"Real Estate Trends Unveiled: Southwest Michigan & Northern Indiana Market Insights for 2024"

The real estate market in Indiana and its neighboring Michigan counties has experienced notable shifts in 2024. Focusing on St. Joseph County and Elkhart County in Indiana, as well as Cass County and Berrien County in Michigan, provides a comprehensive view of the current housing trends in these regions.

**St. Joseph County, Indiana**

St. Joseph County, home to cities like South Bend and Mishawaka, has seen a dynamic real estate market in 2024. As of October 2024, the median sale price in the county was $216,750, marking an 8% increase year-over-year.  This upward trend indicates a robust demand for housing in the area.

The number of closed sales in October 2024 reached 292, a 3% rise compared to the same period last year.  This growth suggests a healthy market with active buyer participation.

Inventory levels have remained relatively stable, with an average daily inventory of 6.4 homes per 1,000 households in October 2024, slightly above the state average of 5.8.  This balance between supply and demand has contributed to the steady appreciation in home values.

**Elkhart County, Indiana**

Elkhart County, known for its manufacturing industry, particularly in recreational vehicles, has also experienced significant real estate activity. The average home value in the county stood at $243,675, reflecting a 2.7% increase over the past year.  Homes in Elkhart County typically go pending in approximately 15 days, indicating a fast-paced market.

In October 2024, the median sale price for homes in Elkhart was $262,500, a 6.7% increase from the previous month.  This rise in prices underscores the strong demand and limited supply in the area.

The inventory of homes for sale has seen a slight uptick, with a 7.2% increase in the number of three-bedroom homes available in October 2024 compared to the previous month.  Despite this increase, the market remains competitive, with homes selling quickly.

**Cass County, Michigan**

Cass County, located just north of Indiana, has witnessed a dynamic housing market in 2024. The average home value in the county is $257,758, marking a 1.9% increase over the past year.  In October 2024, the median sale price was $255,000, a significant 24.3% increase compared to the previous year. 

Homes in Cass County are selling faster, with an average of 33 days on the market in October 2024, down by 58.7% compared to last year.  This decrease in days on market indicates a high demand and a competitive environment for buyers.

The number of homes sold in August 2024 was 59, slightly down from 61 the previous year, suggesting a tight inventory that may be driving up prices. 

**Berrien County, Michigan**

Berrien County, encompassing cities like St. Joseph and Benton Harbor, has experienced varied trends in its real estate market. The average home value in the county is $252,448, reflecting a 3.4% increase over the past year. 

In September 2024, the median sale price was $266,400, an 11.2% decrease compared to the previous year.  This decline may be attributed to an increase in inventory or a shift in buyer preferences.

Homes in Berrien County are spending more time on the market, averaging 48 days in September 2024, up from 45 days the previous year.  The number of homes sold also decreased to 159 in September 2024, down from 193 the previous year, indicating a potential cooling in the market.

**Statewide Trends in Indiana**

Statewide, Indiana's housing market has shown resilience. In September 2024, the median sale price was $260,000, a 5% increase year-over-year.  Closed sales for the same month totaled 6,705, a 1% increase from the previous year, suggesting steady demand across the state.

Affordability remains a concern, with the median home price in Indiana at $265,100. However, the state is expected to see a decrease in prices due to a rise in inventory in the latter half of 2024. 

**Factors Influencing the Market**

Several factors are influencing the real estate markets in these counties:

- **Economic Stability:** The presence of manufacturing industries, particularly in Elkhart County, provides economic stability, supporting the housing market.

- **Affordability:** Despite rising prices, areas like Fort Wayne, Indiana, have been recognized for their affordability, attracting buyers seeking lower-cost housing options. 

- **Inventory Levels:** Fluctuations in inventory levels are impacting prices and the speed at which homes sell. Increased inventory in some areas may lead to more balanced markets, while limited supply in others keeps competition high.

- **Climate Resilience:** The Midwest, including parts of Indiana and Michigan, offers lower climate risks, making these areas attractive to buyers concerned about natural disasters.