Published July 18, 2024
Market Minute: Discover the Latest Real Estate Insights
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Get the latest stats and insights on Allen County's real estate market.
Are you curious about what's happening in the Allen County real estate market? Let's dive into some insights and trends currently shaping this area.
Right now, we have 764 active listings and 451 pending listings, resulting in a pending ratio of 59%. This indicates a strong seller's market. Over the past three months, the market has been particularly hot, averaging about 469 closings per month. Homes are selling faster than they did six months ago, with the average time on the market now at just 29 days.
The average home price has risen dramatically to $305,000, up from $265,000 just a year ago. This is the highest I've ever seen it. Homes are selling at 99.6% of their final list price and 98.9% of their original list price, showing that sellers are getting very close to their asking prices.
"These homes are selling quickly, often to first-time homebuyers or investors."
Focusing on homes priced at $200,000 or less, we see a very strong market with a 66% pending ratio and 124 closings per month. These homes are selling quickly, often to first-time homebuyers or investors.
In the $200,000 to $500,000 range, which is the most active segment, we have about 300 closings per month and a 65% pending ratio. Homes in this range are selling for 99% of their list price.
For homes priced over $500,000, the pending ratio drops to 30%, with just 43 closings per month. These homes are selling at 98% of their original list price.
Interest rates are currently just below 7%, the same as they were 12 months ago. Some experts predict that rates might fall to the 5% range in the next year, but of course, no one can say for certain as much depends on inflation trends.
If you have any questions about this update, feel free to give us a call! We’d love to hear from you.
