Welcome to October! My name is Nick Foy, a realtor with RE/MAX in Elkhart, Indiana. Every month I take a look back at the housing market data for the previous month to see what trends and changes are happening in the local housing market for Elkhart County, Indiana.
A quick recap of what the data says:
- Homes sold – 228
- Average sale price – $244,287
- Median sale price – $225,748
- Average time on market – 14 days
- Current Homes for Sale – 125
Now how does this Elkhart County housing data compare to one year ago in 2020? Glad you asked. Let’s take a look at the numbers from last year:
- Homes sold – 251
- Average sale price – $199,656
- Median sale price – $177,900
- Average time on market – 30 days
So what does this mean for Elkhart County’s housing market? Well, it’s definitely good for homeowners who bought a home last year because home prices have gone up nearly $45,000 in the past year. This marks a 22% increase in the average home sale price in the last 12 months.
The median home price is up $48,000 in the last 12 months, marking a growth in price of 27%.
Homes sold declined slightly as inventory has tightened up, which has been a primary driver of the surge in pricing. With not many homes for sale in 2021, many buyers competed for limited inventory, driving up prices.
This also cut down the time the home sits on the market on average. A home used to take close to 30 days a year ago, but now this past month, homes are averaging just two weeks or less on the market.
Overall, the housing market is strong in Elkhart County. Inventory is still historically below it’s average which means supply constraints should continue to fuel prices to increase if buyer demand stays high. Interest rates are still historically low so we expect many renters and homeowners to continue shopping for homes while rates remain low.
Selling Your Home Soon, Need a Realtor?
If you are considering selling your home, check out my media I shoot of homes which includes professional flash photography, video highlight tours of the home, Zillow 3D Virtual Tour and more to get your home seen by as many buyers possible. I’ve been getting asked to do virtual video showings for buyer clients and this is one of the reasons why it’s great to work with me for my ability to get your home a Zillow 3D Tour which will increase it’s views online and potential showing appointments!
My commission rates are lower than what most agents are charging so let’s discuss further over phone 574-387-2501 on getting your home sold!
Best regards,
Nick Foy, Realtor
RE/MAX Oak Crest Realty
574-387-2501
Homes for Sale Resources
Looking for homes for sale? Use my menu bar at the top of my website to get specific or use some of these hot links:
