RE/MAX is forecasting that 2019 will follow suit to what 2018 looked like favoring sellers. This pattern continues due to more first-time buyers entering the market along with the obstacles home builders are facing such as rising costs in materials, labor and lot shortages that prevent them from keeping up with demand. Generally, this means that it would be advantageous to sell your home in 2019 due to higher demand coupled with low inventory.
In regards to buying behavior, RE/MAX predicts that buying activity may begin to slow. One of the biggest changes that will play a role is rising interest rates. As interest rates are expected to continue rising, buyers will be more calculated in making a purchase decision versus the face-paced market that we saw in 2018. This could relieve some pressure on inventory as well as push sellers to price their homes more realistically.
Overall, RE/MAX sees Indiana as having one of the most affordable housing markets in the country. The cost of living is one of the lowest in the Midwest. Here are some stats from January – October 2018 comparing Indiana’s housing market to the year prior:
- Average sales price increased 10.3% from $148,531 in 2017 to $163,871.
- Average days on market decreased 13.84% from 68 days in 2017 to 59 days.
- The number of homes sold remained steady, only decreasing by 1.5% from 2017.
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