Tippecanoe County Real Estate Market Update: July 2023
As we enter July 2023, the Tippecanoe County real estate market remains vibrant and competitive. Here are some insights into the trends and statistics for June 2023.
Sales Overview
In June, Tippecanoe County recorded a total of 185 sales, which is one more than in May. This consistent activity reflects a robust market, with homes selling quickly. The average days on market is a key indicator of this strength:
- Average Days on Market: 13 days
- Median Days on Market: 3 days
The median days on market have remained in single digits for four consecutive months, indicating that homes are selling faster than the historical average of around 30 days.
Pricing Trends
- Highest Sale Price: $850,000
- Lowest Sale Price: $50,000
- Average Sold Price: $324,410
- Median Sold Price: $290,000
The median price has steadily increased since January 2023, rising from $235,000 to $290,000 in June. This upward trend highlights the growing demand in the area.
Market Dynamics
- Seller’s Market: The conditions are highly favorable for sellers, with homes often selling above asking price.
- Price Growth: The median price has significantly increased compared to January 2022 when it was around $224,000.
- Asking vs. Selling Price: On average, homes sold for about 1% over the asking price in June.
Factors Influencing the Market
Several factors contribute to the current market dynamics:
- Inventory levels
- Seasonal trends
- Interest rate fluctuations
While interest rates have seen some fluctuations, they have not deterred the overall upward trend in the market.
For those considering buying or selling in Tippecanoe County, which includes Lafayette and West Lafayette, Indiana, now is an opportune time. Sellers can benefit from quick sales and strong prices, while buyers may need to navigate increased competition.
Engaging with a licensed real estate professional can provide essential guidance in this dynamic environment. Whether you are looking to sell your home or purchase a new one, having expert support can make all the difference.