Understanding the real estate market can help you plan the best time to sell your home, buy your home, or both. Our goal is to keep you up-to-date on the real estate market. If you have any questions or are ready to sell or buy a home, Legacy Real Estate is here to help you every step of the way. Contact us today with any questions you may have.
Let's take a look back at Indiana's real estate market in March 2023.
Sales of Real Estate in Indiana
In March 2023, there were a total of 6,643 sales. This is a decline of 1% compared to March 2022, when 6,715 properties were sold. New pending contracts for March 2023 totaled 5,223. This number represents an increase of 63% compared to February 2023, but a decrease of 24% compared to a year ago, March 2022.
Indiana Real Estate Supply
The average daily inventory for March 2023 is 9,233 properties. This is a 23% decrease compared to just one month earlier in February 2023. However, comparing inventory to a year ago in March 2022, it is a 63% increase. These numbers show that supply is coming back.
When we look at just new listings, there were 7,679 in March 2023. This is 31% more than February 2023 saw, just one month earlier. Looking at a year ago, March 2022, it is a 17% decrease.
Indiana Real Estate Prices
The median sales price for March 2023 is $235,000. This is a 5% increase compared to March 2022.
Indiana Market Momentum
The median days a property stayed on the market in March 2023 is 16 days. This is a decrease of 38% compared to February 2023. Which means homes are going under contract quicker in March. However, if we compare this number to March 2022, it is an increase of 220%. This means homes are staying on Indiana's real estate market longer in March 2023, than they were one year ago. This is good news for buyers because it means the demand isn't as aggressive and supply is coming up.
Information is courtesy of Indiana Association of Realtors
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