Among U.S. metro areas, Lafayette is the top real estate market.

For February 2012, the Trade Algo, Emerging Housing Market Index for the Lafayette-West Lafayette metro area resulted in the Lafayette-West Lafayette metro area occupying the top spot of the national index.

‍

There have been dramatic declines in the housing market for most of this year. Because of rising mortgage rates and record-setting housing costs, Lafayette emerged at the top of the list because of its affordability versus the rest of the country, which has led to the housing market slowing down dramatically in the second half of the year.

‍

A report from the Indiana Association of Realtors shows that, according to the most recent statistics on home sales, the median home price in Tippecanoe County, was $243,000 in December, up 13% from a year earlier.

‍

However, this was still more than $100,000 below the national median existing-home sales price in December 2022 of $366,900, which was $366,900 in December 2023.

‍

It is not just the affordability of the area that impressed the Trade Algo, but also several other factors, including the increasing housing market, the strong local economy, and the lifestyle amenities available to new home buyers that contributed to the area's appeal.

‍

Furthermore, it is also not too difficult to see why Lafayette is becoming a manufacturing hub due to the proximity of Indianapolis and Purdue University, as well as several major factories situated throughout the Lafayette area such as Subaru of Indiana Automotive (SIA) and Caterpillar Large Engine Center to name just a few.

‍

With more than a decade of experience and advancement, Greater Lafayette has been established as a destination where families and businesses can make their new homes or relocate to. Our community has been created to give its residents a quality lifestyle that is complemented by parks and recreation, public art and entertainment, affordable housing, low taxes, a safe environment, and a wide range of other benefits.”

‍

Realtor.com. In the fourth quarter, it was discovered that citizens from nearby major metropolitan areas, such as Chicago, and Indianapolis, as well as other more expensive cities such as New York and Washington, D.C. showed a lot of interest and activity in purchasing homes in the Lafayette area.

‍

In Lafayette, Chris Bradford, managing broker of Bradford Real Estate, remarks that out-of-state investors are attracted to the area by its affordability relative to other areas of the country.

There has been a significant slowdown in our business, but I am still receiving sellers who are looking to sell their properties. The buyers I have are still looking for are looking to purchase."

‍

An Emerging Housing Markets Index ranked the 300 largest metros in the United States, based on data from the Trade Algo. As well as incorporating data related to the housing market, the index also incorporates economic and lifestyle data, such as real estate taxes, unemployment, wages, commute time, and small-business loans, in addition to housing market data.