October 2024 Housing Market Report

As we move into the fall season, the September 2024 housing market in central Indiana has shown some noteworthy trends. With small shifts in home prices, increased sales activity, and a more balanced inventory, the latest data paints a picture of a dynamic market. Here’s an in-depth look at what’s happening in central Indiana real estate and what it could mean for buyers and sellers.

Price Trends: A Modest Year-Over-Year Increase

In September 2024, the median sales price for a single-family home in central Indiana was $297,700, reflecting a 0.9% increase from the previous year. However, it did experience a -2.7% decrease from August 2024, which indicates some typical seasonal slowing. Even with this slight monthly dip, prices remain higher than last year, which is good news for homeowners who have been building equity.

Sales Activity: A Boost in Closed and Pending Sales

September brought a positive shift in sales activity. Closed sales increased by 3.9%, while pending sales were up 10.3% compared to the same time last year. This uptick suggests that while some buyers may have taken a break during the late summer months, demand picked back up as we entered the fall season.

The typical listing received 98.3% of the asking price, a slight dip from the 98.5% seen in September 2023. Additionally, 16.8% of all sales closed above list price, down from 21.7% last year. These changes suggest that while sellers are still receiving strong offers, buyers may have a bit more room for negotiation than they did during last year’s market conditions.

Inventory Levels: More Options for Buyers

The inventory of homes continues to grow, providing some welcome relief for buyers. At the end of September, active inventory reached 5,650 homes, marking a 14.7% increase year-over-year and a 1.8% rise from the previous month. This increase translates to a 2.0-month supply of inventory, which is higher than what we’ve seen in the past and indicates a more balanced market.

Despite this increase in inventory, new listings were down 3.8% from the previous year, showing that while the supply of homes on the market is growing, homeowners are listing their properties at a slightly slower pace.

Time on Market: Homes Taking Longer to Sell

Another trend worth noting is the increase in median days on market, which climbed to 14 days, up from 10 days in September 2023. While homes are still selling relatively quickly, this longer time on market reflects a shift from the fast-paced conditions we saw in previous years, giving buyers more time to make decisions.

What Does This Mean for Buyers and Sellers?

For sellers, the market remains favorable, with prices still slightly up year-over-year and a steady flow of buyers. However, with more inventory available and a longer median time on market, it’s crucial to price your home correctly to attract competitive offers.

For buyers, the September market offers more options and a bit more negotiating power compared to last year. With increased inventory and a slightly slower pace, now may be a great time to find a home that meets your needs without the intense competition seen in previous years.

Conclusion: A Balanced Market Heading Into Fall

The September 2024 housing market in central Indiana reflects a shift toward a more balanced environment, with moderate price growth, increased inventory, and improving sales activity. These conditions create opportunities for both buyers and sellers as we move into the last quarter of the year.

Whether you’re thinking of buying or selling, understanding the current market trends is key to making informed decisions. As a real estate expert familiar with the central Indiana area, I’m here to help guide you through every step of the process. Reach out today, and let’s discuss how these market changes might impact your real estate goals!

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