As the economy improves from the recession, so does the local housing market. Clinton County real estate agents are seeing good signs with recent increases in home sales prices along with a good mix of buyers looking at homes for sale.
Dave Rodkey, of Rodkey Realty, said this year’s sales figures will likely be about even with sales from 2014, which was the best sales year for Clinton County since the recession. Since 2012, sales figures have increased markedly, according to Rodkey.
In 2012, 115 homes were sold in Frankfort. In 2013, the number went up to 128, and they climbed to 147 in 2014.
Sales figures dropped in 2015 to 123, Rodkey reported. As of October, 130 houses were sold in Frankfort, and Rodkey estimates that the number will be comparable to 2014 once the year ends.
Rodkey and real estate broker Greg Risse both said there are a mix of buyers in the market for a number of reasons. Some want to put their rent payment into a home they can call their own. Some want a bigger house for a growing family. While others, empty nester, want a smaller house because their children have moved out.
No matter the reason, they say now is a good time to buy a house.
“It has been a good year for real estate,” Risse said. “We have seen an upward push in prices. We have really seen supply and demand go to work in the market.”
Rodkey said the inventory of homes is down right now in Frankfort because more people are buying. He has noticed an increase in consumer confidence.
“It seems like people are now confident that they are able to make their payments,” Rodkey said.
Because inventory is down, prices have gone up for some homes in the market. According to Rodkey, the median home sales price in Frankfort is around $60,000, which is a reflection of what home buyers are willing and able to pay.
Risse said he has noticed more $150,000-plus homes sell this year than in the recent past, but he said homes of varying price points are bought quickly as long as they are in good condition.
Risse said many who are buying through him are looking for move-in ready homes rather than fixer-uppers.
“Flippers are doing really well right now because lots of people don’t have a lot of extra money to put into a house right after they make their down payment,” Risse said.
Though there have been increases in available housing around the county, Risse said there is a need for new homes in Frankfort.
He said there hasn’t been much movement in the number of Frankfort homes in a few decades.
“We don’t really have a lot of building around here, and we don’t really have a lot of requests for new homes,” Risse said. “It is definitely a need to have more Frankfort-centered housing growth.”