Central Indiana existing-home sales fall for 16th straight month

Sales of existing homes in central Indiana dropped 14.8% in May—the 16th straight month that sales have decreased on a year-over-year basis.

Closed sales of existing homes in the 16-county area in May totaled 2,901, down from 3,406 in the same month of 2022, according to the latest monthly data from the MIBOR Realtor Association.

Meanwhile, the median sales price for a house in the area for May was $300,000, up 3.8% from $285,000 in the same month of 2022.

The active inventory of homes was up 21.6%, from 2,488 in May 2022 to 3,026 in May 2023, but that number was down 5.6% from April.

There were 4,291 new listings in May, down 22.7% from a year ago, but up 13% from the previous month.

Homes are spending much more time on the market than a year ago, from an average of 12 days in May 2022 to 81 days last month. On average, sellers received 99.5% of their asking price last month, down from 102.4% a year ago.

Marion County

In Marion County, closed sales in May fell 16.2% from the previous year, to 1,076.

The median sales price in the county dipped 0.3% from a year ago, to $249,250.

Other area counties

In Hamilton County, sales decreased 17.7% in May on a year-over-year basis, to 507. The median sales price in the county remained unchanged, at $450,000.

In Hendricks County, sales were down 3.8%, to 225, and the median sales price dropped 5.6%, to $325,000.

In Johnson County, sales fell 20.6%, to 220, and the median sales price rose 5.3%, to $317,000.

Sales dropped 2.7% in Madison County, to 183. The median sales price rose 7.7%, to $200,000.

Hancock County sales dropped 20% in May, to 128. The median price ticked up 2.2%, to $333,750.

Sales in Boone County rose 5.6%, to 133,  and the median price of a home increased 5.4, to $410,000.

Morgan County sales sank 25%, to 81, and the median sales price ticked up 2.2%, to $274,900.

Shelby County saw a 12.7% drop in closed sales, to 55. The median price fell 10.6%, to $210,000.