Indianapolis Housing Market for May 2023

The Metropolitan Indianapolis Board of Realtors (MIBOR) released the May 2023 data for the Metro Indianapolis Housing Market. The area includes 16 counties in Central Indiana.  

The median sales price rose again and Indiana continues to outperform the national market. 

Indianapolis Housing Market Stats

The most encouraging stat is the median sales price of homes. It reached the all time high of $300,000 again - 11 months after setting the record in June of 2022. The price increased by $10,000 over April and is more than $11,000 higher than May of 2022. 

Home prices are continuing to appreciate in Indianapolis, regardless of higher mortgage interest rates. 

Inventory of homes for sale fell to 1.0 months from 1.1 months in April continuing the tight housing situation. There simply aren't enough homes to meet the demand from buyers. 

Closed Sales were over 17% higher than April but down 14.8% from May 2022. 

The housing market is continuing to be rough on buyers in Central Indiana but the buyers are persevering. 

Other Housing Market Stats

New listings were up 13% higher than April and Pending Sales were up 8.1% from April numbers. The Year over Year stats for the two categories are both down from April of last year.  

The percent of asking price received has creeped up to 99.5% proving sellers and their Realtors are pricing their homes right for the market condition. It's not the 101.2% we saw last year in the crazy seller's market where buyers were paying over list price. 

Days on Market are higher at 81 days for the average and 7 days for the median.

Summary of May Housing Market

According to Economist, Dr. Elliot Eisenberg, inventory levels are higher than last year and the couple of years before that, but are still 50%-60% below Pre-Pandemic levels.

He says this is the reason the Central Indiana Housing Market remains dramatically short of home inventory and why we are still in a Seller's Market.  

Shelley Specchio, CEO of MIBOR agrees. She says, "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.”

It will be interesting to see what trends continue and if there are any big changes in the June housing market numbers when they are released in July, 2023. 

Sellers are still getting great prices for their homes with the housing shortage and buyers are starting to understand that waiting for mortgage rates to decrease will likely mean they will pay more for a home later as prices continue to go up! 

If you're a buyer or a seller, now is the time to jump into the market! Call the Evelo Team at 317-863-9011 and we will help guide you through this market to reach your homeowner dreams!