Market Update: Greater Indianapolis Real Estate Trends and Insights
Important information about the Greater Indianapolis housing market.
As we head into May and prime selling season, I’m here to give you an important market update. As the market gets busier and busier, it’s critical to stay updated on the key statistics affecting the Greater Indianapolis market. To break this down, there are three important data points you need to be aware of:
1. Median sales price. The peak of our market in terms of the median sales price was in June of 2022. That’s not unusual annually, but the big thing to note is that month had the highest median sales price our area has ever seen. However, things have been increasing so far in 2023, and we are inching our way back to that high number. In June 2022, the median sales price was $295,000, and in April of this year, it was $285,000, which is only a difference of 3.5%!
"Prices are staying high because of the low inventory and decent demand."
2. New listings. From March to April in the history of our market, there have only been two years where new listings dropped during that time period. One was this year, and the other was 2020, which was the start of the pandemic. This is something we should keep our eyes on.
3. Absorption rate. From January to April of 2022, the inventory dropped 59%. The absorption rate in January of this year was 2.9%, which is almost three months of inventory. In April, that went down to 1.2%. Therefore, we’re currently close to only one month of inventory.
Overall, know that prices are staying high because of the low inventory and decent demand. If you’re thinking about selling, now is the perfect time. If you need help with that or anything else related to real estate, don’t hesitate to call or email me anytime. I look forward to connecting with you.