In many regional markets, buying a home means scouring a meager supply of for-sale listings and submitting offers well above asking price to beat out the competition. But in a few homebuying hotspots, house hunters are still finding rare pockets of affordability, strong local economies, and good job prospects.
One unexpected state seeing strong demand and a healthy rate of home sales is Indiana, home to the nation’s top three markets for both buyers and investors out of the 300 largest metropolitan areas. Ranking number 1 on the list for the second time in a row is the Lafayette metro area, which boasts a median home price of $355,000, roughly 20% less than the national price tag, according to Realtor.com.
“Indiana housing markets offer home shoppers low prices, really strong economies, and good job prospects,” says Hannah Jones, an economic data analyst at Realtor.com. “These markets didn’t see the boom in popularity that many markets did during the [COVID-19] pandemic, so now is their time to shine. They’re now seeing high price growth, but they’re starting from a much lower point from other markets.”
The four Indiana metros that made the list—No. 1 Lafayette, No. 2 Fort Wayne, No. 3 Elkhart, and No. 9 South Bend—are all within a few hours of one another. They also boast home prices that are roughly $90,000 to $160,000 less than the national median price.