Prices for existing homes in Indy area balloon in February


Sale prices of existing homes in central Indiana swelled in February, as demand increased while the supply of available homes dwindled.

The median price for homes sold in the 16-county area in February rose 18.9%, to $223,500, compared with $188,500 in February 2020, according to the latest data from the MIBOR Realtor Association.

The median sale price of $223,500 was an all-time high for February, said MIBOR CEO Shelley Specchio.

Completed sales jumped from 2,114 in February 2020 to 2,243 last month—an increase of 6.1%. The monthly sales increase was the eighth in a row.

The active inventory in February dropped a whopping 59.8%, to 1,577 houses, on a year-over-year basis. The average number of days that homes stayed on the market swooned 44.1%, from 59 days to 33.

New listings were down 24% on a year-over-year basis, from 2,865 in February 2020 to 2,178 last month.

Marion County

In Marion County—the most active market in central Indiana—closed sales in February rose 6.7%, to 882.

The median sales price in the county rose 15%, to $184,000. New listings shrank 20% from 1,147 in February 2020 to 918 last month. The inventory of available single-family detached houses plummeted 46.7%, to 764.

Other area counties

In Hamilton County, sales rose 3.2%, to 417, in February. The median sales price rose 12.2%%, to $341,565. The inventory of houses fell 70.7%, to 228.

In Hendricks County, sales increased 18.5%, to 186, and the median sales price increased 9.3%, to $260,000.

In Johnson County, sales rose 16%, to 174, and the median sales price rose 28.9%, to $236,500.

Sales in Boone County were up 37% last month, to 74, while the median price of a home rose 32.8%, to $351,923.

Hancock County sales were down 23%, to 77, and the median price rose 12.2%, to $241,500.

Sales were up 7.8% in Madison County last month, to 111. The median sales price increased 28.9%, to $139,900.

Morgan County sales fell 4.5%, to 64, and the median sales price rose 18.5%, to $201,500.

Shelby County saw 26 closed home sales last month, down from 33 in February 2020. The median price rose 50.7%, to $204,950.

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