Lower interest rates and increased economic confidence led to a more active real estate market across the state in January.
Both home sales and new listings are higher than in January 2023, according to the Indiana Association of Realtors.
There were more than 30 more home closings last month than last January, and two-thirds of Indiana counties reported year-over-year increases in sales.
The median home sales price was $235,000, unchanged from December. Homes are on the market for an average of 28 days, which is faster than the typical market before 2020, but three days longer than last January.
Additionally, about 5,900 homes were listed for sale in January, a 4% increase from 2023, according to the Indiana Association of Realtors.
Regional/regional trends provided by the Indiana Association of Realtors:
- Marion County had 644 closings in January, 7% ahead of 2023. Sales across the Indianapolis metropolitan area increased by 2% compared to January 2023, with a median of $284,000.
- In addition to Marion, other northern Central Indiana counties also saw strong year-over-year growth, including Hamilton (335 sales, +4%), Boone (61 sales, +9%), and Madison (105 sales, +14%) I showed you. ).
- Allen County (276 sales) saw strong year-over-year sales growth (7% ahead of January 2023) and a 22% increase in properties added to the market (376 sales). In the Fort Wayne metro, home sales increased by 11% compared to January of last year.
- Clark County (107 sales closed) increased sales by 10% for the Indiana portion of the Louisville metro. Clark County also added 216 new properties, a 16% increase heading into 2023.
- Further west on the Ohio River, Vanderburgh County had 143 home sales in January, an 8% growth compared to 2023.
- Howard County continued to see strong increases in home sales (100 sales in January, +47% year over year) and new listings (+12%).
- Lake County (296 sales) was down 4% compared to January 2023, while neighboring Porter and LaPorte were both up 14% year over year with 91 and 81 home sales, respectively.
- Home sales in St. Joseph County continued to outpace the rest of Indiana through 2023, but sales in January were 9% lower than a year ago.
- Among other metropolitan areas, Lafayette saw a 13% increase in home sales in January, with a median sales price of $243,000.
- That trend continues in 2023, with Indiana's rural counties seeing home sales outpacing the state's year-over-year growth rate, up 7% from January of last year. Sales prices also rose 7% year-over-year, but the median price of $180,000 remains more affordable than the metropolitan housing market.
