2020-2021 Real Estate Market Update

Real Estate Market Update: (February 17, 2021). The 2021 real estate market is off and… walking. We’re far from running at this point. There are only 114 houses available for sale in Delaware county. There are only 198 within the entire MEIAR region which is 3 counties). That’s an unprecedented low number. We’re down about 8% in inventory from last year. In years past, at this time of the year, you might see 400-500 houses available with over 1,100 available in the summer months. However, in 2020 we hardly had over 290 homes available with the inventory of homes in the summer months hardly over 200. Fortunately, we’re seeing nice appreciation which comes from strong demand and limited supply. In Delaware County (Muncie and Yorktown, IN) the average price of a home was $133,091. Sale prices were up 10% from the previous year, with the number of homes sold up 8% to 1,402, and volume sold up 19%. Bank rates are still very attractive. This is causing many to consider buying over renting, and refinancing continues to be in strong demand. Now, more than ever, is a perfect time to have a REALTOR® help guide you through the complexities of buying and selling. — Steve Slavin, Broker and MEIAR Board Member.