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May 2021 Indiana Housing Report

May 2021 Indiana Housing Report

The May 2021 Indiana Housing Report shows more gains in closed sales, among other variables according to the Metropolitan Indianapolis Board of Realtors.

If you follow the local housing market at all, you know Central Indiana has been in a very tight seller’s market for a while, now. May 2021 numbers seem to confirm that!

Specific Statistics for May 2021 Housing Report

Despite the tight market locally, Central Indiana saw gains in closed sales, a reduction in Days on Market and a Median Price increase in May.

  • Closed sales of 3,386 were higher than April by 9.7% and by 10.9% Year over Year
  • Median Sales price was $255,000, up from $237,900 in April
  • Days on Market decreased from 18 in April to 15 in May – we can all attest to how quickly homes are selling
  • May showed only 0.5 months of inventory, down from 0.6 in April

Some other interesting statistics show that despite a shrinking inventory, Pending Sales are up 11.5% over April. With new listings down 4.4%, it’s tough on buyers.

Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker says about the Indianapolis/Central Indiana Housing Market Report,

“I’m not aware of any market in the country that is quite as interesting as Indianapolis. What stands out to me is that while Indianapolis has seen huge price appreciation over the last several years given such a small pool of inventory, prices here remain relatively affordable in comparison to so many other similarly desirable cities.

Because your home prices are more affordable, I speculate that perhaps buyers in your area, more so than in other higher-cost markets, were able to leverage the savings they accumulated during the pandemic, along with money from stimulus checks, to be able to pull together a down payment and buy a home.”

Our local area has definitely had an interesting run the last few years. We have been in a Seller’s Market for longer than anyone had forecasted.

How much longer, no one knows. People need homes and life events can change their needs – marriage, divorce, having children, empty nesters, etc… Until there is an influx of inventory of homes for sale to meet the rising need, we will likely stay where we are in a seller’s market.

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