RU² / April 7, 2023
Indiana’s Housing Market
Original Article: Indiana’s Housing Market February 2023
February 2023
February was a surprisingly active month for Indiana’s housing market: Statewide home sales jumped 17% from January to total 4,895, just 15% below 2022. New listings also gained versus January to narrow a year-over-year gap, though total inventory dipped to 12,639 average daily listings as homes sold at a faster pace.
Indiana’s median sale price grew by 7% to $230,000, but homebuyers were able to take advantage of a more balanced market to close sales at 95% of original listing price (down from 99% last year). The first two months of 2023 have brought stabilizing trends in sales, listings and price appreciation after steep declines to close 2022.
While sales across the state were lower than February 2022 by 15%, local trends varied. Urban counties like Allen, St. Joseph, Vanderburgh and Vigo outperformed the statewide trend, led by Howard County where sales actually increased 27% versus 2022. Two northeast Indiana counties – Wabash and Noble – also experienced year-over-year growth above 25% for February, while Hancock County (15% year-over-year) was a standout among Indianapolis suburbs. Marion and Lake counties, which account for nearly a quarter of the state’s sales, declined by 25% from last year. The most extreme changes were seen in counties with very few sales.
Please see the PDF attached for the Monthly Summary Report showing supply, demand, and market momentum.
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