Fighting Irish Cheering Local Median Home Sales Prices
Not that we really needed another bit of evidence to support why living here is so great, but NAR’s Q2 Metro Home Prices report comes through for us in a big way!
According to the report, which ranks median single-family price data for approximately 183 metropolitan statistical areas (MSAs), the South Bend/Mishawaka MSA is the 17th most affordable market in United States! The Indiana Association of Realtors also reports that St. Joseph’s County finished July up 12% in year-over-year prices with sales up about 9%.
The current median sales price according to NAR is $174,900, which is up 14% over this time last year when the median sales price was $153,300. That double-digit price increase is great news for homeowners who will benefit from a nice equity bump. But the fact remains that you can get great value for your money in our market. We were one of the 94% of the 383 markets that showed double-digit price gains.
When you compare this to the national median sales price of $359,900, you can really get a sense of how affordable homes are here. It’s stunning to realize that we are more than 50 percent lower than the national median price. And, when you live here – or move here – you get the benefit of Notre Dame!.
When you compare college towns across the county, South Bend/Mishawaka is the most affordable major college town in the nation. Syracuse follows with a median sales price of $176,100 for the loyal Orange. The Fighting Illini of Champaign-Urbana are cheering for a median sales price of $183,700 while the Spartans of Michigan State University are raising a glass to a median sales price of $184,500.
According to U.S. News and World Report’s Best Places rankings, South Bend’s downtown, has undergone revitalization in recent years, bringing new apartments and condos that are attracting young professionals and empty nesters, as well as new bars and restaurants. And no surprise to us, South Bend ranked the 8th most affordable place to live among 150 metro areas analyzed. The attraction of South Bend is impacting our real estate market in several ways:
- Empty nesters and Baby Boomers are not looking to leave. This has helped create an inventory log jam as many are staying in their homes. Traditionally we would see many choose to retire in other areas of the country and they would list their homes. Currently, this is not as prevalent.
- The work-from-anywhere mantra that arose during COVID brought throngs of out-of-town buyers to South Bend. They wanted to take advantage of our great affordability along with the incredible lifestyle we enjoy here. This influx obviously created additional stress on our supply of homes.
- Parents of Notre Dame students are taking advantage of our affordability and purchasing condos for their students. This used to be a minor blip on the housing industry, but it has now become a “real thing.” Essentially, the student lives rent free while his/her roommates cover the mortgage with rent. These families then retain the home after graduation as an investment property or as a second home for football weekends and other campus visits.
- Affluent alumni are returning. The area around the Notre Dame campus has exploded in popularity with strong demand and rising prices. They want to return for weekends and have a place of their own. Many are choosing the new developments like Belle Terre Villas, The Echoes and Brennan’s View Condominiums.
This activity continues to drive our current market conditions where low inventory still has homes selling quickly and for higher prices.
Our affordability is just one of the many reasons why there is no other place I’d want to live. And remember, if you need any assistance buying or selling a home – or have any questions - Irish Realty is on your team! Reach out to me firstname.lastname@example.org or call 574-360-2569 with any questions.
Until next month!