Area residential real estate market sees rising sales, soaring prices in 2021

Sales of existing single-family homes in central Indiana slowed in December, but 2021 remained a solid year for the residential real estate market.

Completed sales in the 16-county area dipped from 3,402 in December 2020 to 3,323 last month—a decrease of 2.3%, according to the latest data from the MIBOR Realtor Association. Year-over-year sales have fallen in three of the past four months.

On a yearly basis, area sales were up 4.1% in 2021, to 39,486, compared with sales of 37,942 in 2020.

The sales increase came despite escalating prices and limited inventory.

The median price for homes sold in the area in 2021 jumped 14.5%, to $249,000, compared with $217,500 in 2020.

The active inventory in December dropped 13.8%, to 2,094 houses, on a year-over-year basis. The median price in December was up 14.9%, to $255,000.

New listings were up 2.3% in December on a year-over-year basis, to 2,162, but were down 29.6% from November.

Marion County

In Marion County—the most active market in central Indiana—closed sales in December dipped 1.9%, to 1,291.

The median sales price in the county rose 15.8%, to $220,000. New listings fell 1.4%, to 855. The inventory of available single-family detached houses sank 19.3%, to 858.

For the full year, Marion County experienced a 7.7% rise in closed sales, to 15,507. The median price of sold houses during the year was $210,000, up 16.4%.

Other area counties

In Hamilton County, sales dropped 10.1%, to 532, in December. The median sales price rose 21.2%, to $400,000. The inventory of houses fell 59.9%, to 153.

Closed sales fell 4.4% in Hamilton County during the entire year, to 7,057.

In Hendricks County, sales sank 21.2% in December, to 249, and the median sales price increased 27%, to $314,000. Full-year sales were down 2%, to 3,058.

In Johnson County, sales decreased 3.5% in December, to 272, and the median sales price rose 21.6%, to $291,813. Full-year sales increased 2.9%, to 3,061.

Sales in Boone County were up 20% last month, to 120, while the median price of a home rose 2%, to $357,245. Full-year sales rose 0.1%, to 1,374.

Hancock County sales were up 17.4% in December, to 169, and the median price rose 26.5%, to $285,000. Full-year sales increased 11.2%, to 1,713.

Sales were up 19.1% in Madison County last month, to 193. The median sales price increased 20.9%, to $171,000. Full-year sales rose 23.2%, to 2,092.

Morgan County sales decreased 17.3% in December, to 86, and the median sales price rose 16%, to $242,500. Full-year sales dipped 3%, to 1,143.

Shelby County saw 51 closed home sales in December, up from 50 the previous year. The median price increased 20.3%, to $184,000. Full-year sales rose 1.8%, to 568.