Market Analysis - The housing market is one of the largest and most important sectors of the U.S. economy. To understand the trends within the market one must analyze activity both month over month and year-over-year. In this Market Insights Report, MIBOR REALTOR® Association (MIBOR) provides a market analysis of the 16 Central Indiana counties within the MIBOR service area by creating a single, timely, reliable source of data.
In this report, MIBOR has separated townhouse/condo inventory and properties for lease from the aggregated totals. This decision was made to add clarity to the data as the single-family residential segment is typically the focus. However, as our research shows, walkable neighborhoods with mixed use property types are becoming a consumer preference and a good investment for municipalities. Given this information, we have added a section to the report to address condos and “condo lifestyle” as it is defined within our data.
To create a comprehensive view of the market, MIBOR has scheduled the data pull to happen on the 5th day of the month for the prior month. After review, the completed reports are posted by the second Friday of the month at www.mibor.com/marketinsights.
After analysis of August 2024 data, this is what our experts are saying:
In August 2024, the median sales price for a single-family home in Central Indiana increased 3.3% over last year to $310,000, an increase of 1.6% from last month. In the MIBOR BLC® Listing Service area, 13 of 16 counties saw a year-over-year increase in median sales price, including Hamilton, Hancock, Hendricks, and Marion.
“Inventory levels have slowly improved from last year, helped largely by higher borrowing costs,” says MIBOR CEO Shelley Specchio. “While interest rate cuts will provide some welcomed relief to buyers, we will be evaluating how much consumer demand responds to the cuts, and what this means for inventory levels through the rest of the year.”
Closed sales fell 6.8% year-over-year and 8.5% from last month; however, pending sales increased 12.0% over last year. Pending sales saw a year-over-year increase in 13 of the 16 counties in the service area including Boone, Hendricks, Johnson, and Marion. The typical listing received 98.3% of the asking price, down from 98.9% last August.
New listings decreased 1.5%, year-over-year, but were up 2.3% from July. The median days on market rose to 15 days, up from 10 days last year. Active inventory increased 20.6% over last year with 4,886 single-family homes for sale, reflecting a 1.8-month supply.
“Despite the recent year-over-year gains in inventory, supply remains relatively tight,” says Brad Coffing, Director of Housing Insights. “It’s important to keep in mind the relative levels of inventory. Even with a 20% increase in active inventory in August, the current inventory level is still approximately 25% below the more normal levels last seen in 2018 and 2019. The jump in pending sales during August shows there is still un-met demand despite the recent increase in inventory, especially as mortgage rates begin to decline.”
Year of year data for August:
Sign in with your email address
Enter your email address
