The real estate market in Northwest Indiana is finally cooling, in line with national trends.
While more homes are available for sale, the number of closed sales has dropped, the Post-Tribune reported, citing the Greater Northwest Indiana Association of Realtors.
“The shoe has finally dropped,” CEO Peter Novak told the outlet. “We are definitely seeing a bit of demand slip versus where we have been the past few years.”
New listings in June 2022 increased 4 percent to 1,513 from a year earlier, and 6,905 homes came on the market this year, compared with 6,603 last year. Closed sales dropped 14 percent to 1,045 in 2022 from a year earlier..
Novak said the Northwest Indiana market, which was outpacing the national average as recently as May, is starting to balance out due to higher interest rates and rising prices.
Last year “was kind of historic, to be honest with you,” Novak told the outlet. “Things are certainly less heated than then, but we are still a desirable and heated market.”
Northwest Indiana has less than a month-and-a-half supply of homes available for sale, compared with six to seven months in a balanced market. “It is still by far a sellers’ market,” Novak said.
While sales are down from 2021, prices are still rising and buyers are still willing to compete for properties. While some sellers are accepting prices below the asking price, that can also be common in normal markets. Median home prices rose almost 10 percent in June to $247,000 from a year earlier.
“What we haven’t seen is a decrease in pricing,” Novak told the outlet. “At some point that will happen. Prices will start to cool down.”
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