November 2023 Real Estate Report: What's Driving Property Values in Central Indiana?
Here are the four main market factors we’ve observed in November.
As we delve into the latest real estate trends in central Indiana for November 2023, the market landscape appears to be in line with the patterns we've observed over the past few months. We want to also show you the bigger picture and explain how November 2023 compares to November 2022:
1. Record-breaking median sales price. In the realm of Indianapolis and central Indiana real estate, November 2023 stands out with the highest median sales price for the month in our recorded history. This indicates a continuation of the high property values we've been experiencing.
2. Declining active inventory. One notable shift is the active inventory, down by 18% compared to November of the previous year. While this decrease is consistent with seasonal trends, it emphasizes the ongoing challenge of low inventory in our market.
"The market is characterized by sustained high property values coupled with a decrease in inventory."
3. Decrease in closed sales. November 2023 witnessed the lowest number of closed sales for the month, excluding the anomalous COVID years of 2020 and 2021. This suggests a potential slowing down in the market activity, which bears monitoring as we move into 2024.
4. Dwindling new listings. The influx of new listings in November 2023 is down by 8% compared to the same month in 2020. This decrease in new inventory entering the market further underscores the persistent challenge of limited housing supply.
The market is characterized by sustained high property values coupled with a decrease in inventory. The demand remains robust, contributing to the ongoing seller's market. Looking ahead to 2024, there's a delicate balance to consider. If demand continues to rise, especially with potential interest rate adjustments, we might witness another surge in property values.
However, there's optimism that latent inventory may come into play as potential sellers wait for favorable conditions to make their move. Whether it's downsizing, relocating, or making other real estate decisions, this could inject more supply into the market, offering some relief.
If you have specific questions or are considering navigating the real estate market in central Indiana, our team is here to assist you. Feel free to reach out to us at 317-441-7887 or visit our website at www.MarkDietel.com to connect with one of our professional agents. Your real estate journey is our priority, and we're ready to guide you through it.