The housing market has certainly been something to watch over the last few years. Rent and home prices have gone up steadily in the United States throughout that time.
Because of this, people in Indiana need to make about $19 an hour to afford rent now.
Are home prices going to continue to go up? Is this a good time for real estate investors to put some stock in Noblesville property?
This guide answers those questions and more.
Condos Losing Value
Something worth noting in Noblesville is how much the price per square foot goes for condos in this area.
In 2022, this was as high as $207 per square foot. As of July 2023, this has gone down to $184 per square foot. This means that these types of properties have lost more than 10% of their value in just over a year.
Should this cause alarm? Not necessarily.
That is because 2022 also had a point in the year where the cost per square foot went down. That number mentioned above was in the middle of June last year. By September, it had dropped to $168 per square foot.
Devil's advocate to this would be that at the same time in 2023, a condo only had a value of $190 per square foot. Considering this is still $17 less per square foot than at the same time last year, it might suggest that condos in this area are not worth what they used to be.
Single Family Homes Went Up
On the contrary, single-family homes have steadily increased in value compared to last year.
Let's take a look at July 2022 as a reference point. Back then, the average cost per square foot was $159. Now, it's up to $179 per square foot.
Admittedly, this is not the highest value single-family homes have seen around here in 2023. Back in April, it was as high as $184 per square foot.
You should note that throughout all of 2023, the price has not fluctuated by more than $15. As a result, it is safe to say that single-family homes hold more value in Noblesville than they did last year.
What does this mean for this area? It means that home listing prices should hold steady in this area. Noblesville has seen a great increase here, going up by about $40,000 in just four years.
As of now, there are no signs of that slowing down.
Keep Up With the Housing Market
These are a couple of notes that you should make about the Noblesville housing market. The two main areas you need to focus on are the value of condos and the value of single-family homes.
As of now, condos do not appear to be heading in the right direction. On the other hand, single-family homes still look like a reliable investment.
Are you interested in investing in this area? Do you want to know more about homes in Noblesville?
Message us here with your questions.