Fort Wayne, Indiana, surprisingly ranked as the “hottest” market in the U.S. for July, as properties worth less than $200,000 sold within just two days.
An analysis showed that the city jumped 11 places from its previous rank at the 12th spot last year. Affordable home prices and good value for money primarily led Fort Wayne to be the most in-demand market in the previous month. Homebuyers with only $250,000 can get a 2,400-square-foot home with four bedrooms and two-and-a-half bathrooms. Two other cities, which are Lafayette and Elkhart-Goshen, also made it to the top 20 list.
Hottest Housing Markets
Lafayette and Elkhart-Goshen ranked as sixth and 16th hottest market, respectively. Elkhart-Goshen might not be in the top 10, but the city significantly improved on the standings after it climbed from the 86th spot in 2018. Lafayette moved up to its current spot from being 47th on the list in the same year. Aside from cheap home prices, the three cities in Indiana have become among buyers’ favorite due to economic and job growth.
Fort Wayne, however, stood out because it’s possible to buy a starter home for just $75,000. Once you see one for sale, you need to decide quickly since these listings can disappear from the market within 24 hours. In West Lafayette, starter houses cost around $100,000. Indianapolis might not be among the hottest markets for July, but demand for properties remains strong in the state capital.
Who Will Buy My House in Indianapolis?
Some experts say that Indianapolis has become a seller’s market, following home prices that rose as much as 13% from the previous year. Hence, real estate investors are among those who are keen on acquiring properties. First-time homebuyers might stay away from the city due to a shortage of available houses, which partly caused higher property values.
If you want to sell your home quickly in Indianapolis, it’s better to look for a company that offers cash for houses in Indiana. Some companies are even willing to buy a house whether or not it’s in mint condition. The housing market in the city is also expected to outperform the U.S. average in the next 12 months when prices are forecast to increase by 4.6% within 2020.
Home Sales in Indiana
The strong demand for homes in Indianapolis manifested through more pending sales in July within Central Indiana. Pending transactions rose by 5% compared to the same month last year. Median home prices in the first seven months of 2019 also increased to almost $224,500, up by 4.5% year over year.
In the end, Fort Wayne, Lafayette, and Elkhart-Goshen in Indiana are among the top 20 hottest housing markets because of cheap home prices. However, home sellers in Indianapolis have likely more freedom to sell a house at a premium, even if homes sell like pancakes in the three other cities. You should take advantage of the market activity Indianapolis, as the tight housing supply compels buyers to pay a premium for the right property.