The Indianapolis real estate market has experienced a fast paced growth last year and it is expected to continue at a steady rate in 2014. Needless to say, the real estate market in the area have been booming and outshining other areas. The number ofIndianapolishomebuyers increased with the attractive average price of homes in the area along with other factors.
The houses in mostIndianapolisareas are being immensely sold while other areas are also catching up with sales. There is certainly a steady growth in home sales in theIndianapolismetro area and this can be attributed to many things.
Indianapolis Real Estate Getting in Good Shape
So, what do homebuyers inIndianapoliscan expect in 2014 as far as the real estate market goes?Good news for interested home buyers this year as the average home price projected for this year is around $130,000 to 135,000. There is also an expected increase in new listings or supplies in the first two quarters of the years as hundreds of new building permits are on the rise.
What is the reason behind these figures? Well, theIndianapolismarket is getting in good shape from the past year and this will continue until the current year. This can be due to an increase in the employment rate in the area, low interest rates previously and the implementation of less stern lending standards during the last quarter of 2013.
These things have resulted to about 20% of growth in annual home sales in the past year. The board of realtors inIndianapolisreported that home sales spurted in the past year in spite of economic recession. Now that the economy is recovering from its downfall,Indianapolishomebuyers are expected to flock to the housing market due to the improving real estate market and housing conditions.
What More to Expect?
The Indianapolis real estate considered as one of the bright points in the economy. Although the average home price will continue to climb this year until the early part of the following year, the demand for homes inIndianapoliswill experience a stable growth with low levels of mortgage rates.
The number of foreclosures has also declined and is expected to continuously fall this year. And with the latest construction of residential homes this year, there will surely be a bright future for the real estate market in the area which is a positive indicator forIndianapolishomebuyers.