The real estate market in Indiana is a dynamic and ever-changing landscape, influenced by various factors, including economic conditions, seasonal variations, and buyer and seller behaviors. In August 2023, we witnessed a range of trends and shifts across 16 counties, encompassing all property types. Let's delve into the numbers and understand what the data tells us about the state of Indiana's real estate market.
Median Sales Price Soars: The median sales price for all property types combined in August 2023 stood at $295,000. This marked a substantial 5.4% increase compared to the same period in 2022. It's worth noting that the housing market has been experiencing a steady appreciation in property values, which can be an attractive prospect for sellers.
Nevertheless, it's essential to note that the market experienced a modest adjustment when compared to July 2023, showing a 1.6% decrease in median sales prices. This dip could be seen as a sign of market recalibration or heightened competitiveness.
Closed Sales See Mixed Trends: The number of closed sales in August 2023 totaled 3,091, reflecting an 18.5% decrease compared to August 2022. This drop in closed sales might raise some eyebrows, but it's essential to consider various factors such as seasonality and changes in buyer demand.
On a positive note, there was a 2.3% increase in closed sales compared to the preceding month, July 2023. This suggests a potential stabilization in the market and could indicate that buyers and sellers were finding more common ground during this period.
Properties Spend More Time on the Market: In August 2023, properties took a median of 10 days to sell. This represented an 11.1% increase compared to August 2022 and mirrored the increase seen in July 2023. A longer time on the market can be attributed to factors such as increased competition among sellers or buyers becoming more discerning in their choices.
List Price Negotiations: Sellers received an average of 98.8% of their list price in August 2023. While this is still a strong showing, it marked a slight 0.6% decrease compared to August 2022 and a 0.4% decrease compared to July 2023. These changes indicate that buyers may have had slightly more room for negotiation during this period.
Price per Square Foot and Property Sizes: In August 2023, homes were selling at an average price of $155 per square foot. While this was 2.5% lower than August 2022, it's worth noting that there was no change compared to July 2023. This suggests that the real estate market is adjusting to meet evolving buyer preferences and property offerings, which can create new opportunities for both buyers and sellers.
New Listings and Active Inventory: August 2023 saw 3,715 new property listings, which was a 9.6% decrease compared to August 2022. However, there was a notable 7.6% increase in new listings compared to the previous month, July 2023, indicating a potential surge in sellers entering the market.
The active inventory of available properties in August 2023 was 4,614, showing a 2.7% decrease compared to August 2022. Despite this year-over-year decline, there was a 1.5% increase in active inventory compared to July 2023, signifying a potential rise in property availability.
Months of Supply of Inventory: The months of supply of inventory in August 2023 was 1.5, which is a 19.4% increase compared to August 2022. However, it represented a 0.8% decrease compared to July 2023. A months-of-supply metric of 1.5 generally indicates a balanced market, with supply and demand relatively aligned.
In conclusion, Indiana's real estate market in August 2023 displayed a mix of growth and stabilization. Median sales prices continued their upward trajectory, albeit with a slight cooling in July. Closed sales saw a year-over-year decrease but an increase from the previous month. Properties spent more time on the market, and list price negotiations showed some flexibility. The price per square foot and property sizes underwent some changes, suggesting shifting buyer preferences. New listings surged in July, and active inventory increased slightly. The months of supply of inventory pointed towards a balanced market.
As always, the real estate market is influenced by multiple factors, and these statistics provide a snapshot of a dynamic and evolving landscape. Whether you're a buyer or a seller, staying informed about these trends can help you make more informed decisions in Indiana's real estate market
Note: The data mentioned in this article is sourced from the MIBOR Broker Listing Cooperative as of September 14, 2023. The analysis covers 16 counties in Indiana and includes various property types such as Single Family Residence, Condominium, Townhouse, Farm, Residential, and Manufactured Home.
Ready to explore Indiana's dynamic real estate market? Keep in mind that these insights offer only a snapshot of the broader picture. For precise and up-to-date information about your specific area or property, don't hesitate to consult with local real estate professionals. Your dream home or the perfect buyer might be just around the corner.
Are you on the hunt for the perfect home? We invite you to join us and visit our 7 Scheduled Open Houses this weekend, where you'll have the opportunity to explore a variety of stunning properties. Whether you're in search of a spacious family home, a cozy starter abode, or a brand-new move-in ready gem, we have something for everyone. Mark your calendars for an exciting weekend of open houses hosted by RE/MAX Advanced Realty Agents and get ready to find your dream home.
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Welcome to Regency Estates. Denali model designed to accommodate gatherings with a huge great room. Prepare to be captivated by the stunning kitchen, complete with a generous breakfast nook and a stylish island. The kitchen is a true delight, featuring dazzling quartz countertops, a tile backsplash, stainless steel appliances, a gas stove, and a generously sized walk-in pantry. On the main floor, you'll find a full bath for added convenience, as well as an office/bedroom. Four bedrooms await, including a fabulous master suite. The master bedroom is a sanctuary, featuring a beautiful ceramic-tiled shower, a relaxing garden tub, a double vanity, and a spacious walk-in closet. Additionally, a concrete path throughout the property ensures ease of movement.
Take a glimpse of your new beginning in The Fields at New Bethel. This expansive two-story residence boasts 4 generous bedrooms, 2.5 baths, and a full basement—crafted for spacious living. The open concept layout, adorned with solid surface flooring, creates an inviting ambiance for daily life and entertaining. The kitchen is a marvel, featuring elegant cabinetry, a roomy pantry, and an inviting built-in island. Upstairs, the oversized bedroom includes a deluxe bath with abundant storage in the walk-in closet. With an additional 3 bedrooms and a practical laundry room, this home caters to modern lifestyles. Embrace convenience and a sense of community in Southeast Indianapolis.
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When you look for houses, it’s given that you trust the seller or the real estate agent marketing the home you are looking for. It is the same when you’re the one advertising your home. Trust is the ultimate selling factor in real estate, but marketing helps build that trust. Efforts in marketing your home help boost your selling point of the home, especially in a very competitive market.
Every home is unique, and a good marketing plan takes time to prepare, typically months. When you market your home, it must be in good condition. All upgrades and repairs must be complete.
Pricing, likewise, should be planned. A broker will give you advice on the price and best terms like closing cost and seller credits. Once the home is on the market, it will quickly be searched and your marketing begins.
Marketing your home becomes easier if you know the current real estate market. Good marketing can bring your home to higher prices. Here are some tips that can help you boost your marketing strategy:
Most buyers begin their search online so posting a good photo to attract prospects is essential. Listings without any photos are often ignored.
You should do a virtual tour as buyers love to have a virtual tour of a home. A good virtual tour can attract buyers whether you do it 360 or a video. You can edit and add some sounds and descriptions to your video.
Well-designed signage can help attract buyers and maybe inquire or make a phone call and ask for details about your home. Putting a “For Sale” signage is free advertising; you can put two signs if your home is located on a corner lot.
You can also buy mailing lists and give them to neighbors. You’ll never know if a neighbor or a family relative wants to move near them. You can give them to agents who represent buyers in your neighborhood and also to neighbors living in other areas who want to relocate to your area.
The target market for print advertisements is those who usually read newspapers every day and also online ads. Search for days that pull the most readers and put ads in the newspaper. Don’t overlook local newspapers, look for larger ads that will cost you less and at the same time will target those who are looking within your area. You can also make use of websites that you can search and find, most online listings are free.
You can place an open house sign directing buyers to your location. You can also advertise your open house in newspapers and post it online. Don’t forget to indicate the time that your house is available for an open house.
Take Note: Not every home is suitable for an open house due to location or other factors. If you’re not sure whether this is a good way to market your house or not, the only way to find out is to try. If no one comes, it’s probably an indication it’s not good for an open house but at least, you tried.
You can include photographs and a few descriptions of your home with the help of technology as it will be easier to create and send. It may cost you a little but you may look at it as an investment.
You can send these e-flyers online to your friends, family, or neighbors within your location to help you advertise them to others. You can also send them to real estate agents and brokers that are looking within your area.
Based on research, buyers prioritize homes that have energy-efficient features, as it is a long-term way to save on house costs. Buyers are more interested if the windows are Energy Star-certified than the appliances or thermostats. Some of these energy upgrades are solar panels, CFL lighting, and sufficient insulation. Solar panels are one of the biggest energy-efficient and eco-friendly.
Your location itself can be a selling point for your home. Living in a neighborhood that has many commercial buildings, like groceries, restaurants, schools, parks, shops, churches and convenient means of transportation can help buyers appreciate the property and think how easy and hassle-free it would be to live within the area.
If you’re selling your home through a real estate agent then they should be well-versed in using social media as a means of marketing. Most of them are trained to make your listing create a noise online and make it noticeable within the area.
Our team at RE/MAX Advanced Realty - Indy Home Pros, for instance, are well-trained in marketing homes online. Other than social media, we use different platforms to advertise your property for maximum exposure. Call us at 317-316-8224 or drop a comment below to learn how we can help you market your home online.
In the meantime, you can also post photos and videos of your property on different social media platforms and websites. You can even use the design you created for advertisements and e-flyers to make your listing more attractive.
It is an online database that is exclusively used by real estate agents to make buying and selling homes more efficient. Agents list homes for sale on MLS or multiple listing services – it’s a must. And only they and other professionals can view and have access to it.
MLS can also accommodate for sale by owner listing. You can find a broker who’s willing to enter the information about your property without representing you. When you post your home here many agents will see it and buyers will be aware of the property’s availability. Oftentimes they will do it for a flat fee, but be sure to ask the agent first to know what to expect.
Bottom Line
Marketing your home is essential if you want it to sell. As we phase into the new era, marketing also evolves online. There will be many gimmicks on how others will market their property.
Implementing your marketing strategy is crucial so that your property will stand out. Keep track of the changes in real estate and the current trends, so you can adapt and apply your style of marketing.
Get ready to dribble and indulge in delicious fair food because the Indiana State Fair is back in full swing! This year's fair promises to be a slam dunk with the theme "Celebrating Basketball: The State that Grew the Game," paying homage to Indiana's love for basketball. From new exhibits to a packed concert lineup, there's something for everyone at the fairgrounds. So lace up your high tops and join the fun!
Dates and Hours
The Indiana State Fair will run from July 28 to August 20. The fairgrounds will open at 9 a.m. and close at 10 p.m. on Sundays and Wednesdays and at 11 p.m. from Thursday to Saturday. Please note that the last entry for each day is at 8 p.m. The fair is closed on Mondays and Tuesdays, so plan your visit accordingly.
Ticket Prices and Special Offers
To enter the fairgrounds, you can purchase advance general entry tickets online for $11, which grant you access for a single day. If you're looking for unlimited fun on the midway, consider getting the online Midway wristbands for $25, valid on Wednesdays, Fridays, and the last Sunday of the fair.
For families, there's a special discount pack available for $44, which includes four general entry tickets and a parking pass. Plus, children under the age of 5 can enter for free, making it a perfect family outing.
How to Get to the Fairgrounds
The fairgrounds are located at 1202 E. 38th St. and can be accessed via interstates 65, 69, 70, and 74. If you're planning to drive, make sure to get a parking pass in advance for $8. Alternatively, if you prefer public transportation, IndyGo routes 4 and 39 will drop you off close to the fair's entrance on 38th Street. Visitors who choose to bike to the fair will receive a $1 discount on admission as part of the "pedal and park" deal. Cyclists can park their bikes at designated racks along the Monon Trail.
Fairground Policies and Prohibited Items
The Indiana State Fair has introduced new safety policies to ensure a secure and enjoyable experience for all attendees. No one under 18 years old is allowed to enter the fair after 6 p.m. without a chaperone who is 21 years or older. Additionally, the fair has implemented a new bag policy, prohibiting bags larger than 9" x 10" x 12" from entering the fairgrounds.
New Foods and Exhibits
Foodies will be delighted with dozens of new food offerings at the fair this year. From the Buffalo Pork-N-Mac to the Wicked Chicken n Waffles, there's a variety of tasty treats to indulge in. For those interested in the exhibits, the fair features several new displays, including the Indiana Basketball History Exhibit, Pacers Sports and Entertainment Exhibit, and Chuck Taylor and Indiana Basketball at the Indiana History Train. Additionally, the fair will debut its first-ever augmented reality exhibit, Space Ham, providing visitors with an interactive experience through their phones.
Free Things to Do at the Indiana State Fair
The Indiana State Fair offers an abundance of free activities and attractions that promise a memorable experience for visitors without spending a dime. Here are some fantastic free things to do during your visit:
Check the official Indiana State Fair website to learn more about the free things to do at the fair.
May everyone experience the ultimate fun at the Indiana State Fair! And when it comes to knowing Indiana, nobody understands it better than RE/MAX Advanced Realty. Just like the rich history and love for basketball that the state fair celebrates, our experienced agents have deep roots in Indiana communities. Whether you're looking to buy or sell a home in the area, our team's expertise will guide you every step of the way. Contact us for all your real estate needs.
In the first part, we learned some facts about Indiana, the average salary of those who live there, the status of the job market, its population, the cost of living, weather, and climate, and many more.
Now, we'll dive deeper into the Hoosier State and discover more things about this beautiful place.
The rate of violent crime in Indiana is slightly higher than the national average. According to recent data, there were approximately 400 violent crimes and approximately 2,600 property offenses per 100,000 persons. Indiana's violent crime rate is thus around 9% higher than the national average. Property crime was close to the national average.
On the other hand, the place offers some fantastic cities and villages. The Northwest Indiana region is home to nine of Indiana's top twenty safest cities. St. John was ranked first, Crown Point was ranked fourth, and Valparaiso was ranked fifteenth.
Because five distinct interstates intersect in Indianapolis, IN, Indiana is known as the "Crossroads of America." Indiana is the entryway from the east coast to the west coast. The rail system in the United States is vital to the highways that transport products. Indiana is home to several major freight rail lines. Indiana is home to rail intermodal, the Ohio River canal, and the Port of Indiana on Lake Michigan.
You will need a place to reside whether you are relocating to Indiana or visiting for another purpose. Indiana real estate, homes, and houses will continue to be in high demand in 2020. In 2019, the number of homes for sale in Indiana climbed by 3% to slightly more than 4%. Several factors are contributing to Indiana real estate's high demand and value growth.
Real estate values in Indiana rise as a result of both business and inhabitants. Indiana is a low-regulation, business-friendly state. The minimum wage is cheap, schools are excellent, and public services are extensive. Furthermore, tax rates in neighboring Illinois are encouraging more firms and residents to relocate to Indiana. Finally, Indiana has shown to be a secure, thriving state that is also a fantastic location to live.
Northwest Indiana real estate had some of the most significant improvements in 2019. Last year, the number of homes for sale in Northwest Indiana climbed by 5.6%. We anticipate that this tendency will continue. The most significant contributing elements are the increased number of residents from Illinois and the recent economic expansion in Northwest Indiana.
One advantage of residing in Indiana is the state's dedication to environmental preservation. Indiana is home to some spectacular natural places.
The state's northern boundary is with Lake Michigan. You can visit the Indiana Dunes State Park and the Indiana Dunes National Park while you're here. You may relax on the beach, climb the sand dunes, or go for a trek through the woodlands along the lakefront.
Hoosier National Forest is located in the state's south. The United States manages this forest preserve. The Forest Service. The Hoosier National Forest encompasses about 200,000 acres of property in southern Indiana's Appalachian foothills.
Indiana's culture is diverse. There are several densely populated places in Indiana. Among these are Ft. Wayne, South Bend, Indianapolis, and the Northwest Indiana region all within commuting distance of Chicago, the third-largest city in the United States. These regions have the commerce, entertainment, and cuisine that you would expect to find in a bustling metropolis.
There are several smaller cities in between, separated by extensive farmland. This provides tremendous balance for Indiana people. Those who reside in the city might live a more urban lifestyle. People who live in the country might enjoy a calmer, more communal existence.
Indiana has a little bit of everything, so there is something for everyone. When you need a change of scenery, get in your car and drive down the highway (Indiana is known as America's Crossroads) to meet a new portion of this great state.
Here are some things to consider before relocating to Indiana.
Whether you're planning to move to Indiana or want to learn more about real estate in this area, our team at RE/MAX Advanced Realty - Indy Home Pros is more than willing to help.
With 8 years of average experience as a real estate agent, we ensure to make your relocation plan seamless and hassle-free.
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With the scorching summer temperatures upon us, creating a cool and comfortable living space becomes a top priority. Whether you're looking to escape the heat wave or simply want to enjoy a refreshing oasis at home, we've got you covered. In this blog post, we'll share essential tips to help you stay cool and beat the heat, transforming your home into a sanctuary of comfort during the hottest months of the year.
Don't let the summer heat get the best of you. By implementing these essential tips, you can transform your home into a refreshing haven where you can stay cool and beat the heat. From optimizing airflow and blocking out the sun to embracing natural ventilation and staying hydrated, these strategies will help you create a comfortable and enjoyable living space during the hot summer months. Stay cool, stay comfortable, and make the most of this summer season!
Are you ready to find your dream home with the perfect cooling features? Our expert real estate agents at RE/MAX Advanced Realty can help you find a place where you can beat the heat and enjoy a refreshing summer oasis. Contact us today to explore the best cooling options for your new home!
It is simply a matter of being familiar with Indiana to determine whether or not it is a good decision to relocate there. This guide will help you get familiar with the state and determine whether Indiana is an appropriate area for you to reside.
Before you move to Indiana, you probably want to know how much money people in Indiana make. According to the latest recent data, the average wage in Indiana is over $47,000, and the average household income is around $55,000. Personal per capita income in Northwest Indiana is somewhat less than $46,000. The average salary in Indiana's capital, Indianapolis, is over $52,000, 10% higher than the state average. Learn more about the typical Indiana income across the state.
The state's job market provides an answer to the issue of why relocate to Indiana. Indiana is home to small, medium, and large firms. Indiana's key sectors include agriculture, energy, manufacturing, steel production, healthcare, and professional services. Manufacturing employs around 17% of all nonfarm employment. Major corporations are concentrated in medium and bigger cities. One of the advantages of relocating to Indiana is that the state has a lower unemployment rate than the national average.
Certain industries in Indiana are heavily concentrated in tiny geographic areas, which is a distinctive feature of the state's economy. Northwest Indiana, for example, is home to some of the major steel mills in the United States. More than half of the blast furnace capacity in the United States is located in Lake and Porter Counties.
Another example is that 80% of recreational vehicles (RVs) manufactured in the United States are constructed in Northeastern Indiana, in places like Goshen. Elkhart County is known as the "RV Capital of the World," whereas Warsaw, Indiana is known as the "Orthopedic Capital of the World" due to the presence of three large orthopedic medical equipment firms.
Here are some more details on the Indiana job market:
The population of Indiana is increasing. Indiana now has a population of approximately 6.79 million people. This is a 300,000 increase over 2010. More information about Indiana's current population can be found here. In addition, the Indiana University Kelly School of Business publication INContext offers an excellent chapter on Indiana's predicted population growth until 2050.
Many surveys have placed Indiana as one of the most affordable states to live in. Yes, our wages may be slightly lower than those in other states. We make up for it, however, with a low state-income tax rate, constitutionally protected property tax caps, near access to important resources, and a competitive business environment that welcomes new companies.
According to U.S. News & World Reports, Indiana is the third cheapest state. If you search the internet for this question, you will most likely discover multiple studies ranking Indiana as one of the top ten most affordable states.
The four seasons have been experienced in every section of the state. Winter, on the other hand, is a wildcard. Temperatures in the spring and fall are mild, with highs in the 50s and 60s and lows in the 40s. Summer brings days in the 70s, 90s, and even over 100 degrees. Winter is a wild card.
Indiana is a large state that stretches for 250 miles from north to south. The southern portion experiences snow and cold in the winter, as does the center section, albeit slightly more and slightly colder. Northern Indiana, on the other hand, has all the hallmarks of a hard midwestern winter.
Lows in the teens and single digits are common in Northern Indiana throughout the winter. Temperatures below zero are not uncommon. Northern Indiana has the most snow, and there is a phenomenon known as lake effect snow in a few select areas.
In essence, snow bands form off of a huge body of water, like Lake Michigan, and, if conditions are ideal, these bands will dump snow on a region. I have always resided in northern Indiana, which is one of the select locations where this occurs occasionally each year. Sincerely, there was a time when my neighborhood had a 20-inch snowfall in a single day. They had five inches at two miles. They had none five kilometers distant.
The educational system of Indiana is strong. In Indiana, approximately 87% of students complete high school. Of those, over 63% enroll in colleges right away. You may get more information on Indiana's schools here. The Indiana Department of Education works hard to make information about the state's public schools readily available.
Indiana's colleges and universities are among the best in the country. In the past, Purdue University excelled in the sciences and math, producing generations of graduates. Indiana University, Notre Dame, Ball State, Butler, and Valparaiso University are a few of the state's other prestigious universities.
These are just some of the basic things about Indiana. In our next post, we'll learn more about this beautiful Hoosier State.
The real estate market in Indiana continues to demonstrate positive growth and resilience, as indicated by the market data report for May 2023. Analyzing the data for both single-family homes, condos, and all property types across all 16 counties, we can gain valuable insights into the current state of the market. In this blog, we will interpret the data and highlight the significant trends that potential buyers and sellers should be aware of. Furthermore, we will discuss the importance of considering these trends and fluctuations when analyzing the housing market. Let's dive in!
CONDOS
The condo market in Indiana has shown promising signs of growth, with several key metrics indicating positive trends:
Median Sales Price:
The median sales price for condos in May 2023 was $250,000, marking an 11.1% increase compared to April 2023 and a 6.9% increase compared to May 2022. This upward trajectory reflects a robust market and increasing property values.
Closed Sales:
Despite a decrease of -21.3% compared to May 2022, May 2023 saw a remarkable 22.3% increase in closed sales compared to April 2023, reaching a total of 203 closed transactions. This suggests a strong buyer demand and an active condo market.
Median Days on Market:
The median days on the market for condos remained steady at 6 days, indicating consistent buyer interest and a balanced market. Although this represents a 20.0% increase compared to May 2022, it's important to note that condos are still selling relatively quickly.
List Price Received:
Condo sellers received 99.0% of their list price in May 2023, signifying a strong market where sellers have negotiating power. Compared to April 2023, there was a slight increase of 0.2%, although there was a decrease of -3.3% compared to May 2022.
Median Sold Price per SqFt:
The median sold price per square foot for condos in May 2023 was $153. This represents a 2.0% increase compared to April 2023, demonstrating growing property values. However, there was a slight decrease of -3.5% compared to May 2022.
New Listings and Active Inventory:
May 2023 witnessed 223 new listings for condos, showing a 3.2% increase compared to April 2023. However, when compared to May 2022, there was a decline of -17.1%. The active inventory of condos decreased by -8.3% compared to April 2023 but increased by 17.9% compared to May 2022.
Months of Supply of Inventory:
The months of supply of inventory for condos in May 2023 was 1.0, reflecting a -25.0% decrease compared to April 2023. However, there was an increase of 49.8% compared to May 2022, indicating a balance between supply and demand.
SINGLE-FAMILY HOMES
The single-family home market in Indiana also shows promising trends, demonstrating stability and growth:
Median Sales Price
The median sales price for single-family homes in May 2023 was $300,000, indicating a 3.4% increase compared to April 2023 and a 3.8% increase compared to May 2022. This showcases a consistent upward trajectory in home values.
Closed Sales
May 2023 recorded 2,910 closed sales of single-family homes, representing a substantial 17.6% increase compared to April 2023. However, there was a decrease of -14.6% compared to May 2022, highlighting the year-over-year fluctuations.
Median Days on Market
Similar to condos, the median days on market for single-family homes remained unchanged at 7 days compared to April 2023. Nevertheless, there was a 40.0% increase compared to May 2022, suggesting a slightly longer selling period.
List Price Received
Sellers received 99.5% of the list price for single-family homes in May 2023, indicating a seller's market and strong buyer interest. This represents a 0.6% increase compared to April 2023, although a decrease of -2.9% compared to May 2022.
Median Sold Price per SqFt
The median sold price per square foot for single-family homes in May 2023 was $153, exhibiting a 1.3% increase compared to April 2023. However, there was a decrease of -6.1% compared to May 2022.
New Listings and Active Inventory
May 2023 saw 3,322 new listings for single-family homes, reflecting a 13.3% increase compared to April 2023. Nevertheless, there was a decline of -22.6% when compared to May 2022. The active inventory for single-family homes decreased by -5.0% compared to April 2023 but increased by 22.9% compared to May 2022.
Months of Supply of Inventory
The months of supply of inventory for single-family homes in May 2023 was 1.1, indicating a -19.3% decrease compared to April 2023. However, there was an increase of 43.9% compared to May 2022, suggesting a more balanced market.
The Overall Housing Market in Indiana:
Considering all property types, the housing market in Indiana demonstrates positive trends:
Median Sales Price
The median sales price for all property types in May 2023 was $298,995, representing a 5.5% increase compared to April 2023 and a 4.9% increase compared to May 2022. This suggests overall growth and a healthy market.
Closed Sales
May 2023 experienced 3,176 closed sales for all property types, showing a significant 17.5% increase compared to April 2023. However, there was a decrease of -14.5% compared to May 2022, reflecting year-over-year variations.
Median Days on Market
The median days on market for all property types remained consistent at 7 days, compared to April 2023. However, there was a 40.0% increase compared to May 2022, indicating a slightly longer selling period.
List Price Received
Sellers received 99.5% of the list price for all property types in May 2023, signifying a robust market. This represents a 0.6% increase compared to April 2023, although a decrease of -2.9% compared to May 2022.
Median Sold Price per SqFt
The median sold price per square foot for all property types in May 2023 was $153, showing a 0.7% increase compared to April 2023. However, there was a decrease of -6.1% compared to May 2022.
New Listings and Active Inventory
May 2023 witnessed 3,637 new listings for all property types, reflecting a 12.5% increase compared to April 2023. However, there was a decline of -21.16% compared to May 2022. The active inventory for all property types decreased by -4.7% compared to April 2023 but increased by 25.9% compared to May 2022.
Months of Supply of Inventory
The months of supply of inventory for all property types in May 2023 was 1.1, indicating a -18.9% decrease compared to April 2023. However, there was an increase of 47.2% compared to May 2022, suggesting a more balanced market.
Overall Market Analysis
The market data for May 2023 provides an optimistic outlook for Indiana's real estate market. The consistent increase in median sales prices for condos, single-family homes, and all property types - Town House, Farm, Residential, Manufactured Homes indicates a healthy and thriving market. Although fluctuations in closed sales, new listings, and active inventory are observed, these variations are part of the dynamic nature of the real estate landscape.
While the median days on the market have increased, suggesting a slightly longer selling period compared to the previous year, it is crucial to note that the market remains active, and properties are being sold. This sustained interest and demand in the real estate market ensure a steady flow of transactions.
Considering the positive trends and fluctuations in Indiana's real estate market, it is essential for potential buyers and sellers to analyze the data and make informed decisions. Whether you are interested in condos, single-family homes, or any other property type, reaching out to an experienced real estate agent can provide valuable insights tailored to your specific needs and goals.
Contact Indy’s Leading Brokerage today to gain a deeper understanding of the thriving housing market in Indiana and explore the opportunities available to you. With a roster of top-notch realtors at RE/MAX Advanced Realty, you can be assured to have an expert and experienced to guide you through the nuances of the market and help you make informed decisions. Don't hesitate to reach out to us and embark on your real estate journey with confidence.
Greenwood Office: 317.881.3700
65 Airport Pkwy #140, Greenwood, IN 46143
West Office: 317.298.0961
8313 W 10th St, Indianapolis, IN 46234
When thinking of the Hoosier state, many think of Indiana's robust auto industry, corn fields, or Colts. However, real estate investment in Indiana has become popular. This Indiana real estate market guide will show investors why this attractive Midwestern state must be part of their investing plans.
The Circle City, or Indianapolis, blends the buzz of the Big City with the rustic charm of the Midwest. Additionally, it has fantastic cash-flowing assets and a sizable expansion ceiling. Real estate analysts praise its ongoing growth and robust rental market.
Indianapolis homes are in high demand due to investors from other states. According to HousingWire, Indianapolis is where remote real estate investors rank highest for having affordable real estate and larger profits.
Before investing in any real estate, many details need to be figured out, and here is the investing guide for Indiana's real estate that you can consider:
Indiana is not the first place people think of living. If you look deeper, it's no wonder that this state has new inhabitants and property investors seeing Indiana as a place to invest and expand their fortune through real estate. Indiana is worth considering if you want a change of scenery, a new house, or a rental property.
According to the World Population Review, Indiana's population is 6.8 million, up 300,000 from 2010. As the population grows, real estate values will rise. Indianapolis, the 15th largest US city, is also desirable. Fort Wayne, Evansville, Carmel, and South Bend are Indiana's four most populated cities.
A diversified economy can be found in Indiana. Healthcare, logistics, the public sector, and technology are a few sectors that are essential to Indiana's economy. The state is also home to several reliable businesses. However, the 100 most prominent companies in the state include Go Electric, Anthem, and numerous others.
Indiana has a high job growth rate, which is advantageous for those looking for new professional prospects. However, many of these people will also need new homes. In terms of job growth, Indiana is in the lead. The market has increased by 2.5% in the past year, putting the state at 4% over the national average.
Low taxes make Indiana a business-friendly state. Indiana is also a landlord-friendly state. Landlords can raise rent with a 30-day notice. State landlords can levy security deposits, late fees, and deductions. Ten days for not paying rent, landlords can evict tenants, making dealing with the delinquent tenants easier.
Indiana has a high occupancy rate, meaning tenants or their owners occupy most homes. The vacancy rate in Indiana is about 8.7%. A high occupancy rate indicates a steady market in the state, which increases the likelihood that your prospective property will be quickly rented out after you invest.
It's important to remember that Indiana has cost-effective homes, enabling landlords to charge affordable rates and fostering a steady rental market for those looking to invest. Indiana's real estate investing trends encourage expansion for a growing state.
The process of getting pre-approval for your home loan is a vital stage in the process of purchasing a property.
It estimates how much money you could borrow if you apply for a mortgage and gives you more confidence when it comes time to place a bid on the house of your dreams.
We will share some guidelines and advice that will assist you in choosing the most appropriate for your circumstances about home loan pre-approval.
If a lender gives you pre-approval, indicative approval, or approval in principle, it means roughly the same: they are willing to lend you a specific amount of money. To accomplish this, they will analyze your current financial condition and determine how much money you can take out as a loan.
It is essential to remember that getting pre-approval does not ensure they will provide funds. It is a sign that your loan application will probably be accepted unless there is a significant change in your circumstances.
Your lender will conduct a property value and reevaluate your finances before providing conditional approval; this is the final stage toward securing your house loan. Once you've selected your property, the lender may conduct a property valuation.
The pre-approval process will tell you how much money you can borrow. When participating in an auction, knowing your maximum acceptable bid and understanding how much money you can spend on a particular piece of real estate is essential.
Pre-approvals are seen favorably by buyers, sellers, and real estate agents. It shows that you are a serious buyer and makes it less likely that you will back out of an offer because you don't have enough money. This may give you an edge if you want to negotiate an offer.
When they are prepared to begin looking into purchasing a property, the majority of consumers ask for home loan pre-approval. However, it's a good idea to consider a few points before applying.
It's great to choose your chosen lender before applying for several pre-approvals from various lenders in a short period because doing so can affect your credit score.
Pre-approvals typically become invalid after a period of three to six months. However, most lenders will negotiate new terms, provided your circumstances remain the same.
If there is a change in your case, such as when you start a new job or take out a personal loan, your lender may need to reconsider the application you submitted.
If you submit all relevant papers before applying for the loan, the pre-approval process for a home loan can be completed within 48 hours.
Recent bank statements, pay stubs or another source of income, proof of identity, and a view of your assets and liabilities, such as savings and previous loans, are required for pre-approval of a home loan.
Do you have more questions about home loans and home ownership? We are here to help! Dial 317-298-0961 to talk to one of our specialists or leave a comment below.
8313 W. 10th St
Indianapolis IN 46234
dennis@indyhomepros.com
317-316-8224