Important Shifts Happening in Today’s Market
How these four January stats affect today’s real estate market.
Now that January 2023 is in the books, has the market gotten off to a good start? Where are we heading through the rest of the year? To find this out, there are four important market stats you should know about.
1. The median sales price is up. Compared to last year, this figure is up 10% in Indianapolis, which is great news.
2. The highest sales price occurred in June. In the last 10 years, June 2022 had the highest sales price. Therefore, there has been an overall decrease since then.
3. Equity has increased. If you bought a home five years ago, its value has increased by 72%, which is a tremendous increase in equity for all homeowners in Indianapolis.
4.The absorption rate is at 2.3%. This stat is about inventory, and it helps us see if we’re in a buyer’s or seller’s market. If no new homes came on the market, the absorption rate calculates how long it would take to sell out of all of the inventory. In January 2022, this was at 4.8%, but now it is at 2.3%, which is a small shift. The market is becoming more balanced and that’s good for both buyers and sellers.
There are still examples of multiple-offer scenarios and homes selling quickly depending on the price point. Overall, the market is in a healthy place. If you have questions about any of this, email or call me anytime. I’d be happy to talk to you!