When interest rates started to climb a year ago, some buyers said they were going to wait out the market, thinking prices were going to plummet. That didn’t happen. Prices are up, and we still have a supply issue.
Here’s what’s happening in the market now:
· Home sales are down this year compared to the same time in 2022. Sales are down about 12% in Carmel; 18.5% in Fishers and 12% in Washington Township on Indy’s northside.
· Average home prices are up, about 5% in both Washington Township and Fishers and 2.5% in Carmel. Average home prices increased in the double digits from 2021 to 2022.
· Homes are still selling. In fact, the average sales price is about 99% of the list price; it was 100% a year ago.
· Buyers are out there, but there aren’t enough houses to meet demand in lots of areas of metro Indianapolis. Now is a good time to sell a house.
But is it a great time to buy a house? Yes!
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