Central Indiana home sales sink again amid higher prices

After ending a 26-month streak of declining sales in April, central Indiana saw existing-home transactions sink 5.6% in May, according to the latest data from the MIBOR Realtor Association.

Closed existing-home sales in the 16-county area decreased from 2,971 in May 2023 to 2,805 in May 2024, marking the 27th time in 28 months in which closed sales had fallen on a year-over-year basis.

The median sale price for a home in the area rose 5.2%, to $315,500, in May.

The active inventory of homes rose from 3,064 in May 2023 to 3,581 last month, a 16.9% increase.

There were 3,602 new listings in May, up 10.9% from the previous month and 5.5% from the same month in 2023.

On average, sellers received 98.7% of their asking price last month, down from 99.5% a year ago. Homes spent an average of nine days on the market before being sold, down from six days in May 2023.

“In May we continued to see strong price growth, demonstrating the persistent economic growth and desirability of living in central Indiana,” MIBOR CEO Shelley Specchio said in written remarks. “We are encouraged by the increase in new listings and active inventory and anticipate this will provide more buying options for consumers.”

Marion County

In Marion County, closed sales in May dropped 5% from a year ago, to 1,046. The median sales price in the county rose 2.7% from a year ago, to $256,000.

Other area counties

In Hamilton County, sales dropped 1.7% on a year-over basis, to 517. The median sales price in the county slipped 1.1%, to $445,000.

In Hendricks County, sales sank 13.8%, to 200, and the median sales price increased 10.3%, to $360,000.

In Johnson County, sales were up 2.1%, to 227, and the median sales price increased 4.1%, to $330,000.

Sales fell 29.9% in Madison County, to 131. The median sales price fell 7.5%, to $185,000.

Sales in Boone County increased 6.6%, to 145, while the median price dropped 2.4%, to $399,998.

Hancock County sales rose 3.8%, to 137. The median price was up 2.4%, to $343,000.

Morgan County sales fell 4.8%, to 79, and the median sales price rose 3.7%, to $285,000.

Shelby County saw a 42% drop in closed sales, to 32. The median price rose 17.9%, to $247,500.

Statewide sales

Overall in Indiana, existing-home sales were basically stagnant on a year-over-year basis, with 7,394 closed sales last month, up just three sales from a year ago, according to the Indiana Realtors Association.

The median price of a home in Indiana was $265,000, up 4% from a year ago.

The inventory of homes for sale climbed to 10,890 in May, up 26% from last year.