Indiana’s housing market enjoyed double-digit month-to-month growth during March, with closed sales up 21% to 6,208 transactions and new listings growing 19% to 7,749 properties.
According to data from the Indiana Association of Realtors (IAR), the 7,172 pending sales in March represented a 13% spike from February. While closings fell 8% year-over-year, only 312 home sales separated the first quarter of 2024 from the same period in 2023.
IAR noted that 9,929 homes were listed for sale on an average day through March, putting overall inventory 9% higher than 2023. Indiana’s median home sale price rose to $250,000, 6% higher than one year earlier, and sellers received an average of 96% of their original list price.
“We had a few hundred more closings last March, but our available inventory was falling off a cliff across the state,” said Jennifer Parham, managing broker of Lighthouse Realty and 2024 IAR president. “Buyers and sellers were uncertain about mortgage rates and the economy and started pulling back as we headed into April. I’d much rather be where we are today – more options on the market for homebuyers and reassurance that interest rate cuts are on the way.”
“Inventory has improved but remains tight by pre-2021 standards – and pending sales are running neck-and-neck with new listings through the first quarter of the year as buyers come back to the market,” Parham added. “It’s still a very favorable climate for homeowners considering listing their home for sale.”
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