How's the local real estate market looking?

Real Estate is a hot topic for many people even if they don't own a home. The market over the past year has boomed according to real estate experts.

Posted: Oct 14, 2021 11:32 AM

WLFI Viewing Area—COVID slowed a lot of things down but the real estate market wasn't one of them.

"It was a totally unpredictable year in 2020, we got off to a really strong start," said Real Estate expert and broker Charlie Shook.

A strong start indeed. Real Estate Broker and expert Charlie Shook says despite the pandemic 2020 ended on par with 2019.

"When things began to open up after the vaccinations were available I think that's one of the reasons we've seen so much demand."

A buying demand with little supply. In August 2019 there were over 11,000 homes for sale in Tippecanoe County this year there were just over 9,000 for sale.

"If you take a snapshot of Tippecanoe County and the surrounding counties as of about a week ago we have 12 percent fewer listings than a year ago so that's like going to the grocery store and one out of ten shelves are empty, said Shook.

"We were certainly accustomed to multiple offers but we weren't accustomed to having multiple showings and multiple buyers in the same house at the same time looking at it," said Shook.

Operating Partner for Keller Williams in Lafayette, Ken Cary said the market has seen a slight shift.

Cary said people may miss the shift because of volume numbers. That means what you are getting for your home compared to two years ago has gone up.

"I will say the lower end of the market from 100 to 250, we've had such an inventory shortage in there it's difficult to build, to accommodate a first-time buyer at a price that a first-time buyer can afford," said Cary

Cary also said right now there are two large generations competing in the same market space. He said baby boomers are selling their old family homes and moving into smaller homes and millennials have moved into that same market.

"The market needs more listings," said Cary. "What the market needs more than anything else right now is for people to not be afraid to sell. That's the thing we need more than we need anything else, we need sellers to sell."

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Indiana Coronavirus Cases

Data is updated nightly.

Cases: 1001697

Reported Deaths: 16370
CountyCasesDeaths
Marion1349142114
Lake660941157
Allen57517796
Hamilton46157464
St. Joseph44155608
Elkhart35752508
Vanderburgh32119478
Tippecanoe27824258
Johnson24961444
Hendricks23767355
Porter22833364
Madison18662406
Clark18449252
Vigo17379302
Monroe15205198
LaPorte15077250
Delaware15006260
Howard14647288
Kosciusko12235147
Hancock11639175
Bartholomew11517179
Warrick11264189
Floyd11040214
Wayne10918252
Grant10000218
Morgan9427176
Boone8874116
Dubois8240131
Dearborn818193
Henry8154152
Noble7985106
Marshall7854134
Cass7510120
Lawrence7414170
Shelby7160117
Jackson694688
Gibson6534113
Harrison645891
Huntington635399
Knox6299106
DeKalb627699
Montgomery6214109
Miami590598
Putnam576278
Clinton571371
Whitley561555
Steuben557075
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Jefferson507596
Ripley496886
Adams476875
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Scott436672
Greene422496
Wells421788
Clay420660
White416964
Decatur4139101
Fayette404987
Jennings385260
Posey375343
LaGrange354978
Washington354049
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Spencer337642
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Owen312770
Fulton307767
Orange292063
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Tipton227059
Blackford191141
Pulaski182056
Crawford158823
Newton156648
Benton150217
Brown145247
Martin137419
Switzerland134311
Warren120616
Union106916
Ohio84212
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