Indiana Housing Market Analysis - August 2024

The Indiana housing market in August 2024 shows us varying trends across different metrics. The Median Sales Price for homes in the state stands at $267,300, reflecting a modest year-over-year (YoY) increase of 0.4%. Conversely, the Median List Price has slightly decreased by 0.2% YoY, now at $264,800.

When examining Price Per Square Foot, the data indicates a more robust growth. The median Price Per Square Foot has risen to $145, marking a 4.5% YoY increase. Similarly, the Median List Price per square foot has surged by 7.3% YoY, reaching $148.

Sales activity has experienced a downturn. The number of Homes Sold in August 2024 is 7,542, which is a 3.9% decline compared to the same period last year. Pending Sales have also dropped significantly by 8.9% YoY, totaling 8,740. However, New Listings have increased by 5.3% YoY, amounting to 9,278, indicating a growing inventory.

The Inventory of Homes Available for sale has expanded by 14.2% YoY, now at 14,900 units. This increase in inventory has contributed to a rise in the Months of Supply, which is now at 2.0 months, a substantial 30.0% YoY increase. The Median Days on Market for homes have also increased by 4.0% YoY, now averaging 22 days.

The average sale to list ratio has slightly decreased by 0.5% YoY, now at 98.1%. The percentage of Homes Sold above list price has also declined by 5.8% YoY, now at 22.3%. Price Drops have become more common, with 43.0% of listings experiencing a price reduction, a 5.8% YoY increase. Additionally, 45.3% of homes are going off the market within two weeks, a 3.0% YoY increase.

Overall, the Indiana housing market in August 2024 shows a mix of rising prices per square foot and increased inventory, coupled with a decline in sales activity and a slight increase in the time homes spend on the market. These trends suggest a market that is adjusting to changing conditions, with potential opportunities for both buyers and sellers.