West Lafayette Real Estate Market Update: July 2023
The West Lafayette real estate market continued to heat up in July 2023, maintaining strong momentum despite some shifts in sales activity. Whether you’re a buyer or seller, understanding the latest trends can help you make smarter decisions in this competitive market.
Sales Activity and Inventory
In July, there were 62 home sales within the West Lafayette city limits. While this represents a slight drop from June’s 79 sales, it’s still an increase compared to May’s 58. This dip does not indicate waning buyer interest; rather, it reflects a persistent shortage of available homes. Many homeowners are holding off on selling due to the jump in mortgage rates—from around 3.5% to approximately 7%—making it less appealing to move right now. As a result, buyers face limited options and fierce competition when homes do come on the market.
How Fast Are Homes Selling?
Homes in West Lafayette are selling quickly. The average time a home spent on the market in July was just 13 days, but the median time was even more telling at 5 days. This means half of the homes sold in less than a week, and some even sold on the very day they were listed. While this is a slight slowdown from May and June, when the median days on market was three, it still highlights how fast buyers need to act.
Pricing Trends
Prices continue to climb in West Lafayette. The average list price in July was $413,731, up nearly $30,000 from June, marking the highest average price in two years. The median list price also rose significantly, reaching $394,450—about $50,000 higher than the previous month.
On the sales side, sellers are generally achieving prices very close to their asking price. The average sale price was $410,064, just slightly below the average list price. The median sale price was $392,500, within $2,000 of the median asking price. Even the highest-priced homes, listed near $1.5 million, sold for strong amounts, with only modest reductions.
What This Means for Buyers and Sellers
For buyers, the market demands readiness and speed. Having mortgage pre-approval and a knowledgeable realtor who can quickly arrange showings is essential to securing a home in this fast-moving environment.
For sellers, the current market is favorable. Homes are selling quickly and close to asking prices, making it an excellent time to list if you’re considering a move.
If you’re interested in learning more about the West Lafayette market or want personalized advice on buying or selling, feel free to reach out. I’m here to help you navigate this dynamic market with confidence.