West Lafayette Real Estate Market Stats July 2014 – Before Buying a House

how to buy a house - Buying a houseWhenever you are considering buying a house, one of the key things to consider is, “What is the market doing right now?” If the market value of real estate begins to drop rapidly as you are buying a house, you may be potentially losing a lot of money right up front (note, that the trend in buying real estate is that the value tends to almost always appreciate long-term).

So, to help you see what the market is doing before buying a house, we are going to go over the numbers for West Lafayette’s real estate market.

Before Buying a House: Stats for West Lafayette

Days On Market

West Lafayette Indiana, in July 2014, had a total of 195 homes that sold. Of those homes that sold, the highest days on market was an incredible 347 days! The low was, as is to be expected, 0 days. This left the average days on market to be 58 days and a median days on market to be 36.

Sales Price

As you consider buying a house in West Lafayette, consider what the numbers are telling you. The highest sales price in July for West Lafayette was $590,000. The lowest sales price was $70,000. The average sales price being $200,798 with a median sales price of $164,000. All together, there was $18,473,455 in real estate sales in West Lafayette in July 2014.

What To Know When Buying a House

So, as you’re buying a house in West Lafayette, what does this all really mean? Well, it means that you don’t typically see homes above $600,000 in West Lafayette as well as the average home should be priced between $165,000 – $200,000. If a home is on the market for more than 100 days, it may be worth taking a hard look at the value of the home and making sure you have a thorough inspection done before buying the home.

Finally, if you’re expecting to spend a lot of time making a decision as to which home you are going to make an offer on, don’t wait too long. With an average of 58 days on the market, homes are not lasting long. Interested in seeing some homes before they come off the market? Give us a call at 765-293-9110!

 


Try out our housing search engine here. Thinking about selling your home? Then request a FREE comparative market analysis on your home to find out what it is worth!

KW and Romanski Group Logo

Tags: , , ,

Leave a Reply

You must be logged in to post a comment.