Metropolitan Statistical Area (MSA):
Wabash, IN is a Metropolitan Statistical Area (MSA) comprising counties including Wabash County.
There is no doubt that the Wabash, IN metropolitan statistical area (MSA) has seen some major changes in the housing market over the past few years. The most notable change has been the decrease in home prices, which has made it a buyer's market. According to Zillow, the median home value in the Wabash MSA is $85,100, which is a decrease of 6.4% over the past year and a decrease of 13.3% over the past two years. This trend is expected to continue in 2019, as more and more people are choosing to rent instead of buy due to the current state of the economy.
The decrease in home values can be attributed to a number of factors, but one of the most significant is the rise in foreclosures. In 2018, there were 1,086 foreclosure filings in the Wabash MSA, which was an increase of 9% from 2017 and an increase of 23% from 2016. This trend is likely to continue as more people struggle to keep up with their mortgage payments.
Another factor that has contributed to the decline in home values is the influx of new construction homes onto the market. According to Realtor.com, there are currently 1,072 new construction homes for sale in Wabash MSA, which is an increase of 8% from last year. This glut of new homes has put downward pressure on prices as builders compete for buyers' attention (and dollars).
If you're thinking about buying a home in Wabash MSA, now is a great time to do so! Prices are low and there are plenty of properties on the market to choose from. However, it's important to be aware that this trend may not last forever – eventually prices will start to rebound (although it's impossible to say when exactly this will happen). So if you're thinking about buying a property in Wabash MSA, it's best to do so sooner rather than later!