Central Indiana homes up for sale longer, inventory remains low
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Homes in the central Indiana housing market are remaining for sale for longer and continue to have competitive price tags compared to last year, according to an F.C. Tucker Co. analysis.
Houses are staying on the market 31 days longer than they did in July 2022, while the average sale price at $314,321 has decreased 5.4% over the same period. Year-to-date home prices increased by 5.2% with notable gains in Brown and Hamilton Counties.
“Compared to last year’s atypical seller’s market, the residential real estate market better reflected what we expect to see this time of year – especially with many central Indiana families focusing on children returning to school,” F.C. Tucker President Jim Litten said in a news release. “In July, consumer confidence rose to its highest level since 2021 and home sale prices remain competitive, so we’ll continue to see a buyer’s market through the end of summer.”
The available housing inventory continues to follow this year’s trend and is down 11.4%. Counties saw 478 fewer houses up for sale than last year. Morgan County had the only increase in inventory and the largest number up for sale. Jennings County, on the other hand, had a 57.1% drop off.
Pended home sales have sank by 20.3% with just above 3,000 sales this month. Decatur County had the largest decrease in home sales but was also the fastest-selling county of the 16 considered in Central Indiana.
Of pended home sales, prices were as follows:
- 5 were priced $2,000,000 or higher.
- 45 were priced $1,000,000 to $1,999,999.
- 356 were priced $500,000 to $999,999.
- 1,022 were priced $300,000 to $499,999.
- 862 were priced $200,000 to $299,999.
- 598were priced $100,000 to $199,999.
- 135 were priced at $99,999 or less.