We're just a few days into 2019, but you might be wondering what's in store for the New Year in Real Estate? The last several months we've been seeing shift in home prices leveling off. Hendricks County has a lot of new housing communities in development which is adding inventory to the market in the $225k+ price range. This effects existing home sales, because buyers have a lot of options and price ranges to choose from when deciding to buy an existing home or build exactly what they want. I expect to see home sales in the $225k+ price range to move more to a buyers market due to lots of building competition. Buyers in this price range will see more and more options in this price range, which will keep prices from increasing like they have been the past 2 years.
For the the first time home buyers looking for their starter home, it won't be so easy, and will continue to be a sellers market. While there are many new subdivisions all around Hendricks County, they just aren't building reasonable priced starter homes anymore. Instead, builders are focusing on the larger 2 story houses because of existing demand and more profitability. If you are looking for your typical 3 Bedroom/2 Bath starter home in the $100-$175k price range you currently only have less than 35 houses in all of Hendricks County to choose from (as of this blog post). I expect this trend to continue this year and beyond because they are not building this price range anymore, and Hendricks County is a fast growing community.
If you have any questions about Buying or Selling in 2019, please Contact Me, I'd love to help you.
Eric