Made Personal Realty

July 2024 Market Update: While home prices continue to appreciate on a year-over-year basis, they came down slightly from the all-time high in June. Active inventory continues to slowly improve, but resilient demand has kept absorption rates low. While Central Indiana hasn't shown a definitive shift yet, we are watching other markets throughout the country as national data shows market dynamics slowly moving in the buyer's favor.

New listings increased 1.5%, year-over-year, but decreased 2.6% from June. The median days on market rose to 13 days, a noticeable increase from 8 days last year. Active inventory increased over last year with 4,551 single family homes for sale, reflecting a 1.6-month supply.

Check the link in the comments for the full July Market report!

February 2024 Market Update: The median sales price for a single-family home in central Indiana was $280,000, an increase of 1.8 percent over last year and unchanged from the previous month. Since January 2015, 108 of the following 110 months have experienced a year-over-year price increase. The typical listing received 97.4 percent of the asking price, relatively unchanged from 97.5 percent last February. The median days on market was 16, relatively unchanged from last year, and down from 30 the previous month. Active inventory at the end of the month was 3,247, reflecting a 1.7-month supply. While the job market remains solid, the country's total wealth reached a record high due to stock market and home price gains. This combination of economic conditions is favorable for home buying. However, consumers are showing extra sensitivity to changes in mortgage rates in the current cycle, and that's impacting home sales.

Link to the full market report included in the comments!