In 2020, I predict that the housing market will…. keep us on our toes! What else is new?
I wish I could predict the future. You would think that after 30 years in the real estate industry that I’d have the ability to see exactly what the market will be like in the months to come. Although I can’t promise complete accuracy, I do have some insight on what the 2020 housing market will be like in Porter and Lake County.
Similar to last year, I believe that interest rates will remain low and lack of housing inventory is likely to continue to be an issue. Thanks to supply and demand, this means that values will slowly but surely continue to rise as they have for the past three to four years. The fact is, both Porter and Lake Counties have experienced slight increases in value and less homes sold than in the past. Here are the numbers for 2018 and 2019:
PORTER COUNTY
Homes Sold Average Price Days to Sell
2019 2494 $242,074 74
2018 2583 $230,124 77
LAKE COUNTY
Homes Sold Average Price Days to Sell
2019 6468 $199,604 67
2018 6633 $186,741 69
Along with the data, here are some up-to-date facts about the market that might end up applying to you if you buy or sell a home in 2020:
- People typically live in their home for 9 years before selling, compared to 7 years in the mid-2000’s.
- The Midwest has the highest rates of homeownership in the nation at 68.2%
- Sellers from 39-53 years old (Gen Xers) make up the largest share of home sellers at 25%.
- Millennials remain the largest generation of home buyers.
And finally, the best news for last! I decided to do a little research into the home buying habits of Millennials since they’re currently purchasing more real estate than any other demographic group. According to sources, some Millennials are buying real estate because of their dogs. Per a survey taken by Realtor.com, 73% of Millennials own a pet and 79% of the pet-owning homebuyers would pass up a home if it didn’t meet the needs of their pet. Who knew that Fido had that much clout?!
The bottom line is real estate is still a great investment and the need for property isn’t going away anytime soon. If you are planning on getting in on the action and making a move this year, please call Jeanne Sommer at Century 21 Alliance Group at (219) 462-2090. And if you are thinking of getting a dog, call Lakeshore PAWS at (219) 476-7297. I predict dogs and homes in your future!