Indianapolis Housing Market for April 2023

The Indianapolis Housing Market Report for April 2023 is out. The Metropolitan Indianapolis Board of Realtors (MIBOR) posted the report late Friday. So, what does the report tell us about the local real estate market? 

Indianapolis Housing Market Report

The median sales price rose in April 5.5% in both month-over-month and year-over-year categories to $290,000 - up from $275,000 in March 2023. The active inventory for sale is sitting below the 3,296 posted in March and is at 2,778 for April. That's a 15.7% decline in active inventory in a month and supports the very low inventory levels Central Indiana is experiencing. 

the Absorption Rate is sitting at 1.1 months of inventory - meaning, if no more homes came on the market, at the current sales pace, we would run out of homes for sale in 1.1 months. That keeps us firmly in a Seller's Market in Central Indiana. 

Other Housing Market Statistics for April

Closed Sales were down by 8.3% from March. New Listings are also down by 1.9% for April. 

There was a slight uptick in percent of asking price vs sales price bringing us to a more normal, pre-COVID level of 98.9%. Days on Market went up a bit from 48 to 51 though we are still seeing multiple offers selling quickly for homes that are priced right and in good condition. 

“The central Indiana housing market continues to hold its ground against the headwinds of higher interest rates and economic uncertainty,” said Shelley Specchio, CEO of MIBOR REALTOR® Association. She continued, "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."

Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker adds, "Low levels of available homes are keeping the Indianapolis market relatively tight, while stabilizing prices, and preventing meaningful declines."

It will be interesting to see if we experience a slow down in May with the FEDs most recent interest rate hike. 

Contact the Evelo Team for any questions about the Indianapolis Housing Market News here in Central Indiana.