Should You Buy or Sell in Greater Lafayette in 2024?

Are you thinking about making a move in the Greater Lafayette real estate market this year? The short answer to “Should I buy or sell now?” is yes—but that’s not just because I’m a realtor. Let’s take a closer look at the numbers and what’s driving those decisions in 2024.

What the Market Data Says

Housing prices in Greater Lafayette have continued to appreciate steadily over the past two years. Here are a few key stats:

In early 2022, the median price was $227,000.
By early 2023, that was up to $234,900.
At the end of 2023, the median price reached $252,000.

That’s a jump of nearly $25,000 over two years. Even with some economic uncertainty elsewhere, the local market has remained healthy and trending upward—thanks in part to economic anchors like Purdue University, Subaru, and Caterpillar that keep the local economy strong.

What Does This Mean for Buyers?

Waiting Won’t Make Homes Cheaper: Prices have not shown any sign of dropping. If anything, they continue to inch up year after year.
Inventory Moves Fast: The median days on market last year ranged from just a few days in the summer to about ten days in winter. That means if you see a house you love, you need to be ready to act quickly.
Seasonal Patterns: More homes come on the market when it’s warm, but they also sell faster. If you’re hoping to buy, don’t wait until the perfect home magically appears—new listings pop up every day.

Why Sellers Are in a Strong Position

Higher Returns: Sellers are generally seeing more for their homes than they would have even a couple years ago.
Quick Sales: Many properties—especially in fast-moving neighborhoods like West Lafayette—can sell in just a few days, often with multiple offers.
Market Tightness: With fewer homes available in the winter months, motivated buyers are especially active and willing to pay for desirable, well-priced properties.

Considering Upsizing or Downsizing?

Upsizing: The equity you’ve built in your current property can go straight into your next, bigger home. Waiting likely means both your current and your next home will cost more.
Downsizing: You may not pocket a huge profit, but you’ll almost certainly cover the cost of your next, smaller home—and enjoy a simpler lifestyle.

The Myth of “Timing the Market”

Many people are waiting for a “crash” or hoping for a sudden drop in prices. The data just doesn’t support that happening here in Greater Lafayette. While the pace of price increases may eventually slow, prices are not expected to fall. Waiting could mean paying more down the road.

When to Buy or Sell?

There is no perfect time—other than when it fits your needs. If you need to move, whether it’s for a new job, a growing family, or a change in lifestyle, now is an excellent time to act.

Need to buy? Start your search—new houses pop up all the time.
Need to sell? You’re likely to see strong interest and a great return, even before the busy spring and summer rush.

Final Thoughts

The Greater Lafayette housing market remains strong, stable, and in high demand. Whether you’re looking to buy, sell, upsize, or downsize, there’s opportunity—but waiting for a big shift is probably not in your best interest.

If you’re considering a move, reach out! I’m always here to help you understand your options and find the best path for your unique situation.