Should You Buy a House in West Lafayette in 2024? A Year-in-Review with Market Insights
Are you wondering if now is the right time to buy a house in West Lafayette, especially near Purdue University? Or should you hit pause and wait for a different market moment? As your local West Lafayette realtor with the Russell Company, powered by @properties, I’ve taken a close look at the 2023 housing data. Let’s dive into what happened last year and what it means for buyers and sellers in 2024.
2023 in Review: A Market Going Strong, Not Overheated
If you were following the real estate headlines, you probably saw a lot of doom and gloom — but much of that comes from national perspectives and volatile big city markets. West Lafayette, along with Greater Lafayette and Tippecanoe County, tells a different story. Here, the market in 2023 stayed robust and balanced, not showing any signs of a bubble about to burst.
Key Drivers Behind the Growth:
- Purdue University & Discovery Park: These engines of innovation and employment continue to attract faculty, students, and professionals to our area.
- Strong Manufacturing Sector: Companies like GE Aviation, Nanshan Aluminum, Caterpillar, and Rolls-Royce are creating jobs and bringing new residents to town.
- Quality of Life: The demand for West Lafayette’s top-tier schools, proximity to the university, and expanding amenities make it a first-choice community for many.
By the Numbers: What Did 2023 Look Like?
- Median Home Price in 2022: $314,000
- Median Home Price in 2023: $343,000
That’s impressive growth of nearly $30,000 in just a year!
Going back a little further:
- January 2022 Median Price: $290,000
- December 2023 Median Price: $336,000
That’s a $46,000 jump in just two years.
Takeaway: Prices are steadily rising, and there is no evidence of a pending market crash. While the rate of appreciation may slow, there are no signals that suggest a reversal — just healthier, more sustainable growth ahead.
Why Rising Prices Matter—for Buyers & Sellers
- Upgrading? As you sell your starter home, you’ll get more, but your next purchase will also cost more. Waiting could mean paying even higher prices later.
- Downsizing? You’ll have more equity to work with, though the cost to buy might blunt windfall expectations.
- Renting or Relocating? Locking in now could shield you from future price increases.
A Note of Caution: It’s easy to think of your house strictly as an investment. Remember, it’s also your home — a place for life to happen, not just a line item on your balance sheet.
Timing the Market: Busy Summers, Slow Winters
The West Lafayette market follows the seasons:
- Colder Months: Fewer homes list for sale; sales slow down; less competition among buyers.
- Warmer Months: More buyers enter the market, more listings appear, and homes often sell quickly.
Here’s how quickly things moved last year:
- Median Days on Market (2023):
- January: 6 days
- February: 25 days (an anomaly)
- March-June: 3 days (!!)
- Summer-Fall: 5-9 days
Many homes are getting accepted offers within a week—even within 1-2 days in busy periods.
What Does This Mean for You?
- If you’re buying: Be prepared to act fast! Get preapproved, know your must-haves, and partner with a local expert who can help you move quickly if you find the right place.
- If you’re selling: You can expect strong demand and a quick process (especially in the spring and summer).
Should You Buy or Sell Now?
Short answer: Yes, it’s a good time for both. There’s no sign of retreating values or a flood of inventory. If your life circumstances call for a move, the current market is ready for you.
If you have questions about buying or selling in Greater Lafayette, I’d love to be your go-to real estate resource. Feel free to call or text me anytime — let’s make your next move in West Lafayette your best yet!