As the inventory of homes for sale slowed nationwide, Northwest Indiana also saw a decrease in the number of units sold compared to last year.
Realtor.com reported that the median list price declined nationwide year-over-year for the first time since 2017 when the organization starting keeping data.
In Northwest Indiana, the median selling price declined as much as 16% in some counties from May of this year. However, selling prices were up for most counties compared to June 2022. Jasper and Newton counties saw the largest increase.
The median selling price year to date from 2022 to 2023 increased in each county, according to the Northwest Indiana Realtors Association.
- Lake: 230,000 / 232,750 — 1.2%
- Porter: 275,400 / 285,900 — 3.8%
- LaPorte: 185,000 / 188,500 — 1.9%
- Jasper: 241,500 / 255,000 — 5.6%
- Newton: 155,000 / 180,000— 16.1%
- Starke: 174,000 / 187,325 — 7.7%
- Pulaski: 150,000 / 158,450 — 5.6%
- Combined: 230,000 / 239,000 — 3.9%
Year to date numbers showed decreases in the number of units sold in Region counties, according to the Northwest Indiana Realtors Association.
The percent decrease in units sold year to date:
- Lake: -14.6%
- Porter: -23.7%
- La Porte: -19.2%
- Jasper: -8.1%
- Newton: -7.7%
- Starke: -14.0%
- Pulaski: -25.7%
Property types include residential single-family homes, condominiums and townhomes. The numbers exclude new construction.
Realtor.com experts say they expect housing inventory will slip by 5% for the year.
“As the issue of affordability persists, it will continue to create barriers to homeownership, leading to weakened demand in the housing market and dampened competition,” the June 2023 monthly housing report stated.
The Northwest Indiana Realtors Association serves Lake, Porter, La Porte, Jasper, Newton, Starke and Pulaski counties. The Greater Northwest Indiana Association of Realtors was formed in January of 1995 when the Northwest Indiana, Duneland, South Lake County and Jasper-Newton Associations of Realtors combined.