November 2024 Housing Market Report: Central Indiana Trends

The November 2024 housing market in central Indiana offers encouraging signs for buyers and sellers alike, with steady growth, increased inventory, and robust sales activity. Here's a closer look at the latest trends shaping the market.

Median Sales Price: Consistent Growth

The median sales price for single-family homes was $295,000, reflecting a 2.8% year-over-year increase compared to November 2023. Although this represents a slight -1.0% dip from October 2024, the sustained year-over-year growth highlights the market's resilience.

Sales Activity: A Strong Showing

• Closed sales increased 10.2% year-over-year, demonstrating heightened buyer activity despite seasonal shifts.
• Pending sales were also up 9.4%, signaling continued demand as we head into the holiday season.

However, competitive dynamics have slightly softened. The typical home received 98.0% of the asking price, down from 98.2% last November, and 15.5% of sales closed above the list price, compared to 19.7% in November 2023.

New Listings and Inventory: A Welcome Increase

The inventory of homes for sale continues to rise, providing more options for buyers while maintaining balance for sellers:

• New listings rose 11.2% year-over-year, indicating increased seller confidence.
• Active inventory reached 5,835 homes, a 14.0% increase from last year and a 3.2% gain from the previous month.

This increase reflects a 2.1-month supply of inventory, suggesting a more balanced market where buyers have room to negotiate, and sellers still find favorable conditions.

Time on Market: Slightly Longer Sales Cycle

The median days on market increased to 17 days, up from 13 days in November 2023. This shift provides buyers with a bit more time to make decisions, but sellers should ensure their homes are competitively priced and well-presented to attract attention.

What Does This Mean for You?

For Buyers:

The rise in inventory and slightly longer time on market offer more choices and negotiating opportunities. While competition has eased compared to last year, staying prepared with pre-approval and a clear budget will help you move quickly on the right home.

For Sellers:

Year-over-year price growth and increased sales activity are great news for sellers. However, as the market balances, working with an experienced agent to price your home competitively and market it effectively will ensure a successful sale.

Looking Ahead

As the year winds down, the central Indiana housing market remains vibrant and full of opportunities. Whether you’re considering buying your first home, upgrading, or selling, this is an ideal time to explore your options.

Ready to make your move? Let’s connect! I’m here to help you navigate the market with confidence and achieve your real estate goals. Reach out today to get started!