Despite the significant changes in employment the past year, home values continue to rise in Monticello. What does this mean for the 2025 housing market?
In our previous blog, we explored the Logansport neighborhood, and this week, let’s dive into the changes and trends within the Monticello market. Staying informed about your local market is crucial not only for realtors but also for homeowners and renters in the area. The dynamics of the local housing market affect not only your home equity but also rental costs. If you’re not keeping track, you might find yourself paying as much in rent as you would for a monthly mortgage.
As of November 2024, White County's unemployment rate was at 3.8%, with a 4.5% change in employment for the year, making it one of the 25 counties in Indiana in the red for the changes in employment rates. Despite this, home values have risen by 1.6% in White County and 5.1% in Monticello. The median estimated home value in Monticello increased from $235,000 to $248,000 over the past year, while White County's median home value rose from $210,000 to $214,000. Overall, the Monticello housing market has seen growth in sales volume and home values in 2024 compared to the previous year. However, the median listing prices for homes in the area have significantly dropped, decreasing by 33.3% in Monticello and 30.5% in White County.
Looking ahead to 2025, if unemployment stabilizes or improves and housing supply aligns with demand, we can anticipate another year of promising sales and housing opportunities. Conversely, if employment rates continue to decline, we might see ongoing reductions in median listing prices in the neighborhood. Currently, 79% of White County residents own their homes, while 22% are renters. If you’re among the 22%, feel free to reach out to me to explore your potential to become part of the 79%!
- Audrey Steffel
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