The housing market in Northwest Indiana is sizzling, with the median selling price at record highs.
"Locally, we are by far at all-time high numbers," said Pete Novak Jr., CEO of the Greater Northwest Indiana Association of Realtors.
In June, the median price tag was $162,000, according to monthly statistics released by GNIAR and based on GNIAR's Multiple Listing Service. The median price tag year-to-date for Lake, Porter, LaPorte, Newton, Starke, Jasper and Pulaski counties is $153,000.
Porter County sales continue to be especially strong, with a median selling price in June of $195,450. Unlike most of the region, this was a 2.2 percent dip from last year's median price tag of $199,900.
Year-to-date, the prices have risen 2.8 percent over this time last year in Porter County, however, going from $180,000 to $185,000.
In Lake County, the median selling price in June was $163,000, a 9 percent hike over the $149,480 average the previous June. Year-to-date Lake County's median selling price is $153,000, representing a 7.1 percent increase over last year's $142,900.
Novak said this is a seller's market, with sellers getting a greater percentage of their asking price.
"When you have multiple buyers this puts the seller at an advantage. It tells me that there re multiple offers on a house," Novak said.
Still, he wonders if this momentum can continue, given the high demand and low inventory on the market.
"Demand could wane or there could be more supply. Both would drive values down," Novak said.
Plus, the hottest months for real estate are coming to a close for the year.
According to the National Association of Realtors, one-third of houses are sold during the summer months.
"Spring is known by many to be the hottest season to sell a home as the winter doldrums are ending and people are getting their homes and yards in selling shape. Yet in summer, the frenzy of the spring buying season has often concluded, which means fewer houses are competing for buyers, said Nathan Reeder, president of GNIAR's Board of Directors.
"History tells us price will go down in the future," Novak said.
"It's a riddle to me why there aren't more sellers with houses worth more than ever," he said.