In 2007, Fort Wayne home builders pulled permits to build 867 homes worth $173,925,444 for an average selling price of $200,606. Since then, new home construction in Allen County, like most areas of the country, had dropped off precipitously. 2013, however, was the first year since to beat 2007. In 2013 the Fort Wayne Home Builders Association reports that 839 homes were built; not quite the same level as 2007, but close and the best year since. The total value of all of the home permits pulled in 2013 was $190,865,392 which gave an average home price of $227,491. The peak of home building in Fort Wayne and Allen County was in 2002 when 1,923 homes were built for a total value of $282,313,714. While 2013’s numbers were still significantly off from this mark, they show strong signs of recovery at a sustainable level.
New home starts are always dependent upon job growth, affordability and mortgage rates, and continued upwards trends will as well. The low level of existing inventory should also bode well for new construction in 2014!
At North Eastern Group Realty, we are prepared to assist our clients with their significant Fort Wayne real estate decisions. Our corporate commitment is to provide real knowledge, proven experience and professional, quality service. To search all Fort Wayne homes for sale or find a Fort Wayne REALTOR®, visit our website at NorthEasternGroup.com.
North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.