By IBJ Staff
Declining mortgage rates and more inventory led to a positive month for existing-home sales in central Indiana in September, according to the latest data from the MIBOR Realtor Association.
Closed existing-home sales in the 16-county area rose 3% on a year-over-year basis, from 2,531 in September 2023 to 2,608 in September 2024.
Sales have now risen in three of the past six months on a year-over-year basis following a 26-month streak of declining sales.
The median sale price for a home in the area barely rose last month, to $300,000, compared with $299,900 in September 2023.
The active inventory of homes rose from 4,522 in September 2023 to 5,027 last month, an 11.2% increase.
There were 3,125 new listings in September, down 4.8% from the same month in 2023.
On average, sellers received 98.3% of their asking price last month, down from 98.5% a year ago. Homes spent an average of 38 days on the market before being sold, unchanged from a year ago.
“Consumer demand has responded favorably to more inventory coupled with mortgage rates
declining a whole percentage point since May,” MIBOR CEO Shelley Specchio said in written comments. “While this is a positive and welcomed change, we anticipate the remainder of 2024 will bring many starts and stops on the journey to more favorable buying conditions.”
Marion County
In Marion County, closed sales in September ticked up 2.1% from a year ago, to 930. The median sales price in the county rose 3.8% from a year ago, to $244,000.
Other area counties
In Hamilton County, sales were down 2.7% on a year-over basis, to 470. The median sales price in the county rose 2.7%, to $462,175.
In Hendricks County, sales were flat, at 185, and the median sales price rose 0.3%, to $341,000.
In Johnson County, sales were up 11.7%, to 220, and the median sales price rose 3.3%, to $310,000.
Sales fell 7.2% in Madison County, to 141. The median sales price dipped 1.7%, to $192,000.
Sales in Boone County increased 4%, to 105, while the median price ticked up 1.8%, to $400,000.
Hancock County sales dropped 14.2%, to 109. The median price was down 5.6%, to $327,000.
Morgan County sales jumped 23.4%, to 95, and the median sales price increased 4.9%, to $299,000.
Shelby County saw a 38.6% rise in closed sales, to 61. The median price climbed 18.3%, to $275,000.
Statewide sales
The state saw a 2% increase in closed sales on a year-over-year basis, with sales rising to 6,709 last month, according the Indiana Association of Realtors.
Statewide, the median sale price rose to $260,000 in September, up 5% from a year ago.
