How 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.
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.
For more information regarding the South Bend and Mishawaka area, read our blog post here