Indiana homebuyers and sellers continue their return to the real estate market in March with double-digit sales and listings growth

INDIANAPOLIS, April 10, 2024 /PRNewswire/ -- Indiana's real estate market continued double-digit month-to-month growth in homes sold and listed for sale in March: Closed sales finished 21% ahead of February at 6,208 while new listings grew 19% to 7,749. Pending sales (7,172) also jumped 13% from February to March, according to data released by the Indiana Association of REALTORS® (IAR).

While closings fell 8% below March 2023, just 312 home sales statewide separate the first quarter of 2024 from 2023. REALTORS® see a 5% increase in new listings over the first three months of the year and a stable supply of homes for sale as positive signs for avoiding a repeat of last April, when a sharp decline in sales dashed market momentum.

"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," Parham added.

9,929 homes were listed for sale on an average day through March, putting overall inventory 9% higher than 2023. The statewide market averaged 18 days from listing to pending sale last month, two days longer than 2023; days on market dropped to two weeks to close out March.

Even with a slightly slower sales pace, Indiana's median home sale price rose to $250,000, 6% higher than March 2023, and sellers received an average of 96% of their original list price.

"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 noted. "It's still a very favorable climate for homeowners considering listing their home for sale."

Local market data for Indiana counties, metropolitan regions and more is available at https://data.indianarealtors.com.

SOURCE Indiana Association of REALTORS