September 2024 Housing Market Report: Central Indiana

September 2024 Housing Market Report: Central Indiana

As we move into fall, the housing market in central Indiana continues to show interesting dynamics, with steady price growth and shifting activity among buyers and sellers. Whether you’re considering selling your home or diving into the market as a buyer, the latest data from August 2024 provides valuable insights. Let’s take a closer look at what’s happening in the central Indiana real estate scene.

Steady Price Growth

In August 2024, the median sales price for a single-family home in central Indiana was $306,000, reflecting a 3.7% increase from August 2023 and a 2.2% increase from the previous month. This steady price growth indicates continued demand for homes, making it a good time for homeowners looking to sell and capitalize on rising property values. For buyers, while prices are up, the market remains relatively affordable compared to national averages, making central Indiana an attractive place to purchase a home.

Sales Activity: Mixed Signals

While the median sales price is on the rise, closed sales were down by 6.1% year-over-year. However, pending sales—which predict future closings—were up 7.0% over last year. This signals that although fewer sales closed in August, buyer interest is picking up again, and we could see an increase in closed sales in the coming months.

Listing and Pricing Trends

Homes in August 2024 received an average of 98.3% of the asking price, a slight dip from the 98.9% seen in August 2023. Additionally, 17.5% of all sales closed above list price, compared to 24.4% last August. While bidding wars may not be as intense as they were a year ago, sellers are still receiving strong offers close to or above the asking price, making this a favorable market for sellers who price their homes competitively.

Inventory and Market Supply

One of the most notable changes in the August 2024 market is the growth in available homes. Active inventory at the end of the month reached 5,505 homes, an increase of 23.4% year-over-year and 8.2% from the previous month. This boost in inventory reflects a 1.9-month supply of homes, giving buyers more options and easing the tight inventory conditions that characterized previous months.

Additionally, new listings were down slightly by 0.2% year-over-year, and the median days on market rose to 12 days, up from 8 days in August 2023. While homes are still selling quickly, the longer time on the market provides buyers with more breathing room to make decisions.

What Does This Mean for Buyers and Sellers?

For sellers, the market remains favorable, especially with rising prices and steady demand. However, with more inventory available, it’s essential to price your home strategically to stand out. Buyers are being more selective, and properties that are priced correctly and show well will attract strong offers.

For buyers, the increase in inventory and longer time on market present opportunities to find the right home without feeling the intense competition of the past year. While prices are still increasing, the market is becoming more balanced, allowing for a bit more negotiation and flexibility.

Conclusion

The central Indiana housing market in September 2024 reflects a balanced shift, with prices steadily increasing but inventory levels rising to give buyers more choices. Understanding these trends can help you make informed decisions in this evolving market.

If you’re considering buying or selling a home, now is the perfect time to reach out. Our team is here to help guide you through the current market conditions and ensure a positive real estate experience. Contact us today at 317-863-9011 or at info@eveloteam.com with all your real estate questions!