Indiana Real Estate Market Insights for July 2024
Indiana Housing Market Analysis - July 2024
The Indiana housing market in July 2024 presents a dynamic landscape with notable shifts in various key metrics. This analysis delves into the current state of the market, comparing year-over-year (YoY) changes to provide a comprehensive overview.
Median Sales Price
The median sales price in Indiana stands at $266,000, reflecting a slight decrease of 0.02% YoY. This marginal decline indicates a relatively stable pricing environment, suggesting that the market has not experienced significant volatility in terms of sales prices.
Median List Price
The median list price is currently $268,500, showing a minor decrease of 1% YoY. This slight drop in list prices could be indicative of sellers adjusting their expectations to align more closely with market conditions, potentially to attract more buyers.
Price Per Square Foot
The median price per square foot has risen to $146, marking a 4% increase YoY. Similarly, the median list price per square foot has increased to $149, up by 7% YoY. These increases suggest a growing demand for housing space, which could be driving up the cost per square foot.
Homes Sold and Pending Sales
The number of homes sold in July 2024 is 7,785, reflecting an 8% increase YoY. This uptick in sales indicates a robust market with strong buyer activity. Pending sales have also seen a modest increase of 1% YoY, totaling 8,557. This suggests a steady pipeline of transactions that are likely to close in the near future.
New Listings and Inventory
New listings have risen to 9,068, marking an 8% increase YoY. This increase in new listings indicates that more homeowners are entering the market, possibly in response to favorable selling conditions. Inventory levels have also increased significantly, with a 17% rise YoY, bringing the total inventory to 14,051. This increase in inventory could provide more options for buyers, potentially easing some of the competitive pressures in the market.
Months of Supply
The months of supply metric, which measures the time it would take to sell all current inventory at the current sales pace, stands at 1.8 months. This represents a 10% increase YoY. While still indicative of a seller's market, the increase suggests a slight shift towards a more balanced market.
Median Days on Market
The median days on market is currently 20 days, reflecting a 3% increase YoY. This slight increase indicates that homes are taking a bit longer to sell compared to the previous year, which could be a sign of a cooling market or more discerning buyers.
Sale to List Price Ratio
The average sale to list price ratio is 0.98, showing no significant change YoY. This ratio indicates that, on average, homes are selling very close to their list prices, suggesting that sellers are pricing their homes realistically in line with market expectations.
Sold Above List Price
The percentage of homes sold above list price is 26%, which is a 4% decrease YoY. This decline suggests that fewer buyers are willing to pay above the asking price, possibly due to increased inventory and more options available in the market.
Price Drops
The percentage of price drops remains unchanged YoY at 42.72%. This stability indicates that a significant portion of sellers are still adjusting their prices downward to attract buyers, reflecting a competitive market environment.
Off Market in Two Weeks
The percentage of homes going off market within two weeks is 48%, showing a 6% decrease YoY. This decline suggests that homes are taking slightly longer to sell, which could be due to increased inventory and more choices for buyers.
In summary, the Indiana housing market in July 2024 exhibits a mix of stability and growth. While median sales and list prices have seen slight decreases, the price per square foot has increased, indicating strong demand for housing space. The rise in homes sold, new listings, and inventory levels suggests a dynamic market with active buyer and seller participation. However, the slight increase in median days on market and the decrease in homes sold above list price indicate a potential shift towards a more balanced market. Overall, the Indiana housing market remains robust, with key indicators pointing to sustained activity and growth.
