Indiana Home Sales Show Positive Growth in September in Sign of Recovery, Stabilization

Indiana saw a promising uptick in both closed and pending home sales in September 2024, according to the latest data from the Indiana Association of REALTORS® (IAR). The state experienced a 1% increase in closed sales compared to September 2023, totaling 6,705 transactions, while pending sales rose by 6% year-over-year, reaching 6,657.

The average time for homes to go under pending contract increased to 15 days in September, up from 13 days in August and 10 days in the same month last year. Despite this slower pace, the statewide median home price was recorded at $260,000, a decrease from a peak of $273,000 in June but still 5% higher than in 2023.

"Mortgage rates are at a twenty-month low, and the number of homes for sale in Indiana is near a five-year high."Photo byRichard HorneonUnsplash

This slower sales activity has resulted in housing inventory levels approaching pre-pandemic norms, with an average of 14,763 homes for sale on any given day in September. With increased inventory and a more measured buyer response to lower mortgage rates, many sellers are adjusting their prices to attract potential buyers. Notably, 47% of all homes listed in Indiana had experienced a price drop since their initial listing.