Mortgage rates escalated for the first 10 months of last year. No surprise: Existing-home sales in the 16-county area dropped from 35,876 in 2022 to 29,483 in 2023.
Finkam and Nelson are running to succeed seven-term Mayor Jim Brainard and lead a city that has grown from suburb of 30,000 people into a regional powerhouse with more than 100,000 residents, more than 150 corporate headquarters and 148 roundabouts (and counting).
Both candidates have jockeyed for endorsements from various interest groups as the Nov. 7 election nears. The FOP decision not to endorse a candidate after it had endorsed Hogsett in his past two runs for mayor could mark a shift in what is likely his most competitive election.
Existing homes in the 16-county area are spending much more time on the market than a year ago, from an average of 22 days in August 2022 to 31 days last month.
The amount of time homes are spending on the market in the Indianapolis area has almost doubled compared with a year ago, but median sales prices are still on the rise.
The amount of time homes are spending on the market in the Indianapolis area is soaring compared with a year ago, but median sales prices are still on the rise.
The median sales price in the 16-county central Indiana area for the first quarter of this year was $275,000, up 7.9% from $254,000 in the same period of 2022.
While the volume of sales has fallen off considerably since last year’s red-hot market, the number of days a house stays on the market has dropped in recent weeks—a development that many see as a sign of the market stabilizing.
Residential real estate sales in the 16-county area have fallen on a year-over-year basis for the past 13 months and have seen double-digit percentage decreases for eight straight months.
Despite the decline in sales, median prices for homes sold in the 16-county area rose 11% in January on a year-over-year basis, according to the latest monthly data from the MIBOR Realtor Association.
Sales of existing homes in the area have now fallen on a year-over-year basis for the past 11 months and have seen double-digit percentage decreases for six straight months.
The cold months pretty much always herald a drop in residential real estate sales. It just isn’t a great time to schlep around looking at houses. This season, however, is expected to bring a lower dip than in recent years.
