vs. early March 2023.
- Home Prices – Trending up with February closings showing a 2% increase in average sale price of single family homes and list prices on existing houses for sale +3%.
- Homebuyer Activity – Flat to slightly trending down. There was a slight uptick compared in showings during February, but February did have an extra day. Also, the number of showings per listing fell.
- Who does the market favor? – Homebuyers are favored especially for higher cost homes in the local area.
February 2024 Northwest Indiana Home Sales Data
During February the Northwest Indiana Real Estate Association (NIRA) logged 652 home sales during the month. This was a 12% reduction compared to a year ago.
Northwest Indiana Houses Sold in February 2024
579 single family homes, or houses, were recorded in the Northwest Indiana MLS during February. This was 8% less than during February 2023. The average sale price was up 2% to $273,495. The median sale price increased 9% to $249,900. The average and median price per finished square foot matched these year over year increases and came in at $138 and $149, respectively.
Northwest Indiana Condos Sold in February 2024
Condos for sale in Northwest Indiana fell sharply to just 21 units during the month. This was a 50% reduction. Additionally, the average sale price and median sale price both fell coming in at $208,295 (-6%) and $187,000 (-4%). However, not all is lost on Northwest Indiana condos for sale. The average sale price per finished square foot increased 9% to $168, and the average price per finished square foot increased 5% to $148.
Northwest Indiana Townhomes and Half-Duplexes Sold in February 2024
Half-duplexes and townhomes for sale in Northwest Indiana accounted for 52 home sales during the month. This was 22% fewer units than a year ago. The average sale price per home was +13% to $278,563, and the median sale price increased 16% to $278,000. The median sale price per finished square foot increase 4% to $166.
Northwest Indiana Luxury Home Sales in February 2024
Luxury homes for sale in Northwest Indiana, which are homes selling for $500,000 or more, made up 42 home sales during the month. This was five units less than in 2023. The average list price of these homes fell 8% to $642,840, and the median sale price was flat at $603,000. The average sale price per finished square foot fell 6% to $195 whereas the median sale price per finished square foot increased 14% to $187.
Trends in Homebuyer Activity
On the whole buyer activity is trending up but on a per listing basis it is trending down. 11,464 home showings were scheduled in our showing software marking a 3.1% increase compared to February 2023. However, we had more inventory during the month and saw fewer showings per listing this February than last. Homes for sale in Northwest Indiana averaged 8.7 showings during the month which was a 6% decrease from February 2023.
The number of pending deals is increasing. Currently, there are 1,203 pending transactions which is 3% more than during early March 2023. This is also a 20% increase compared to February 2024. This is a good sign the marketplace is awakening from winter.
Current NWI Homes for Sale
Inventory Levels
Currently, we have 1,614 homes for sale in Northwest Indiana. This is a 14% increase compared to early March of 2023. Let’s take a closer look at these homes for sale.
Houses for Sale in Northwest Indiana
There are 1,432 houses for sale in Northwest Indiana. These houses for sale in Northwest Indiana have an average list price of $379,432, flat against the list price at this time last year. The median list price is $321,420 down 4% compared to a year ago. The average list price per finished square foot is $168 up 4% compared to a year ago.
New Construction Houses for Sale in Northwest Indiana
There are 336 new construction houses listed for sale in Northwest Indiana. These homes have an average list price of $474,416 and a median list price of $432,555. The average list price per finished square foot is $205.
Luxury Homes for Sale in Northwest Indiana
278 of the listings in the NIRA MLS are luxury homes for sale in Northwest Indiana. These homes have an average list price of $832,032 (-6%) and a median list price of $683,500 (-1%). The average list price per finished square foot increased 2% to $245, and the median list price per finished square foot increased 5% from a year ago to $219.
Northwest Indiana Real Estate Market Forecast
Here, I provide my trend predictions for the Northwest Indiana real estate market over the next 90 days.
Spring Is Springing
Last month I predicted an early spring, and I do believe we are there. The balmy weather of February likely got more homesellers readying to sell and homebuyers readying to buy. I think March will be a busy month based on the forecasted long range weather models.
Let’s Talk About Mortgage Interest Rates
Last month I predicted the Fed would leave interest rates unchanged and that mortgage interest rates would rise throughout the month as seasonal demand arrived. Both occurred.
The St. Louis Federal Reserve maintains the FRED Economic database. They report the average mortgage interest rate on a new 30-year mortgage five times during February. Those results were:
- February 1: 6.63%
- February 9: 6.64%
- February 15: 6.77%
- February 22: 6.90%
- February 29: 6.94%
I predict interest rates to continue climbing and settling somewhere around 7.25% to 7.50%. Higher interest rates can be avoided by making a purchase sooner than later before more seasonal demand arrives.
The markets are predicting the first cut to the federal funds rate to occur in June. Homebuyers wanting to wait things out could be waiting a lot longer. A cut to the fed funds rate doesn’t typically immediately cause mortgage rates to fall.
Inventory Gains
It’s interesting to see inventory up as much as it is. I do think we will see a lot of listings hitting the market in March, April, and May. What concerns me is whether or not we will have the right mix of homes for sale.
Inventory is not that tight. However, the right inventory is the question. Last year we saw far too few of the homes sought after by growing families. This left few of those buyers’ homes on the market leaving few options for first-time homebuyers. I do predict we will see a better mix this year. This will also put pressure on the bottom lines of home builders.
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
Homebuyers should be engaged in the process now. Month after month we just see home prices increasing. The homebuyer who was awaiting the crash to come is now paying a higher interest rate for a more expensive house. Timing the market is a fool’s errand. If you’re ready to buy, get out there and buy.
The Quadwalls real estate team can help you find and buy a home for sale in Northwest Indiana. Start by telling us about yourself and what you need by completing your Quadwalls Dream Home Finder Assistant.
Home Sellers
Home sellers can take advantage of the fact rates are still lower than what I predict will be the annual peak in rates. Listing now can help you get a better price for your home because buyers can finance at a lower cost, thus they can afford more.
Additionally, I have been seeing a chasm widen. Listing at the right price on the first day is becoming more important. Homebuyers are really watching the pennies. Also, I have seen numerous multiple offer scenarios on homes priced attractively.
If you are worried about what you’ll get for your home, hire me and my team. We know how to get the most for your home and will keep more money in your pocket with our low real estate commission fees. Contact us to learn more about our all-inclusive listing service with our low real estate commission fee.
Northwest Indiana Real Estate Market Trends Wrap Up
2024 is off to a steady start. Buyer activity is building, inventory is building, and prices are trending up a bit. Homebuyers are staying savvy about moving towards more attractively priced homes. I am hopeful for a good inventory mix as the year gets going. The next 90 days will be important for both homebuyers and home sellers.
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 3, 2024.
**Specific homes for sale here were available as of March 3, 2024 but may have been sold at the time you are reading this post.