Have you looked at the Newburgh real estate market health lately? Check out our market snapshot for September 13th, 2019!
It’s no secret that now is a great time to sell a home in Newburgh, Indiana! Whether you’ve heard the news from a trusted friend, your real estate agent, or even the local news, you can be sure that we’re definitely in a seller’s market. Let’s take a brief look at the numbers!
How Many Homes are for Sale in Newburgh, IN?
At the time of writing this post (September 13th, 2019), there are just 113 homes for sale in Newburgh! If you aren’t familiar with the Newburgh real estate market, you may not know if that number is a lot or not very many. Let’s start by breaking down that number and showing what kinds of homes that number includes.
Out of 113 homes for sale in Newburgh, Indiana:
- 109 of those are site-built homes
- 4 of those are condos or villas
- 0 of those are manufactured/mobile homes
109 Site-Built Homes for Sale in Newburgh, IN
Site-built homes make up the majority of homes for sale in the 47630 zip code. A site-built home is simply a home that has been constructed in the primary location where the owners of the home will be living. Nearly all of the Newburgh real estate market is composed of site-built homes, and it can be difficult to find other types of homes like condos, villas, or manufactured homes. According to the Indiana Regional MLS, this number (113) is down from last year (~135) for the month of August.
What does that mean for me as a buyer? – If you’re hoping to purchase a site-built home in Newburgh, you’re going to be experiencing a lot of competition. The Newburgh real estate market is a hot area, and there are always more buyers than there are homes for sale. If you find a home you love, move fast to submit a competitive offer. There’s a good chance that anything significantly less than the listing price of the home will not be accepted.
What does that mean for me as a seller? – Home sellers in Newburgh will find themselves in a much better scenario than buyers. With the site-built home inventory being so low, home prices have drastically raised over the past year. Sellers are selling their homes daily, sometimes even for more than asking price, and diamond-quality site-built homes are selling within hours or minutes of coming on the market. If you’re even thinking about selling this fall, get in touch with a local real estate agent to see what kind of value your site-built home will deliver in this Newburgh real estate market.
4 Condos/Villas for Sale in Newburgh, IN
Although it’s possible to find a condo or villa home for sale, there are only 4 of these homes currently listed for sale in Newburgh, Indiana. These types of homes are a hot commodity as they usually come with a list of neighborhood-associated benefits, such as access to community features like a pool or spa, or included lawn mowing services.
What does that mean for me as a buyer? – If you’re looking for a condo or a villa in the 47630 zip code of southwestern Indiana, chances are you’re going to have to wait for a while. Like we mentioned before, there are many condos and villa homes in the area, but unfortunately they aren’t listed for sale very often. And when they do come on the market, you may end up paying higher than asking price due to the near-empty inventory. You might have better luck waiting for a local builder to build a new neighborhood of condos or villa homes!
What does that mean for me as a seller? – If you’re hanging onto a condo or villa and thinking about selling, the numbers will tell you that now is a great time to sell! Just like with site-built homes, don’t be surprised if your condo sells within the first hours or days after listing—as long as it’s in great shape and priced correctly. That being said, more buyers in Newburgh, IN prefer traditional site-built homes, so your buyer pool is always going to be smaller than if the house was a regular site-built home. However, the seller’s market we find ourselves in is still leaning heavily in your favor!
0 Manufactured/Mobile Homes for Sale in Newburgh, IN
Although they are common in some other markets, the Newburgh real estate market for manufactured or mobile homes is almost always barren. While a site-built home is stationary and rests in the location in which the inhabitants are planning to live, it’s possible for a mobile home to move to a different location. Similarly, a manufactured home is generally constructed at a different location and then transported to the owner’s lot of choice.
What does that mean for me as a buyer? – You may have to postpone that housewarming party if you’re hoping to purchase a manufactured or mobile home in Newburgh. Not only do these types of homes rarely come on the market, but there also isn’t much space within the city limits that would allow for one to be installed. Most of Newburgh’s residential areas have already been turned into subdivisions or already have homes built onto the land. That being said, a manufactured or mobile home does pop up for sale every now and then. If you’re dead set on purchasing this kind of home, you may be waiting for quite some time.
What does that mean for me as a seller? – By now you can probably guess what we’re going to say. Following our trend from above, now is an incredible time to sell with such low inventories in the Newburgh real estate market! Just like with selling a condo or a villa home, the number of buyers looking for manufactured or mobile homes is significantly lower than the number of people looking for traditional site-built homes. While that has remained true for a long time, it’s still a great time to sell your manufactured or mobile home if you have one. There may not be as many buyers looking, but you can bet there are even less of these homes available for sale, which will immediately boost your home to near the top of the list!
There is a real shortage of homes for sale in the Newburgh real estate market. From condos and villas to traditional site-built homes, you can see why everyone says we’re in a seller’s market. If you’re thinking about selling, don’t hesitate—now could be your best chance to make the most amount of money for your home!