Tippecanoe County Real Estate Market Update: July in Review
As we reach the midpoint of August, it’s time to take a closer look at the state of the housing market in Tippecanoe County. Whether you’re thinking of buying or selling in Lafayette, West Lafayette, or anywhere in the county, the latest numbers tell a story of a market that remains fast-paced, competitive, and marked by rising prices.
July Home Sales Snapshot
In July, Tippecanoe County recorded 158 total home sales. The speed at which homes are selling remains remarkable:
- Average days on market: 11
- Median days on market: 4
That means more than half of all homes sold in just four days or less. If you’re house hunting, you need to be ready to move quickly—homes listed on a Friday are often under contract by Monday. This is a slight uptick from June, when the median was just three days, but the pace is still blistering by any standard.
What Does This Mean for Buyers?
If you’re looking to buy, passive browsing won’t cut it. Homes are moving too fast for casual searching. You need:
- Pre-approval from your lender
- A clear understanding of your needs and budget
- A local realtor who knows the market and can act quickly
The difference between getting your dream home and missing out could be a matter of hours, not days.
Pricing Trends: List vs. Sold
Let’s break down the pricing for July:
- Highest list price: $1,499,000
- Lowest list price: $75,000
- Average list price: $326,402
- Median list price: $287,450
On the sales side:
- Highest sold price: $1,350,000
- Lowest sold price: $79,900 (notably, this was over asking)
- Average sold price: $326,919
- Median sold price: $286,000
The gap between the median list and sold prices was minimal, showing that most homes are selling very close to their asking price. This tight spread underscores the competitive nature of the market—there’s little room for negotiation, especially on well-priced homes.
Inventory and Affordability
The days of finding a glut of homes under $150,000 or even $200,000 are behind us. Both the average and median prices are solidly in the upper $200,000s to low $300,000s, reflecting ongoing appreciation and a shortage of lower-priced inventory. The market remains a seller’s market, with not enough homes available to meet demand.
What’s Driving the Market?
- Tight inventory: There simply aren’t enough homes for sale, especially in the most sought-after price ranges.
- Rising prices: Home values in Tippecanoe County have increased over the past year, and the median home value now hovers around $291,000.
- Fast sales: Properties in the “sweet spot” of $150,000 to $350,000 are seeing multiple offers and often sell above asking price.
Advice for Buyers and Sellers
- Buyers: Be ready to act fast. Get pre-approved, connect with a local realtor, and be prepared to make strong offers quickly.
- Sellers: It’s an excellent time to list. Well-priced homes in good condition are selling quickly and often at or above list price.
If you’re thinking about making a move in Tippecanoe County, now is the time to get serious. The market is hot, inventory is tight, and both buyers and sellers need to be prepared to act decisively.
If you have questions or need guidance, I’m here to help you navigate this fast-moving market. Call, text, or email anytime—I’d love to be your trusted real estate resource in Tippecanoe County.