It is no secret that the Indiana real estate market continues to grow as more people catch on to how great it is to live here. In 2021, the market saw unprecedented change as housing prices skyrocketed 17.5% year-over-year (Realtor.com). Similar to what has been happening across the entire nation, inventory shortages and a high demand have led to a tight market in Indiana and bidding wars are the new norm. If you’re interested in buying or selling real estate in Indiana, read on for more Indiana real estate market trends in the first half of 2022.
Looking for homes for sale in Indiana? Contact the central Indiana real estate agents at CENTURY 21 Scheetz today!
Indiana Housing Market Stats for 2022
- Closed sales decreased 6.5% to 6,715.
- YTD closed sales decreased 1.3% to 18,115.
- Median sales price increased 17.3% to $$224,000.
- YTD median sales price increased 15.5% to $$216,000.
- New listings increased 6.6% to 9,262 units for sale.
- YTD new listings increased 6.7% to 21,914 units for sale.
- Months Supply of Housing Inventory remained unchanged at 0.7 months. (Source: neighborhoodscout.com)
Indiana Continues to Be a Sellers Market
Unsurprisingly, the market is still in favor of sellers as the inventory is so low and isn’t expected to increase relatively soon. This shortage of supply is also leading to unforeseen price increases which is great for sellers but may not be good for those looking to purchase a home. Going forward, the prices are expected to cool off a bit but still projected to sustain record-highs.
Looking Ahead: Indiana Real Estate Market Forecast Update 2022
As the market slowly (but surely) begins to moderate itself, inventory is expected to eventually increase enough to bring more options for home buyers. The growth of inventory is attributed to increased interest from sellers as well as a slowing home sales pace. Mortgage rates have also been revised to reflect the upward trend in prices and are expected to reach 5.5% by the end of the year. This trend shows that we are slowly seeing signs of a more moderate housing market but for now, the market will continue to shift towards sellers as inventory is slowly becoming more available.
These are just a few of the market trends we are starting to see as we move towards the second half of 2022. For more information, be sure to check back in as we continuously post updates. If you are interested in real estate in Indiana, we’re the experts! Whether you are looking to buy or sell a home, contact the central Indiana real estate agents at CENTURY 21 Scheetz.