The South Bend-Mishawaka real estate market has witnessed some notable changes in September 2023, as revealed by the latest market report. In this blog post, we will delve into the key data points and trends to give you a comprehensive overview of the current state of the local housing market.
Median Listing Price
In September 2023, the median listing price for homes in the South Bend-Mishawaka metro area stood at $259,900. This figure represents a 4.36% decrease compared to the previous month and a 7.15% decrease when compared to the same month last year. While this may indicate a more favorable environment for buyers, it’s essential to consider the broader context of the market to make well-informed decisions.
Median Price Per Square Foot
The median price per square foot for properties in the South Bend-Mishawaka area is $142. This metric decreased by 0.57% over the last month and 0.75% when compared to September 2022. A slight drop in price per square foot suggests that buyers may find properties more affordable, but it’s important to weigh this against other market indicators.
Median Days on Market
The median days on the market, which measures how long properties stay listed, increased by 5.71% from the previous month. Homes are now spending an average of 37 days on the market. This could indicate a shift toward a more balanced market, giving both buyers and sellers reasonable expectations for property turnover.
Active Listing Count
The active listing count in the South Bend-Mishawaka metro area has seen a significant increase of 14.66% compared to the previous month. With 520 active listings, this may suggest an influx of properties available for sale. However, it’s essential to consider the supply and demand dynamics at play in the market.
New Listing Count
New listings also rose by 11.92% compared to the previous month. Although this is encouraging for buyers looking for more options, it’s important to note that new listings decreased by 7.69% when compared to September of the previous year. This data suggests a year-over-year shift in the market’s dynamics.
Pending Listing Count
The pending listing count skyrocketed by 47.03% compared to the previous month and an impressive 171.47% when compared to the same period in 2022. A surge in pending listings indicates a growing number of properties under contract, which may lead to increased sales activity in the near future.
The September 2023 South Bend-Mishawaka real estate market report paints a dynamic picture of the local housing market. While some metrics like median listing price and price per square foot have seen decreases, others such as days on market and pending listings have shown significant increases. These changes may reflect shifting dynamics between buyers and sellers and present both challenges and opportunities for those involved in the market.
As always, it’s crucial for both buyers and sellers to stay informed and work with a real estate professional like Jennifer Lillie who can provide expert guidance tailored to the specific conditions of the South Bend-Mishawaka area. Real estate decisions should be made with a keen eye on the local market and a clear understanding of the broader economic and social factors that influence it. Contact Jennifer Lillie today to get the best advice at 574-286-9667 or jen@jenlillie.com.
