The Heat is On: A Look at the Sizzling 2024 Real Estate Market
The real estate market in Lafayette has been on fire, and as we delve into the data for 2024 so far, it’s clear just how hot things are. Let’s take a closer look at the trends and numbers through the end of May to get a comprehensive picture.
Real Estate and Temperature: A Unique Comparison
I often compare the real estate market to the weather. When it’s hot outside, the real estate market tends to be hot as well. Conversely, the colder it is, the cooler the market. This analogy holds true for several reasons, including the practicality of moving during warmer months and the tendency to avoid uprooting kids during the school year.
Sales Trends from January to May
To understand the market, let’s start with the number of sales. In January, there were 99 homes sold in Tippecanoe County. As the temperatures rose, so did the sales: 109 in February, 142 in March, 155 in April, and a significant jump to 195 in May.
How Long Does It Take to Sell?
The median days on the market is a critical metric. In May, the median time it took to sell a house in Tippecanoe County was just five days. In April, it was even hotter at four days. These numbers indicate a highly competitive market where homes sell almost as soon as they’re listed.
Median Prices: List vs. Sold
The median list price in May was $299,999, and the median sold price was $300,000. This slight increase in the sold price over the list price suggests a strong demand, often leading to multiple offer situations.
West Lafayette: A Deeper Dive
Focusing on West Lafayette, the market appears even hotter. In May, there were 72 sales, the highest since June of the previous year. The median days on market in West Lafayette was just four days. The median list price was $399,000, matching the median sold price exactly.
Yearly Comparison
Comparing the median prices over the past few years shows a steady increase. In 2022, the median price was $314,000. It rose to $343,000 in 2023 and has reached $352,900 through May 2024. This upward trend suggests that the market is not cooling down anytime soon.
Weekly Market Updates
Looking at weekly data can provide more granular insights. For instance, in the week of April 8th, there were 61 new listings and 28 homes sold. By May 20th, new listings dropped to 41, possibly due to spring break. However, the number of active listings increased, indicating a slight buildup in inventory.
The most recent data shows 43 new listings and 26 homes sold with 165 active listings, the highest in recent history. This suggests that while homes are still selling quickly, some are starting to stay on the market longer, possibly due to higher asking prices.
The Importance of a Local Realtor
Navigating this hot market can be challenging. That’s why having a local realtor who understands the nuances of the market is crucial. Whether you’re buying or selling, a local expert can guide you through the process and help you make informed decisions.
If you’re interested in exploring the real estate market in Lafayette, whether you’re moving here, upsizing, or downsizing, I’d love to be your local resource. Feel free to reach out to me at 765-413-6190