Buyers can breathe a little as home inventory is picking up, but with rising mortgage rates and steadily high prices, it’s still a seller’s market in Michiana.
Housing inventory in St. Joseph County has risen consistently since January, jumping from 206 houses for sale in the first month of 2022 to 372 in June, according to data from the Indiana Association of Realtors.
Yet median prices for homes are still significantly higher than a year ago, signaling that home prices might be stabilizing but won’t be going down anytime soon.
And there’s an anomaly: Inventory for the most affordable price points, homes under $200,000, has seen a 16% decrease in inventory, said Steve Smith, Managing Broker at Irish Realty.
“For folks now looking to take advantage of the most affordable section of the market, there's actually even tighter inventory,” Smith said.
Looking for a home in St. Joe County?:Here's what $350,000 can get you.