Central Indiana home sales sink 12% amid higher prices

Central Indiana saw existing-home transactions sink 12.2% in June, according to the latest data from the MIBOR Realtor Association.

Closed existing-home sales in the 16-county area decreased from 3,049 in June 2023 to 2,677 in June 2024, marking the 28th time in 29 months in which closed sales had fallen on a year-over-year basis.

The median sale price for a home in the area rose 6.7%, to $320,000, in June.

The active inventory of homes rose from 3,532 in June 2023 to 4,028 last month, a 21% increase.

There were 3,302 new listings in June, down 9.1% from the previous month and 10.4% from the same month in 2023.

On average, sellers received 98.8% 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, up from seven days in June 2023.

“The median sales price in Central Indiana reached another all-time high in June,” MIBOR CEO Shelley Specchio said in written remarks. “Despite the continued growth in active inventory, we have yet to see relief in affordability. Additionally, rising prices coupled with stubbornly high interest rates have increased buyers’
expectations, which may make getting to the closing table more challenging–particularly at entry and
mid-range price points.”

Marion County

In Marion County, closed sales in June dropped 17.5% from a year ago, to 964. The median sales price in the county rose 5.4% from a year ago, to $263,450.

Other area counties

In Hamilton County, sales dropped 7.1% on a year-over basis, to 539. The median sales price in the county slipped 1.5%, to $452,990.

In Hendricks County, sales increased 8.8%, to 235, and the median sales price rose 3.4%, to $350,000.

In Johnson County, sales were down 6.5%, to 216, and the median sales price increased 13.7%, to $340,000.

Sales fell 26.7% in Madison County, to 118. The median sales price fell 20%, to $164,000.

Sales in Boone County decreased 12.7%, to 117, while the median price climbed 18.1%, to $425,000.

Hancock County sales sank 25.7%, to 110. The median price was down 0.8%, to $317,500.

Morgan County sales rose 6.9%, to 77, and the median sales price jumped 16.1%, to $325,000.

Shelby County saw a 4.5% drop in closed sales, to 42. The median price rose 8.7%, to $254,950.

Statewide sales

Overall in Indiana, existing-home sales were down 14% on a year-over-year basis, with 6,898 closed sales last month, down from 8,026 a year ago, according to the Indiana Realtors Association.

The median price of a home in Indiana was $273,000, up 7% from a year ago.

The inventory of homes for sale climbed to 11,870 in June, up 24% from last year.