Area Housing Market Is Still In Demand At St. Joseph County
Looks like the Walkerton area is still a place that sustains a housing shortage. The housing market statistics below highlight current trends we are seeing from data produced by the Indiana MLS. During the first 6 months of the year St. Joseph County was still seeing strong growth in the regional real estate market.
In fact north-central Indiana is still in demand as a place to locate! There is not enough supply. Should Walkerton become a destination for new housing in the region? If so, has the leadership of the community recognized the potential for building new housing units? We all know that when more housing is built it will create a trickle-down effect with available, affordable, older housing stock.
It is still a sellers market in the Walkerton area! The demand outweighs supply. This newer 4 bedroom home on Redwood Rd. is going for $495,000.
January 2019 to June 2019 St. Joseph County Housing Market
Homes Sold – 1,733
Average Sale Price – $164,221
Median Sale Price – $139,900
The next step is to determine how this data compares over time to see how the housing market has improved since the same period in 2018.
January 2018 to June 2018 St. Joseph County Housing Market
Homes Sold – 1,709
Average Sale Price – $151,561
Median Sale Price – $125,000
Year over Year St. Joseph County Housing Market Change
Homes Sold – 1.4% Increase
Average Sale Price – 8.3% Increase
Median Sale Price – 11.2% Increase
Monthly Breakdown of St. Joseph County IN
Real Estate Market Statistics
January – 200
February – 193
March – 251
April – 306
May – 403
June – 380
Average Sale Price:
January – $142,000
February – $144,800
March – $160,500
April – $163,500
May – $172,100
June – $180,350
Median Sale Price:
January – $117,500
February – $122,000
March – $127,000
April – $140,000
May – $144,000
June – $152,700
Looking over the monthly breakdown of housing market statistics in St. Joseph County, Indiana home sales heated up during the summer as well as price.
The average sale price in June ($180,000) is now $38,000 more than what we saw in January ($142,000), which is a 36% increase. The median price has risen $35,000 since January marking a 30% increase between January to June.
Many empty lots in the Walkerton community are ripe for new developments. There is a demand for apartment rentals near the downtown area. Is it up to town leaders to locate developers for new apartment units?
Overall, the first 2 quarters of the year have started off strong with increasing prices compared to a year ago in 2018. The 2019 real estate market is seeing homes sell on average $13,000 higher than they did in 2018.
It is still a seller’s market and with interest rates declining back to 16 month lows, financing is becoming cheap for buyers again which should help continue to fuel this seller’s market of rising home prices.
* Indiana MLS