A few years ago, the South Bend Tribune reported real estate experts as positive that the Indiana housing market would stay strong and robust for future homeowners. Turns out experts were proven right, as of July 2022 the Wall Street Journal’s housing index results listed several local Indiana cities within the Top 20 choices. But what do these cities have to offer for future homeowners looking into Hoosier territory? Let’s take a look at each area and discuss what residents can look forward to within the northern Indiana housing market.
Out of the 300 largest metropolitan areas considered in the United States Housing Index, Elkhart-Goshen was listed as the #1 spot in the real estate market. For the Indiana housing market, this rank is reasonable considering how Elkhart manufactures 80% of recreational vehicles globally within St. Joseph County, thus making the “RV Capital of the World’s” unemployment rate the lowest on the report at only 1.6%.
Bordering Michigan, this quaint, growing area offers more opportunities than just RV and automotive services. Home to Goshen College and merely 30-40 minutes from South Bend, the cities offer residents close access to downtown activity combined with Midwest friendly communities. Recently, Elkhart and Goshen are seeing a steady increase in home sales and movement into the community with the median list price for a home being $207,900 and trending up 12.4% year-over-year.
In the last 10 years, Elkhart-Goshen’s metropolitan expanding job economy has rapidly led to new industry growth of travel, tourism, and recreation businesses that has carried a wave of new residents. However, existing homes are being quickly snatched up in recent years as the sudden influx Indiana housing market demands overwhelm builders. Now with the recent housing index report, buyers looking to settle in the Elkhart-Goshen area are urged to search now before costs rise and limited housing is taken within Indiana’s current hotspot.
Ranked at #26 on the top 50 hottest real estate listings, Lafayette is a city that holds value for stability and comfort within the Indiana housing market. Located in northwest Indiana between Chicago and Indianapolis, Lafayette is home to over 190,000 residents and boasts several private schools, Purdue University, and a branch of Ivy Tech Community College. The city itself is a small, quaint historic town with a diverse array of businesses, corporations, public parks, and attractions that appeal to a growing family community.
Coupled with its safe neighborhoods and median home prices of $225,000 trending up 21.7% yearly drawing homeowners in, market experts predict Lafayette will continue to thrive as a housing hotspot for future buyers.
The 2nd largest city in Indiana, Fort Wayne ranks #4 in the nationwide housing index for its diverse industrial center and attractive downtown area. Indiana housing market buyers are drawn to the city due to affordable rental rates and median home prices of $210,000, trending up 13.6% year over year.
These relatively low rates make a great choice for house flipping investments and buyers on a budget; then again, such prices also mean fewer homes due to their popularity in the real estate market. Thus, sellers within the Indiana housing market hope to earn great profits from eager homebuyers.
Offering many family attractions and events, Fort Wayne maintains its reputation of high quality of living and safety which has earned it three All-America City awards from the National League of Cities.
Mishawaka-South Bend remains a prime property hotspot for its long-standing history and community life in the Indiana housing market. Right on the border of Michigan and close to the Great Lakes, South Bend ranks as one of the best places to build a career for having living costs well below America’s national average.
Business-friendly, South Bend-Mishawaka’s economy continues to recover with its unemployment rate at only 2.9% due to its diverse industry mixture of leisure and hospitality, construction, education, and health services which continuously drive annual growth.
Home to Notre Dame University—Northern Indiana’s cultural and economic hub of activity—the Mishawaka-South Bend area stays at the center of Indiana’s housing market activity with its affordable amenities, space, and median home values at $179,900 trending up 20% yearly. Due to space and housing limits, though, buyers are encouraged to search for listings before options drop.
Ready to Buy Your Dream Home?
No matter the city you choose, each hotspot has its own unique perks and appeals to draw in buyers within the Indiana housing market for homeowners. While investing in a new home and moving can be exciting, it’s difficult to secure your dream property in an unfamiliar market. As Indiana’s Title Company, we at Metropolitan Title are happy to help new Hoosiers buy their dream homes with secure financial, investment, and title consultation. To learn more about how Metropolitan Title can help secure your new property title, contact us today.