Indy-area home sales slumped in first quarter while prices climbed

Sales of existing homes in central Indiana slumped in the first quarter of 2023 compared to the same period in 2022, while the median sales price of homes in the area bubbled up by nearly 8%.

Closed sales of existing homes in the 16-county area for the first three months of this year amounted to 6,051, a 17.8% decrease from the January-March period of 2022, according to the latest monthly data from the MIBOR Realtor Association.

Meanwhile, the median sales price for the first quarter of this year was $275,000, up 7.9% from $254,000 in the same period of 2022.

The home market in Marion County—central Indiana’s busiest market—shadowed the overall trend. The number of closed sales dropped 22.4% from the first quarter of 2022 to 2,303 in the first three months of this year. The median sales price eked up 4.5% to $229,900.

Results in the ritzy Hamilton County market were more encouraging. Closed sales only dropped 1.1% to 1,100, and the median sales price was up a solid 8.7% to $434,990.

MIBOR also broke out results in the 16-county area solely for March. Closed sales sank from 2,846 in March 2022 to 2,631 in March 2023, a decline of 7.6%. That was better than the 19.9% year-over-year decline seen in February.

Despite the decline, median prices for homes sold in the area in March rose 3.8% on a year-over-year basis, from $265,000 to $275,000.

The active inventory of homes was up 47.4%, from 1,875 in March 2022 to 2,764 in March 2023, but that number was down 14.3% from February.

There were 2,971 new listings in March, up 34.4% from the previous month but down 19.2% from the same month a year ago.

Homes are spending much more time on the market than a year ago, from 19 days in March 2022 to 49 last month. On average, sellers received 98.1% of asking price last month, down from 101.2% a year ago.

Marion County

In Marion County, closed sales in March fell 10.6% from the previous year, to 1,029.

The median sales price in the county rose 3.6% from a year ago, to $232,000.

Other area counties

In Hamilton County, sales ticked up 30.9% in March on a year-over-year basis, to 462. The median sales price in the county rose 3.4%, to $440,134.

In Hendricks County, sales were down 7.3%, to 191, and the median sales price decreased 8.4%, to $302,500.

In Johnson County, sales fell 6%, to 203, and the median sales price rose 1.8%, to $299,900.

Sales increased 2.8% in Madison County, to 149. The median sales price rose 29.4%, to $194,000.

Hancock County sales dropped 10.8% in March, to 124. The median price for a home rose 3.5%, to $319,900.

Sales in Boone County dropped 23%, to 77, while the median price of a home fell 12.8%, to $350,000.

Morgan County sales decreased 4.4%, to 87, and the median sales price slid 3.9%, to $245,000.

Shelby County saw an 15.2% drop in closed sales, to 39. The median price rose 41.5%, to $230,000.