Since the coronavirus pandemic ended, the real estate market in Indiana and the rest of the country have seen a boom. Keeping with the trend, recent data from across Indiana shows that the real estate market in the state is still growing. In fact, even as the prices are going up, there isn’t adequate supply.
Current scenario
According to the new reports, prices for single-family homes have increased by 4 percent compared to May 2023. Central Indiana ups the game, showing a growth of 5.2 percent. The state-wide median home price went up from $250,000 in May 2023 to $265,000 in May 2024.
The president of the MIBOR Realtor Association noted that although the inventory has increased nearly 17 percent, the percentages can be deceiving. However, he was optimistic that process will continue to rise.
Is it a good time to buy?
The current home inventory across the state, along with the increased process, may make it appear an impractical time to buy real estate. With 30-year mortgages currently at 7 percent, buyers are now more cautious.
Per the president of the Indiana Association of Realtors, the negotiations are now stronger. As a result, many homes across the state are selling a price that is lower than the listed price. This shows the leverage that homebuyers have at present.
Buying a home in Indiana
Buying a home is often a lengthy process, with various checks and balances at different stages. As many people in Indianapolis may agree, the process may get overwhelming. However, if a homebuyer has the right guidance from professionals, the entire home-buying experience may just be a smooth one.
