Why Are Home Prices Rising in Our Fort Wayne Market?
While more and more buyers are entering our market, inventory is shrinking. This is causing home prices to increase.
What’s the latest news from our Fort Wayne market?
Starter homes, or those priced under $150,000, are selling quickly. Four-bedroom homes priced around $200,000 in Northwest Allen County and Southwest Allen County school systems are selling quickly as well. Any home that’s priced correctly within these price points, is in good condition, and is marketed well will potentially receive multiple offers.
On the flipside, luxury homes in Fort Wayne aren’t selling as quickly. This isn’t surprising, though, since these homes tend to have the smallest buyer pool and stay on the market the longest.
"While more and more buyers are entering our market, inventory is shrinking. This is causing home prices to increase."
Our median sale price is around $130,000, but our average sale price is around $178,000, which is roughly a 12% increase compared to this time last year. The cause of this increase is a matter of supply and demand—inventory is shrinking while more and more buyers are entering the market due to rising rental rates.
If you’re a first-time homebuyer in our market, make sure you calculate your budget before you start your home search. Once you know what you can afford, we can help you determine which price range you should search in.
Whether you're looking to buy a home, sell a home, or if you have any other questions about our market, don't hesitate to give me a call or shoot me an email. I’d be happy to help you.