The central Indiana housing market remains very desirable, as demonstrated by the continued low level of available inventory, continued low days on market, and strong percentage of list price received. With mortgage interest rates higher than previous years, market activity continues to pace below what we have seen. Closed sales were down 20.3% year-over-year and pending sales were 13.7% below last year. Meanwhile, new listings were down 23.2% compared to last year.
Still, single-family homes in central Indiana sold at the record median high price of $300,000 for the third month in a row, which was a 2% increase over last July. Median days on market rose slightly, with July at 9 days, compared to 7 days in both June of 2023 and July of 2022. The percentage of list price received at sale of 99.2% dipped slightly from last month and was below the 100.7% of last July. There were 3,652 active listings on the market at the end of July, down about 300 from last month and about 11% less than last year. This represents a 1.3 months’ supply of inventory, still significantly lower than the national average of 3.1 months.
If your interested in selling your home now is still an excellent time to do so. Please feel free to reach out with any questions you may have. Im always here to help.
Thanks so much, Jason Lawrence