Schererville Market Update – February 2017
Schererville Mortgage Lender – Larry Penilla
When it comes to your mortgage, it’s important that you work with a trusted professional who can offer great advice that works in your best interests. As a mortgage lender, I take the necessary actions to ensure that I am as educated and up-to-date with the latest happenings pertaining to the housing market.
Back in June 2016, the median list price for a home in Schererville surpassed the $230,000 mark for the first time with a price of $239,900. Although this fluctuated over the final half of the year, December 2016 also had a median list price of $239,000 according to Zillow. Prior to the new high, the most expensive home was listed at $219,000.
What does this mean for the first few months of 2017 and beyond?
The current home price index for Schererville on Zillow is $211,600. This number has increased by 3.4% over the past year and is expected to rise another 3.6% within the next 12 months.
As home prices increase, it comes with no surprise that so does the median list price per square foot. In December 2016, the median list price reached $126 per square foot, the highest total it has been in at least the past 6 years.
To put the increase in perspective, the median list price in December 2015 was $111 per square foot and in December 2014 it was $109. In December 2013, the price was $101 per square foot.
With the cost of owning a home becoming increasingly expensive, does this also affect the cost to rent? Yes, to an extent.
At the end of 2016, the median rent price in Schererville was $1,598. This was lower than the median rent in Chicago Metro ($1,654) but higher than the national average in the United States ($1,411). However, in the first month of 2017, the median rent price decreased slightly to $1,520, per market trends on Trulia.
With the housing market quietly gaining traction, Schererville is a market to certainly keep an eye as we move forward in 2017. Will the cost of homes continue its steady incline? Will they take a step back? This remains to be seen.
As a Schererville mortgage lender, I am constantly monitoring to local housing market so that I can best help my clients get the home they desire with the right mortgage.
There are several ways to get the loan that’s right for you. If you’re interested in obtaining a home loan, contact me today!