The housing market in Northwest Indiana got off to a good start in 2020, with year over year increases in January in both the number of houses sold and the median sales price.
According to the monthly housing report issued by Greater Northwest Indiana Association of Realtors, the Lake County market posted a 5.3% increase in median sales price over January 2019, from $155,000 to $163,250, and a 10% hike in units sold, from 320 to 352.
Porter County boasted a 9.7% jump in median sales price, from $200,000 to $219,450, and a 10.7% climb in units sold, from 112 to 124. The seven counties covered by GNIAR combined --Lake, Porter, LaPorte, Jasper, Newton, Starke and Pulaski -- saw an 8.2% increase in median sales price, from $157,000 to $169,900, and a 10.7% bump in units sold, from 534 to 591.
“It was a nice jump to begin the year,” GNIAR CEO Peter Novak Jr., said.
Novak attributed the continuing robust market to the region's relatively low housing costs compared to areas in Illinois and low interest rates.
He said inventory is still low, which continues to be a problem for home buyers, but there was an improvement in the number of new listings in January.
"My advice is if you like something and you're even remotely checking all your boxes, then you certainly need to act on it," Novak said.
He said the coronavirus is one factor that could disrupt the market, however.
"It absolutely has the opportunity to disrupt the economy and the housing market," Novak said.
“We’re already beginning to see different markets beginning to struggle,” he added.
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