Elkhart County Housing Market News:
In September, home prices across Elkhart County rose 15% compared to one year ago in 2019. The average sale price was $198,000 which is a large increase from the $172,000 average price one year prior. The median days on market is currently just 5 days!
What’s causing this double digit gain in average home value?
Right now we are seeing a shortage of homes coming to market for sale. Historically, Elkhart County averages an inventory of 700-900 homes each month but in recent times, there are under 200 homes available for sale.
This is in addition to a large amount of buyers looking to become homeowners as interest rates are at record lows. This past week saw 30 year fixed rate mortgages average 2.95% nationwide and 15 year fixed rate mortgages average 2.40%
We expect inventory to remain low for an extended period of time, perhaps the next 2-3 years as low mortgage rates, increased incomes, and a strong economy continue to allow more folks to buy homes rather than rent.
If you are thinking of selling, we would love to show you the proper way to market your home in this environment and the proper pricing strategy to hopefully create lots of showings and a multiple offer situation. Get multiple offers as a seller gives you leverage to go back to the buyers and ask for their highest and best offer, creating competition that produces a higher offer for your home.
Reach out to Nick or Kevin today to get assistance with selling your Elkhart County / St. Joseph County home. We service Elkhart, Granger, Mishawaka, Goshen, South Bend, Bristol, Middlebury, Nappanee, and Northern Indiana up to 30 miles of Elkhart.
- Text / Call – 574.387.2501
- Email – Nick@TeamFoy.com