Buyers of existing single-family homes in the 16-county area swooped up available properties at a rapid pace in April, often showing a willingness to pay more than the asking price to secure a purchase.
With the dramatic decrease in available listings, the median price for homes sold in the 16-county area in March rose 8.4%, to $226,500, compared with $208,865 in March 2020.
Existing single-family homes in central Indiana remained in heavy demand as 2021 got under way, despite the ongoing escalation of prices and shrinking supply of choices.
For all of 2020, sales rose to 5.64 million, the highest level since 2006 at the height of the housing boom. That represented a 5.6% gain from the 5.34 million previously owned homes sold in 2019.
Completed home sales in the 16-county area rose in December for the sixth month in a row on a year-over-year basis. Area sales were up 6.4% in 2020 and the median price for a home rose 14.1%.
Completed sales in the 16-county area increased 20.6% in November on a year-over-year basis, according to the latest data from the MIBOR Realtor Association.
“Indianapolis is one of the fastest-selling metros in the country,” said Chris Glynn, a senior economist at Zillow, a real estate website and research firm. “The typical home in Indianapolis is selling in five days or less.”
A shortage of moderately priced single-family homes and pent-up demand stemming from the COVID-19 lockdown this spring have caused home prices to rocket higher.
Sales of existing single-family homes jumped dramatically in central Indiana in July, despite the pandemic, soaring prices and a huge plunge in inventory.
A borrower who took out a 30-year, $200,000 mortgage in 2018 at an interest rate of 4.55% would have a monthly payment of $1,019. By refinancing into a 30-year mortgage with a 3.46% interest rate, the monthly payment would drop to $865.
