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Lower mortgage rates and more inventory led to a surge in existing-home sales in central Indiana in October, according to the latest data from the MIBOR Realtor Association.
Closed existing-home sales in the 16-county area rose 9.1% on a year-over-year basis, from 2,323 in October 2023 to 2,535 in October 2024.
Sales have now risen in four of the past seven months on a year-over-year basis following a 26-month streak of declining sales.
The median sale price for a home in the area rose 3.5% last month, to $300,000, compared with $289,900 in October 2023.
The active inventory of homes rose from 4,691 in October 2023 to 5,172 last month, a 10.3% increase.
There were 3,171 new listings in October, up 9.1% from the same month in 2023.
On average, sellers received 98% of their asking price last month, down from 98.2% a year ago. Homes spent an average of 41 days on the market before being sold, up from 36 a year ago.
“The housing market in central Indiana continues to respond well to lower interest rates,” MIBOR CEO Shelley Specchio said in written comments. “Inventory levels continue to provide consumers with more options, and although interest rates are sitting higher than September levels, they are
roughly one percentage point lower than the same period last year.”
Marion County
In Marion County, closed sales in October increased 5.9% from a year ago, to 913. The median sales price in the county rose 4.3% from a year ago, to $245,000.
Other area counties
In Hamilton County, sales were up 2.8% in October on a year-over basis, to 436. The median sales price in the county slipped 1.6%, to $439,825.
In Johnson County, sales soared 46.8%, to 226, and the median sales price rose 5.9%, to $315,000.
In Hendricks County, sales jumped 30.1%, to 225, and the median sales price dipped 1.4%, to $350,000.
Sales ticked up 2.8% in Madison County, to 147. The median sales price sank 5.3%, to $180,000.
Sales in Boone County decreased 6.1%, to 93, while the median price increased 2.5%, to $405,000.
Hancock County sales rose 16.3%, to 114. The median price was up 1.9%, to $334,770.
Morgan County sales improved 9.7%, to 79, and the median sales price dropped 3.9%, to $305,000.
Shelby County saw a 15% rise in closed sales, to 46. The median price climbed 2.5%, to $245,000.
Statewide sales
The state saw a 5% increase in closed sales on a year-over-year basis, with sales rising to 6,670 last month, according the Indiana Association of Realtors.
Statewide, the median sale price rose to $258,000 in October, up 8% from a year ago. New listings rose 8%, to 8,684.
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