November 2024 Housing Market Report: Central Indiana Trends

The October 2024 housing market in central Indiana has delivered a mix of growth and stability, showcasing the resilience of the real estate market as we approach the end of the year. With price increases, rising sales activity, and expanding inventory, here’s what buyers and sellers need to know about the latest trends:

Median Sales Price: Steady Growth Year-Over-Year

The median sales price for single-family homes in October 2024 was $295,000, reflecting a 2.8% increase compared to October 2023. While this marks a -1.0% dip from September 2024, the year-over-year growth demonstrates the ongoing strength of the central Indiana market. Sellers can feel confident about maintaining equity, while buyers benefit from a relatively steady pricing environment.

Sales Activity: Strong Year-Over-Year Gains

October saw a notable uptick in activity:

Closed sales surged 10.2% year-over-year.

Pending sales climbed 9.4%, indicating continued buyer interest as we move into the colder months.

Despite this growth in transactions, the typical listing received 98.0% of the asking price, a slight decrease from 98.2% last October. Meanwhile, 15.5% of all sales closed above the list price, down from 19.7% in October 2023, signaling slightly less competition among buyers compared to last year.

Inventory Levels: More Choices for Buyers

The inventory of homes continues to grow, providing more options for buyers, while creating a balanced market for sellers. At the end of October:

Active inventory reached 5,835 homes, a 14.0% increase from October 2023 and a 3.2% rise from September 2024.

New listings were up 11.2% year-over-year, reflecting strong seller confidence.

With a 2.1-month supply of inventory, central Indiana is gradually moving toward a more balanced market, offering opportunities for both buyers and sellers.

Time on Market: Homes Taking Longer to Sell

The median days on market rose to 17 days, up from 13 days in October 2023. While homes are still selling within a reasonable timeframe, this longer period provides buyers with additional time to weigh their options, and it emphasizes the importance of strategic pricing and marketing for sellers.

Key Takeaways for Buyers and Sellers

• For Buyers: The increase in inventory and slightly longer time on market offers more opportunities to find the right home. While competition has eased slightly, staying prepared with a pre-approval and a clear understanding of your budget will help you act decisively when you find the perfect property.

• For Sellers: With year-over-year price increases and steady demand, it’s still a great time to list your home. However, pricing your property competitively and presenting it in its best condition will be key to attracting serious buyers in this balanced market.

Looking Ahead

As we move into the final months of 2024, central Indiana’s housing market remains active and vibrant. Whether you’re considering buying, selling, or simply exploring your options, staying informed about market trends is essential for success.

Thinking of making a move this season? Let’s connect! As real estate professionals with a deep understanding of the central Indiana market, we're here to help you navigate every step of your journey. Reach out today to discuss your goals and create a plan that works for you!