Understanding the Indiana housing market

Indiana has seen a 10% increase in home listings compared to last year. As buyers have additional options, this creates a more competitive landscape.

“Like other regions, inventory is growing, and buyers are able to view several homes before making a decision,” Williams says. “But the current housing market in Indiana is stable and healthy.”

According to a recent HomeLight survey of top agents, even with more homes for sale, sellers in Indiana and the Midwest still have more bargaining power than sellers in most other parts of the country.

• How you price your home
• Property condition and curb appeal
• The time of the year you list
• Location and nearby amenities
• Concessions or incentives you’re offering
• The expertise of your agent

In Indiana, the current Days on Market (DOM) — the time from listing to signed contract — ranges from 40 to 70 days, depending on when you put your home up for sale. Homes tend to sell quicker in the spring and summer months of May and June when more families are making moves.

The median home price in Indiana is around $260,000, up nearly 8% from last year.

Pricing your Indiana home to compete

With more homes on the market in the Hoosier State, pricing strategy is more important than ever. Williams, who works with nearly 70% more single-family homes than average Indianapolis agents, advises sellers to be realistic about their property’s market value.

“Sellers need to be careful and not list at an ‘aspirational price,’” he explains. “Look at the data and comps closely, and decide with your agent the best and most competitive price possible. Do not price high and ‘see what happens.’ If you do, the house will sit.”

“Comps” stands for comparable recently sold or listed nearby homes. Top agents like Williams provide their seller clients with a comparative market analysis (CMA), a comprehensive list-price planning report that includes the following:

• Comparable properties: Agents typically look at at least three homes that are similar in size and features, and have sold within the last 90 days.
• Property details: The home’s age, condition, style, square footage, lot size, number of bedrooms and bathrooms, and any significant improvements.
• Market trends: The report will consider how long homes are on the local market, the number of available houses in the area, and sales and pricing history.

Williams says the two biggest mistakes Indiana sellers make are: “Pricing high and ‘hoping someone will bite,’ and not listening to their agent who has an unbiased opinion of the home.”