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Indianapolis is setting the real estate market on fire, with properties flying off the shelves at record speeds. According to recent data from Redfin, a whopping 58.7% of homes in the Indianapolis area listed found buyers within a mere two weeks.
These stats put Indianapolis as 3rd hottest real estate market in the country behind Cincinatti and Seattle.
This pace surpasses the national average, where only 41% of listings reached pending or sold status within the same timeframe. The frenzy continues, even as mortgage rates are at an intimidating 8%.
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One of the primary catalysts behind this hot streak is the scarcity of available homes. Statewide statistics reveal that in August, the average home sold in just nine days.
According to the Indiana Association of Realtors, the supply of homes remains exceptionally tight compared to previous years, with only about 10,000 homes available for sale on any given day.
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Lynn Wheeler, President of the Indiana Association of Realtors, noted, “While inventory has improved over the summer, it’s still exceptionally tight compared to 2018 or 2019.” This scarcity continues to benefit sellers, who can expect their homes to sell quickly and often at higher prices compared to 2021 or 2022.
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However, there’s more to the Indianapolis real estate phenomenon than just a tight supply. Indiana’s median home price of $255,000 is significantly lower than the national median of $421,000. This makes it an attractive destination for out-of-state buyers.
