Indiana Housing Market Analysis - September 2024
The Indiana housing market in September 2024 presents a complex landscape characterized by both growth and challenges. The Median Sales Price for homes in Indiana stands at $264,400, reflecting a slight decrease of 1.1% year-over-year (YoY). Conversely, the Median List Price has seen a marginal increase of 0.1% YoY, now at $263,800. This divergence between sales and list prices suggests a market where sellers are adjusting expectations to align with buyer demand.
In terms of Price Per Square Foot, the market has experienced notable appreciation. The median Price Per Square Foot has risen by 5.9% YoY to $144, while the Median List Price per square foot has increased by 8.1% YoY to $149. This indicates a strong demand for space, with buyers willing to pay more per square foot, even as overall sales prices show a slight decline.
Sales activity in Indiana has been robust, with 7,106 Homes Sold, marking a 4.1% increase YoY. Pending Sales have also risen by 4.2% YoY, reaching 7,975. This uptick in sales activity is supported by a relatively stable inventory, which has grown by 9.7% YoY to 15,471 homes. The Months of Supply, a critical indicator of market balance, has increased by 10.0% YoY to 2.2 months, suggesting a shift towards a more balanced market, though still favoring sellers.
New Listings have slightly decreased by 0.3% YoY, totaling 8,226. This minor decline in New Listings, coupled with increased inventory, indicates that existing homes are staying on the market longer, as reflected by the Median Days on Market, which has increased by 3.0% YoY to 24 days.
The average sale to list ratio has slightly decreased by 0.3% YoY to 98.0%, indicating that homes are selling closer to their list prices. However, the percentage of Homes Sold above list price has dropped significantly by 5.1% YoY to 20.4%, suggesting a cooling in competitive bidding scenarios. Additionally, the percentage of Price Drops has increased by 3.7% YoY to 42.7%, further highlighting the need for sellers to adjust pricing strategies in response to market conditions.
Finally, the percentage of homes going off the market within two weeks has decreased by 5.1% YoY to 41.7%, indicating a slower pace of transactions compared to the previous year. This slowdown may be attributed to buyers taking more time to evaluate their options in a market with increasing inventory and price adjustments.
Overall, the Indiana housing market in September 2024 is characterized by a mix of rising demand and price adjustments. While sales activity remains strong, the market is showing signs of stabilization, with increased inventory and longer days on market. Buyers and sellers alike will need to navigate these dynamics carefully as they make decisions in this evolving landscape.
