Indiana Market Update - October 2020

Year over Year data for October:

• Median sales price increased 15.1 percent to $221,000

• Average days on market decreased 40.5 percent to 25

• Current active listings decreased 49 percent to 3,259

The housing market is one of the largest and most important sectors of the U.S. economy. To understand the trends within the market one must analyze activity both month-over-month and

year-over-year. In this Market Insights Report, MIBOR REALTOR® Association (MIBOR) provides a market analysis of the 16 central Indiana counties within the MIBOR service area by creating a single, timely, reliable source of data.

In this report, MIBOR has separated townhouse/condo inventory and properties for lease from the aggregated totals. This decision was made to add clarity to the data as the single-family residential segment is typically the focus. However, as our research shows, walkable neighborhoods with mixed use property types is becoming a consumer preference and a good investment for municipalities. Given this information, we have added a section to the report to address condos and “condo lifestyle” as it is defined within our data.

To create a comprehensive view of the market, MIBOR has scheduled the data pull to happen on the 5th day of the month for the prior month. After review, the the completed reports are posted by the second Friday of the month.

After analysis of the September 2020 data, this is what our experts are saying: “The Indianapolis real estate market shows no signs of slowing anytime soon. October median sales prices rose 15.1% over last year to $221,000, the fifth month in a row where price appreciation exceeded 10.0%. For the year-to-date, prices are up 12.6% to $215,000,” said Shelley Specchio, MIBOR CEO. “While there is some concern about how the increasing COVID case rate will impact sales over the next few months, it’s clear that the real estate industry has adapted and will be able to serve their customers virtually and people’s desire for more space and more functional space will continue to drive their purchasing behavior in the age of Coronavirus.”

Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker says, “While there are no signs that we are in a real estate ‘bubble’, this level of price appreciation is somewhat concerning because we are starting to run into affordability problems. Low mortgage interest rates continue to support housing, but as prices rise and down payments increase, people are starting to be priced out of the market.”

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