Indiana Real Estate Market Trends 2024
- The June 2024 median sale price was $160,000.
- A home goes to “pending” in about eight days.
- South Bend, Indiana, has 33 neighborhoods.
- The area has 53 elementary, 42 middle, and 22 high schools.
- Indiana had 4,217 sales in January 2024.
- The July 2024 median sold price increased by 32.1%.
- South Bend, Indiana, has a 2.9% homeowner vacancy rate.
- The home value increased by $17,695 after a year.
We Buy All Homes and Land As-Is in South Bend, IN
In June 2024, the median sale price of a home in South Bend, Indiana, was $160,000 — 18.1% up from the median sale price in June 2023. These figures reflect the city’s somewhat competitive and strengthening real estate market. The rise over a year may come from the local economy and job market improvements, leading to increased housing demand but limited supply. This increase in the median sale price after a year also signifies a growing homeowner equity, providing financial stability and future opportunities for homeowners in the city.
In the somewhat competitive market, homes for sale in South Bend usually go pending in eight days. After a week on the market, homes have already gone through the sales process, reflecting the robust real estate demand and the well-priced and desirable properties in the area. For sellers in South Bend, this trend shows the benefits of shortlisting periods and fast closing times. Home buyers must explore the area with urgency and quick decision-making to secure a home.
South Bend has 33 neighborhoods, with Granger, Osceola, and Bremen as three of the best places to live. The diverse neighborhoods allow home buyers to choose a living environment that best matches their lifestyle. There is a place for those who want a vibrant urban setting, a quiet suburban area, or a close-knit community feel. Additionally, having multiple neighborhoods fosters a sense of community and belonging among residents, which results in strong local networks. New homeowners can benefit from local initiatives, events, and support systems. The variety also improves the overall city real estate market and economy, attracting more home buyers and investors.
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Indiana Real Estate Facts
Apart from the many neighborhoods, South Bend also falls under the St Joseph County R-1 School District, which has 53 elementary, 42 middle, and 22 high schools. The best elementary schools in the South Bend Community School Corporation include Kennedy Academy, Swanson Traditional School, and Marshall Traditional School. For middle schoolers, the best institutions include Clay International Academy, Dickinson Fine Arts Academy, and Edison Middle School. Regarding high schools, Penn High School, Edwardsburg High School, and John Glenn High School rank among the best in the area. Home buyers with families can look forward to quality education and a great deal of options for children’s schooling.
Zooming out from the city level, Indiana’s real estate market sales in January 2024 stood at 4,217, a 1% increase from January 2023. Indiana’s foreclosure trends reflect the overall health of the housing market. The statewide falling mortgage rates and rising economic confidence mean more individuals can afford to buy homes, resulting in a high demand for real estate in the area. We expect this trend to continue; ideally, home buyers and investors must take advantage of the state’s growth and development now, especially in South Bend.
Going back to South Bend and rewinding, the median sold price in July 2024 increased by 32.1% from June 2024. This increase was the highest among the nearby cities like Clay Township, Portage Township, and German Township. From June to July 2024, Clay Township followed with a 20.3% increase. Portage Township saw an 18.1% increase, while German Township recorded a 7.3% growth in median sold prices. The numbers speak for themselves; South Bend is an incredibly desirable area for real estate investment.
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More South Bend Indiana Real Estate Stats
The city has a 2.9% homeowner vacancy rate and a 13.2% rental vacancy rate. The low homeowner vacancy rate indicates a strong demand for homeownership; with most homes already occupied, the city proves its attractiveness as a permanent residential area. As for the relatively low vacancy rate, it further signifies a stable population where people are choosing to put down roots over constantly moving. Despite the high homeownership rate, the city does not close its doors to those seeking rental housing opportunities.
The value of homes bought in South Bend a year ago has increased by about $17,695; homebuyers who invested in properties in the city have likely seen significant returns on their investments, further solidifying the area’s lucrative reputation. This increase can be interpreted as a solid return on investment for current homeowners. At the same time, prospective buyers may view it as a signal to act before prices escalate further. The potential for future appreciation remains high as the city attracts new residents.
Indiana offers many opportunities for real estate buyers, investors, and sellers, and South Bend is one of the prime locations for such opportunities. The continuous increase in median sale prices, high homeowner vacancy rate, and a high sales-to-list ratio point toward a healthy real estate market.
