Indiana Housing Market: November 2024 Analysis
The Indiana housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased by 1.8% year-over-year, reaching $263,000. This indicates a modest appreciation in home values, suggesting a stable demand for housing in the state.
Conversely, the Median List Price has decreased by 2.4% year-over-year, now at $251,500. This decline suggests that sellers may be adjusting their expectations to align with market conditions, possibly due to increased competition or a shift in buyer preferences.
The median Price Per Square Foot has seen a significant rise of 6.9% year-over-year, now standing at $141. This increase reflects a strong demand for space, indicating that buyers are willing to pay more per square foot, potentially due to limited inventory or a preference for larger homes.
In terms of sales activity, the number of Homes Sold has risen by 2.9% year-over-year, totaling 6,318 transactions. Pending Sales have also shown a robust increase of 7.8%, reaching 6,755. These figures suggest a healthy level of buyer interest and activity in the market.
However, New Listings have decreased by 2.6% year-over-year, with 6,314 new properties entering the market. This reduction in New Listings, coupled with a 7.2% increase in inventory, indicates that while more homes are available, fewer new options are being introduced, which could affect future market dynamics.
The Months of Supply have increased by 10.0% year-over-year, now at 2.5 months. This rise suggests a slight shift towards a more balanced market, although it still favors sellers. The Median Days on Market have increased by 3.0% to 30 days, indicating that homes are taking slightly longer to sell compared to the previous year.
The average sale to list ratio remains unchanged at 97.6%, indicating that homes are generally selling close to their asking prices. However, the percentage of Homes Sold above list price has decreased by 2.1% to 18.2%, suggesting that fewer buyers are engaging in bidding wars.
Price Drops have increased by 2.2% year-over-year, now at 36.8%, indicating that sellers are more frequently adjusting their prices to attract buyers. Additionally, the percentage of homes going off the market within two weeks has decreased by 2.9% to 34.8%, suggesting a slight cooling in the speed of transactions.
Overall, the Indiana housing market in November 2024 reflects a mix of stability and adjustment. While home values and sales activity remain strong, shifts in listing prices and inventory levels suggest a market in transition, with potential implications for both buyers and sellers in the coming months.
