Why choose Southern Indiana ?
Price is a big part of the picture . A nearly identical house in a similar neighborhood could cost 20-30 percent more in Louisville than a comparable version in Southern Indiana , Murphy said .
“ If somebody wants a really , really good value , Southern Indiana is the ticket . It ' s indisputable ,” he said .
Beyond Clark County and Floyd County , Harrison County is seeing more new development . Gasparine said new subdivisions being developed in Corydon are a good sign of the potential for growth there .
“ I think one of the reasons you ' re seeing so much growth in that Charlestown area , and I would say the same for Corydon , is because you have the ground there to build and expand ,” she said .
Challenges to growth It ' s hard to get a full picture of what a buyer really wants in the current market because of the supply , Gasparine said .
“ We have such a lack of inventory we just do not have enough homes and I think they ' re taking what they can find ,” she said .
For new development , the pandemic has created some issues with garnering supplies for construction including materials needed for appliances . That and the increased costs for building homes has slowed some construction , though Murphy said it hasn ' t been a big issue for his business .
There are also some who oppose new development , especially if it is perceived to affect their properties .
Multiple Floyd County Plan Commission meetings were packed with residents during the summer who were opposed to proposed housing developments near Georgetown , though it is an area that ' s considered prime for growth in the future .
Murphy , who is a resident of Floyds Knobs , said such reactions are frustrating at times because of the work that goes into getting a development permitted . It takes about 18 months to receive approval from all the necessary state and local agencies to build a subdivision , and that process involves scrutiny from several experts , he continued .
“ The reality is , once that ' s done , it ' s going to be a good project because everyone has beaten the tar out of it ,” Murphy said .
Though new construction and resales are desired by realtors who are looking to find homes for buyers , there remains a solid rental market in Southern Indiana .
Several condo and loft-style developments have been constructed or are planned in Southern Indiana , from downtown Jeffersonville to the fringe area of New Albany and Floyd County .
Gasparine said the thriving rental market doesn ' t necessarily point to a lack of homes available for purchase , but rather to a diversity in demand .
Young professionals , for example , often seek smaller houses , condos or apartments .
26 November / December 2020