Area existing-home sales, prices escalate while inventories fall

The seller’s market in residential real estate grew even stronger in central Indiana in June, with existing homes selling at a faster pace and buyers spending extra to land properties.

Completed sales of single-family homes in the 16-county area jumped from 3,628 in June 2020 to 3,897 last month—an increase of 7.4%, according to the latest data from the MIBOR Realtor Association.

The sales increase was the 11th in the past 12 months. On a year-to-date basis, closed sales are up 10.4% so far this year, to 17,609, compared with 15,948 in the first six months of 2020.

The median price for homes sold in the area last month rose 14.2%, to $250,000, compared with $219,000 in June 2020.

Homeowners in June, on average, got 101.9% of their asking prices, up from 101.5% in May and 100.6% in April.

The average number of days that homes spent on the market fell from 35 days in June 2020 to just 14 days last month, a decline of 60%.

The active inventory in June dropped 37.7% on a year-over-year basis, to 2,018 houses.

In one positive sign for buyers, new listings were up 11.1% in June on a year-over-year basis, from 3,921 to 4,357.

Marion County

In Marion County—the most active market in central Indiana—closed sales in June rose 12.3%, to 1,555.

The median sales price in the county rose 19.6%, to $220,000. New listings increased 18.5%, from 1,428 in June 2020 to 1,692 last month. The active inventory of available single-family homes sank 21.9%, to 897.

Other area counties

In Hamilton County, sales ticked down 0.1%, to 688, in June. The median sales price rose 17.1%, to $380,000. The inventory of houses fell 62.2%, to 266. Home spent just 13 days on the market, on average, in June and fetched 103.2% of their asking price.

In Hendricks County, sales dropped 8.6%, to 275, and the median sales price increased 14.3%, to $286,900. Homes spent just eight days on the market, on average.

In Johnson County, sales increased 27.2%, to 327, and the median sales price rose 18.6%, to $261,000.

Sales in Boone County dropped 8.6% last month, to 138, while the median price of a home escalated 22.7%, to $362,500. The active inventory of homes fell from 164 a year ago to just 68 last month.

Hancock County sales were up 23.7%, to 162, and the median price rose 15.8%, to $260,500.

Sales rose 32.3% in Madison County last month, to 213. The median sales price increased 36%, to $170,000.

Morgan County sales decreased 4.9%, to 116, and the median sales price rose 24.9%, to $217,183.

Shelby County saw 44 closed home sales last month, down from 51 in June 2020. The median price rose 27.6%, to $185,000.