Our local Central Indiana Real Estate Market is changing constantly. Stay up to date, here, with statistics provided by the Metropolitan Indianapolis Board of Realtors – through the local MLS Service for our area.
Current Type of Market: Seller’s Market
Months of Home Inventory: 2.0 Months
Characteristics: Low Inventory, Sales Price Down 4.5% Month over Month
For the Month Ending: November, 2023
Median Sale Price: $289,950
Median Days on Market: 22
Average Days on Market: 41
Closed Sales: 2,200
Avg 30 Yr Mortgage Rate: 7.22%
Source: MIBOR.com
Local Central Indiana Market Summaries
December 1, 2023
The median sales price for closed homes stayed virtually the same at $289,950. And, the expected seasonal lull started showing up in November sales, as well.
Typically, buyers and sellers in the market during 4th qtr and 1st couple of months of the new year are serious.
The BIG News is that the FED didn’t raise rates for the 3rd consecutive time in December. This bodes well for both Buyers and Sellers!
In response to Jerome Powell’s pause and comments, Mortgage Rates have dipped into the high 6% are for the first time in a LONG time!
The consensus is they may be making three .25% rate reductions in 2024 for a total of .75% drop. The housing market will surely get a lot more active if that happens!
It’s a great time to sell with less competition and buyers may be likely to get a good price with sellers needing to sell.
“Mortgage rates appear to have peaked in November,” says MIBOR Research Analyst Brad Coffing, “with the bond market leading the way, interest rates in the mid to upper 6.0 percent
range should pull more sellers and buyers on the sidelines, just in time for Spring.”
Inventory remains the bigggest contributor to home price appreciation. There simply isn’t enough supply of homes on the market to equal demand. With Millennials buying or ready to buy, and Baby Boomer’s aging in place, this is not a problem that will be fixed any time soon.
Homeowners will likely enjoy a nice annual appreciation in value for some time to come. This is great for building wealth!
The Absorption Rate is still at 2.0 months of inventory, so still in a Seller’s Market.
Remember, interest rates are always changing and home prices are continuing to go up. Buy the home NOW at a lower price then you will spend next year and refinance when rates come down!
That’s what we mean when we say “Date the rate. Marry the house.”
You can never go back and pay less for your home but you can refinance and change the interest rate!
Call/text/email me anytime! I love to talk real estate!
Local Central Indiana Market Summaries
November 1, 2023
The median sales price for closed homes dipped again by 3.3% to $290,000. Not surprising as we get into 4th Qtr, 2023 and with the holiday season upon us.
Typically, buyers and sellers in the market during 4th qtr are both serious and needing to move. It’s a great time to sell with less competition and buyers may be likely to get a good price with sellers needing to sell.
“October’s jobs report was softer than anticipated which should give the Fed more cushion to hold the course, rather than institute another rate hike. This should provide more stability in interest rates moving forward,” stated MIBOR Research Analyst Brad Coffing.
The Median Days on Market is still low at 15 Days, while the average is 36 days, down 5.4%. We are still experiencing multiple offers for homes that are in great condition and priced right for the market.
The Absorption Rate is 2.0 months of inventory, still in a Seller’s Market.
Sellers – 4th Quarter is a good time to sell! Holiday decorated homes pull at Buyer’s heartstrings and Buyers in the market at this time of year tend to be serious. Give me a call and I’ll get you an accurate home value!
Buyers – with Central Indiana home prices continuing to increase, TODAY is almost ALWAYS the lowest price you’ll pay for a new home. Prices are continuing to rise where interest rates are steadying and may lower in the near future. You can always refinance if rates drop BUT you can’t pay LESS for your home in the future.
Call/text/email me anytime! I love to talk real estate!
Local Central Indiana Market Summaries
June 1, 2023
The median sales price for closed homes rose in May to equal summer 2022’s peak price of $300,000. That’s up $10,000 over last month and last year! Homes in Central Indiana are DEFINITELY continuing to appreciate and outpacing the national market.
“The local market, with 3.8% year-over-year median price growth,
continues to meaningfully outperform the national market, where year-over-year home prices declined by 1.7% in April.” said Shelley Specchio, CEO of MIBOR REALTOR® Association.
The Days on Market median is 7 Days, while the average is 81 days. We are still experiencing multiple offers for homes that are in great condition and priced right for the market.
The Absorption Rate is 1.0 months of inventory, dropping.1 from April and leaving us firmly in a Seller’s Market.
Sellers – With competition so low and record low inventory of homes for sale, it’s a great time to sell and I can help with that!
Buyers – with Central Indiana home prices continuing to increase, TODAY is the lowest price you’ll pay for a new home. Lock it in now and refinance your rate when it comes down!
You can never lower the price you paid for a home, but the rate can be changed.
Call/text/email me anytime! I love to talk real estate!
Local Central Indiana Market Summaries
May 1, 2023
The median sales price for closed homes rose in April to $290,000. That’s up 5.5% than March 2023 and 5.5% up from April 2022. Homes in Central Indiana are continuing to appreciate.
While other markets throughout the country are experiencing price declines, the central Indiana market continues to produce year-over-year appreciation and is down merely 3% from the peak
of June 2022,” said Shelley Specchio, CEO of MIBOR REALTOR® Association.
The Days on Market median is 7 Days, while the average is 51 days. We are still experiencing multiple offers for homes that are in great condition and priced right for the market.
The Absorption Rate is 1.1 months of inventory leaving us in a Seller’s Market condition.
Sellers – Serious Sellers have little competition in today’s market so it’s a good time to sell. Contact me today!
Buyers – home prices are continuing to increase which means today is the best day to buy a home. Tomorrow or next year, the prices will just be higher. Don’t let interest rates stop you from buying a home. You can always refinance when they come down but you can never go lower the amount you pay for a home.
Call/text/email me anytime! I love to talk real estate!
April 1, 2023
The median sales price for closed homes remained at $275,000 in March, 2023. That’s 3.8% higher than March 2022. Homes are continuing to appreciate in our market.
While price appreciation is slowing here locally, as it is across the rest of the country, it’s
still holding up and shows no signs of meaningful weakness,” said Shelley Specchio, CEO of MIBOR REALTOR® Association.
The Days on Market shrunk a bit to 49, from 54 days in February. Inventory also dropped. We now have 1.1 months worth of inventory cementing us in a Seller’s Market once again.
We would need to see inventory at 6 months to experience a buyer’s market in the Central Indiana Housing Market and that does seem like it’s far fetched for now.
Sellers – now is the time to put your home on the market if you are serious about selling. There is low competition and we are still seeing multiple offers when a home is priced right for the market and its condition.
Buyers – with home prices continuing to appreciate over last year, if you are ready to buy a home, it’s better to do it now, instead of waiting until more buyers enter the market this spring. The prices will likely continue to go up and you’ll just pay more later.
Call/text/email me anytime! I love to talk real estate!
March 1, 2023
February ended with the median price a little higher than January, increasing by $3,000 to $275,000.
Median Days on Market also had a 54% decrease from the 37 days in January to only 18 days by the end of February.
Available inventory for sale also took a dive from 2.2 months in January to only 1.6 months in February.
Statistically, Central Indiana is riding out the mortgage interest rate increases very well. According to Dr. Elliot Eisenberg, internationally acclaimed economist,
“The central Indiana market is doing much better than others nationally, with year-over-year price appreciation hovering around 10%for the last five months. In a growing number of markets across the country we are actually seeing declines in prices year-over-year. Inventories remain near historical lows as we moving in the spring selling season, and that should serve to prevent meaningful price softening in markets like central Indiana, where the COVIS price run-up was more measured and realistic.”
Spring Market is definitely starting around here and should only get better as we enter the busiest months of the year locally – March, April and May.
Indiana is still experiencing multiple offers and offers above asking when homes are in great condition and priced right!
What is a Seller's Market and how does it affect me?
A Seller’s Market and seller’s experience is when there is more demand for homes than there are homes available for sale.
Since there are fewer homes for sale, the advantage goes to the seller. Homes will sell faster and buyers compete to write the most attractive offers to sway the seller to choose theirs.
There are varying degrees of Seller’s Markets, as well. When inventory is super low, sellers often see offers high above their asking price and contingencies like inspections and appraisals waived.
When there are more homes but still less than the demand, you will often see the contingencies return but sellers still might get multiple offers and above asking price.
What is a Buyer's Market and how does it affect me?
When the supply of homes exceeds the demand for homes, you get a Buyer’s Market.
There are tons of homes for sale, but a shortage of qualified, ready to go buyers. During this time, the advantage goes to the buyer and the buyer’s experience.
Buyers might be able to get a home for less than listing price, get more seller concessions and include more contingencies as sellers fight other sellers to gain the attention of the buyers who are in the market.
Sellers are willing to negotiate in a Buyer’s Market giving buyers the upper hand.
What is a Neutral Market and how does it affect me?
A Neutral Market just means a balanced market – it doesn’t favor Buyers or Sellers. There are basically equal amounts of housing inventory and demand from buyers.
Depending on the home and the buyer – either could get a deal!
