Indiana housing market sales, inventory jump nearly 20% in March
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Indiana’s housing market apparently partook in March Madness after it saw a double-digit percentage, month-to-month rebound in closed home sales, new listings and new pending sales.
The Indiana Association of Realtors said Wednesday that closed sales in March improved 21% to 6,208; new listings jumped 19% to 7,749; and pending sales climbed 13% to 7,172.
While closed sales are 8% behind 2023, the association’s analysis said the market is in a better place compared to last year, pointing to a 5% increase in new listings in 2024, inflation calming down and more certainty among homebuyers
“We had a few hundred more closings last March, but our available inventory was falling off a cliff across the state,” said Jennifer Parham, managing broker of Lighthouse Realty and 2024 IAR president. “I’d much rather be where we are today–more options on the market for homebuyers and reassurance that interest rate cuts are on the way.”
Last month saw 9,929 homes were listed for sale on an average day. The median home sale price rose to $250,000, which is 6% higher than March 2023.
The full IAR report can be found here.
