Metropolitan Statistical Area (MSA):
Lafayette-West Lafayette, IN is a Metropolitan Statistical Area (MSA) comprising counties including .
Lafayette and West Lafayette, Indiana are located in the heart of the Midwest. The two cities are home to Purdue University, which is a major contributor to the local economy. The housing market in the Lafayette-West Lafayette MSA has been strong in recent years, due in part to the growing population and robust economy.
The median home price in the Lafayette-West Lafayette MSA was $164,000 in 2017, up from $157,000 in 2016. The number of homes sold also increased from 1,664 in 2016 to 1,766 in 2017. The average days on market decreased slightly from 87 days in 2016 to 86 days in 2017.
There are several reasons for the strong housing market trends in the Lafayette-West Lafayette MSA. First, there has been population growth due to people moving to the area for jobs and for school. Second, job growth has been strong, with employers such as Purdue University and Caterpillar expanding their operations here. Finally, interest rates remain low by historical standards, making it an affordable time to buy a home.
Looking ahead, it is expected that the strong trends will continue into 2018 and beyond. Population and job growth are expected to remain robust, while interest rates are expected to rise only slowly. This should keep demand for housing high and prices rising steadily throughout the year