This past year central Indiana home buyers overwhelmingly chose existing homes over new homes (by an 89-11 margin). Almost half did so with the expectation or desire to choose and customize design features, and many felt that they were getting more bang for their buck with an existing house. 82% of the homes bought were detached single family residences. It actually surprised me that 18% bought condos or townhomes. Really surprising. But 12% were senior related properties, and that might largely explain most of the 18%.
The average home was 1940 square feet and was built in 1996. So, while buyers didn’t opt for new homes, they definitely liked those with a newer feel to them.
The typical buyer stayed close to home, with the median move from old to new being just 10 miles down the road. The average buyer says they’ll live in their new home for 10 years, which is certainly less than forever (rarely happens despite what people say) but definitely more than a 5 year hold that one might see in a highly inflationary market or one dominated by military personnel or 20 somethings.
Thinking about buying or selling— call me to get the full scoop! Talk soon, Bob
“I work harder to make good things happen!!”