Price reductions swept through the Michigan City-La Porte, IN metro housing market during the week ending Nov. 14, with 52.8% of active listings dropping their asking prices as homes sat on the market for a median of 77 days.
The Indiana metro’s 290 single-family homes for sale carried a median list price of $299,000, or $157.7 per square foot. Despite maintaining seller-favorable conditions with 2.7 months of supply, the widespread price adjustments signal sellers are recalibrating expectations to match buyer demand.
Inventory and pace
Active listings totaled 290 homes across the Michigan City metro, with 21 new properties entering the market during the week. The market absorbed 27 homes, creating positive net absorption that reduced overall inventory levels.
The 77-day median time on market reflects extended selling periods that pressure sellers to adjust pricing strategies. Just 1.7% of listings increased prices during the week, while the 52.8% reducing prices marks an unusually high rate of seller concessions.
Relisted properties accounted for 9.7% of active inventory, indicating most sellers are choosing price cuts over pulling listings and returning later.
Pricing
The $299,000 median list price positions Michigan City’s single-family market at $157.7 per square foot. The high percentage of price reductions suggests initial listing prices exceeded what buyers would accept at current market conditions.
While specific price reduction magnitudes weren’t available, the 52.8% of homes with cuts represents more than half of all active inventory making downward adjustments.
What to watch
The 2.7 months of supply maintains technical seller market territory, yet the 52.8% price reduction rate reveals pricing pressure typically associated with more balanced conditions. Weekly absorption of 27 homes against 21 new listings shows healthy demand exists at appropriate price points.
The 77-day median market time and 9.7% relisting rate serve as key indicators of whether current price adjustments will accelerate sales velocity in coming weeks.
Track the 52.8% price cut rate to gauge whether sellers continue aggressive repricing strategies. Monitor the 77-day median market time for signs of acceleration as prices adjust. Use the 2.7 months supply metric to identify any shift away from seller market conditions.
HousingWire used HW Data to source this story. To see what’s happening in your own local market, generate housing market reports. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.
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