Growth in Listings and Sales Reported in Indiana Housing Market

The Indiana Association of Realtors' June Housing Report has been released, showing growth in listings and sales across the state. According to the report, June home sales finished up 12% year-over-year with a statewide total of around 7,900.

Statewide home sales for the first six months of the year are also up one percent compared to 2024, reaching a total of 38,022. This increase is attributed to lower mortgage rates and more homes for sale, drawing in more buyers.

New listings are up six percent over 2024, with a statewide total of 51,677. The state median sale price has also increased by one percent compared to last year, reaching $275,000 in June.

Local realtor Terry Brown spoke with WRTV about the market trends he's seeing. "We get a lot of clients moving here from California, New York, Chicago, for Eli Lily and other big companies. One of the things they like is the price point here and the cost of living," Brown said.

In Marion County, the median home price for sales last month was $254,000, which is well below the national average of around $369,000, according to Zillow.

The IAR report also found that there are fewer first-time buyers in the market recently. Zillow Senior Economist Orphe Divounguy attributes this to a lack of affordability. "The increase in prices. The increase in mortgage rates over the past few years really means that the typical buyer today really needs a lot more to be able to get into the house," Divounguy said.

Mortgage rates are currently higher than they were just a few years ago, making it more challenging for buyers to enter the market. However, Brown notes that these numbers are typical and are not expected to return to pandemic levels.

"That was a historic time during the pandemic, we may never see it again. But the interest rate over the last 50 years has been seven percent. This is not something new for us," Brown said.

Brown suggests that first-time home buyers may need to make compromises to get into the market. "Sometimes you have to trade off things a little bit and really prioritize what's important to you," he said.