July Housing Market Report: Central Indiana

As we move through the summer of 2024, the central Indiana housing market is displaying interesting trends that both buyers and sellers should note. The July 2024 market data reveals a mix of stability, slight shifts in pricing, and changes in inventory levels. Here’s a closer look at what the numbers mean for you.

Median Sales Price Holds Steady

In July 2024, the median sales price for a single-family home in central Indiana was $299,900. This figure shows almost no change from July 2023, when the median price was $299,995. However, it does represent a 4.8% decrease from the previous month, which could be a sign of seasonal adjustments or shifts in buyer demand. This stability year-over-year suggests that the market is holding firm, despite minor monthly fluctuations.

Sales Activity: A Mixed Bag

Closed sales were up 4.7% year-over-year, indicating a healthy level of buyer activity and successful transactions. However, pending sales—a leading indicator of future closed sales—were down 3.0% from last year. This slight decline in pending sales could suggest a cooling off in buyer urgency or a more competitive environment where buyers are taking their time.

Listing and Pricing Trends

The typical listing in July 2024 received 97.0% of the asking price, a small decrease from 97.6% in July 2023. Additionally, 23.1% of all sales closed above the list price, down from 27.0% last year. These numbers indicate that while sellers are still getting strong offers, the market may be slightly less aggressive than it was a year ago. Buyers might find themselves in a more balanced market where negotiation is more feasible.

New Listings and Market Supply

The number of new listings increased by 2.8% year-over-year, providing more options for potential buyers. However, homes are staying on the market a bit longer, with the median days on market rising to 10 days from 7 days in July 2023. This increase, while modest, suggests a slight easing of the previously high demand.

Inventory Levels on the Rise

Active inventory at the end of July 2024 was 5,078 homes, marking a significant 26.2% increase from last year and a 5.5% increase from the previous month. This rise in inventory is welcome news for buyers, as it reflects a 1.6-month supply of homes—giving buyers more choices and potentially reducing the intense competition seen in previous months.

What Does This Mean for Buyers and Sellers?

For sellers, the central Indiana market remains strong, though it’s most important to price your home competitively and to be prepared for slightly longer listing times. The market is still yielding high returns, but sellers should manage expectations, as the days of bidding wars may be softening.

For buyers, the increase in inventory and slight cooling of the market offer more opportunities and possibly more negotiating power. With more homes to choose from and longer listing times, you might find it easier to secure a property without the rush that defined last year’s market.

Conclusion

If you’re considering entering the market, whether to buy or sell, now is a great time to reach out to our team! We’re here to guide you through the current conditions and help you make the most of the opportunities available in central Indiana’s dynamic real estate market. Contact us today at info@eveloteam.com or at 317-863-9011 as you set out on your real estate journey!