Buying a house in any market can be a stressful process but choosing to shop for a home today can be even more complicated than usual. Nationwide, over 575,000 homes sold in November alone, which is an increase of 19.6%, year over year.
That would be great news for the market, if the number of newly listed homes nationwide in November wasn’t 477,379, or just 8.6% of an increase, year over year. It amounts to about a 1-1/2-month supply of homes across the nation, a shortage that’s driven an increase in median sales prices to $335,519, or a 14% increase year over year, with 34.9% of homes selling for home than list price (up 13.6%).
This tells us the same story we’ve been hearing throughout the pandemic. Nationally, there aren’t enough homes to sell and far too many people looking to buy. That’s why more buyers are turning to smaller markets like Batesville, Indiana. These smaller markets tend to be less competitive, with more stable home prices, making the buying process much easier and less stressful.
Batesville, Indiana, By the Numbers
If you’re looking to make a home purchase within a reasonable drive to either Indianapolis, Indiana, or Cincinnati, Ohio, Batesville is a natural choice. It sits roughly midway between the two, giving you access to both metropolitan areas within a reasonable commute. It’s close enough for a daily drive, and really excellent for a telecommuter who has to pop into the office just once in a while. You’re away from it all, but close to everything. So much winning.
But convenience is just part of the story of Batesville, Indiana real estate. For a buyer looking to settle down and build a life for their family outside of the craziness of the large cities, buying in Batesville might be the answer. Here’s what the numbers say:
Change in Median Sales Price
Nationally, median sales prices are going through the roof. As mentioned above, according to Redfin, sales in November 2020 were 14% more pricey than those in November 2019. A lot of factors go into this figure, but it’s largely due to the lack of inventory nationwide. When you’re buying a home and this is the main influencer on price, there’s a non-zero chance that you’re going to see a dip in value at some point during your ownership, simply to catch up to where the market would have been if inventory hadn’t been so short.
Although Batesville home sales averaged $260,000 in November 2020, volatility in pricing isn’t high. That’s only a 3.6% gain year over year, which is fairly reasonable, considering the inflation that exists. In other nearby markets, median sales prices are up 15.7% (Indianapolis) and 18.8% (Cincinnati), which may lead to a local bubble that’s ripe for bursting.
Days on Market
Days on Market (DoM) is a metric that measures how long it takes for a home to go from listed in the multi-list service to under contract. Because of nationwide housing shortages, this figure has been remarkably low for some time. This November, it was just 27 DoM for the average home nationally, down 18 days year over year. That’s under a month! This speaks to a market that’s hot and buyers who are ready to make a move.
Although Batesville homes are only spending about 20.5 DoM, that still gives you a little room to breathe when compared to just seven DoM for nearby Indianapolis. Imagine trying to find a home when you have to make a call that quickly! You may easily walk into the house of your dreams, only to find that it went under contract while your agent was showing it. This is the stuff broken hearts are made of.
Price Per Square Foot
If you want to talk about value, Price Per Square Foot is the ultimate indicator. What your $260,000 buys is different in different markets, due to a whole slew of factors. If you’re looking for a good price on a sprawling suburban or rural home, Batesville is a great value at just $86 per square foot. Cincinnati, by comparison, comes in at $119 per square foot.
To put that into more real-world terms, for $260,000, you’d be able to buy a 3,023 square foot home in Batesville, where the same money would only get you 2,184 in Cincinnati. That’s most of a third more house in buying power!
Batesville, Indiana, Offers Great Values at a Slower Pace
If you’re looking for a real estate buying experience that gives you a little room to breathe, and more buying power than you might ever imagine, Batesville may be your answer. Come and see why the city has such stable home prices, and take your time choosing your new home.