Existing-home sales slip in central Indiana as prices hit new highs

Sales of existing homes dropped in central Indiana in April as prices hit new highs and mortgage rates climbed.

Completed sales of single-family homes in the 16-county area fell from 3,099 in April 2021 to 2,987 last month—a year-over-year decrease of 3.6%, according to the latest data from the MIBOR Realtor Association.

On a year-to-date basis, closed sales are up slightly, by 0.3%, to 10,318, compared with 10,292 in the first four months of 2021.

The median price for homes sold in the area last month was up 15.5%, to a record high of $275,000, compared with $238,000 in April 2021.

Area homeowners in April, on average, got 102.1% of their asking prices, up from 100.6% in the same month of 2021.

The average number of days that homes spent on the market fell from 18 to 15 compared with a year ago.

The active inventory in April was up 4.3% on a year-over-year basis, to 1,979 houses. The inventory rose 23.5% from the previous month.

New listings were down 5.8% in April on a year-over-year basis, to 3,870, but were up 7% from the previous month.

Sales have been on the downturn in typical residential hotbeds Hamilton, Johnson and Marion counties, but have been on the rise in Madison, Hancock and Morgan counties.

Marion County

In Marion County—the most active market in central Indiana—closed sales in April were down 7.4% on a year-over-year basis, to 1,168.

The median sales price in the county rose 20%, to $240,000. New listings increased 5.5%, to 1,508. The active inventory of available single-family homes sank 18.3%, to 741.

Other area counties

In Hamilton County, where inventory remains extremely tight, sales plummeted 15.4%, to 456, in April.

The median sales price in the county rose 14.4%, to $417,558. The inventory of houses fell 6.1%, to just 262. Homes spent nine days on the market, on average, and fetched 104.4% of their asking price.

In Hendricks County, sales increased 2.2%, to 229, and the median sales price increased 22.9%, to $326,000.

In Johnson County, sales dropped 11.7%, to 219, and the median sales price rose 11.8%, to $280,000.

Sales rose 16.4% in Madison County last month, to 156. The median sales price increased 1.4%, to $165,250.

Hancock County sales were up 2.3%, to 136, and the median price rose 15.2%, to $312,000.

Sales in Boone County increased 5.5% last month, to 115, while the median price of a home jumped 11.7%, to $410,000.

Morgan County sales escalated 24%, to 119, and the median sales price increased 24.1%, to $260,000.

Shelby County saw 52 closed home sales last month, up from 39 in April 2021. The median price rose 29%, to $200,000.