Realtors Release January Central Indiana Housing Data

New housing data issued by the MIBOR REALTOR Association (MIBOR) for January 2023 shows an increase in median sales price and active inventory compared to January 2022.

The median sales price rose 11 percent in January compared to January 2022, and decreased 2.9 percent compared to December 2022. New listings decreased 20.5 percent in year over year comparison. Active inventory increased 92.5 percent in year over year comparison and decreased 8.7 percent compared to last month.

Pending sales decreased 10.4 percent in year over year comparison. Closed sales decreased 31.3 percent compared to last year.

“The New Year started with the median sales price of a single-family home in central Indiana sitting at $272,000, down slightly from last month but up 11% over last January. Prices in central Indiana show strong year-over-year growth, unlike other markets nationally where we are beginning to see year-over-year price declines,” said MIBOR CEO, Shelley Specchio. “Though active listings declined slightly from last month, they are nearly double last year’s numbers at 3,388. Month’s supply of inventory has reached 2.2 months, almost tripling from the 0.8 months available last January and marking the first time this number has been above 2 months since January 2020. While inventory levels are moving toward a more balanced market and have improved significantly from the low levels experienced over the last several years, they are still relatively low from a historical perspective.”

Dr. Elliott Eisenberg, an internationally acclaimed economist and public speaker says, “In the national housing market, we are seeing a bit of a recovery thanks to slightly lower mortgage interest rates. Still, we continue to face a meaningful shortage of active listings, and that is not likely to improve rapidly as many potential sellers remain “locked-in” to their existing low-rate mortgages. Generally, the market is in a holding pattern waiting for rates to decline, and there is little indication from the Fed that pivot will happen anytime soon.”

Additional central Indiana year-over year comparisons (January 2022 vs. January 2023)

• Pending sales decreased 10.4 percent to 2,399
• Current median sales price: $272,000
• Months supply of inventory: 2.2 months
• Total active listings increased 92.5 percent

The attached MIBOR REALTOR Association (MIBOR) Market Insights Report provides a market analysis of the 16 central Indiana counties within the MIBOR service area by creating a single, timely, reliable source of data. The report analyzes both month-over-month and year-over-year to give a view of the trends occurring in the central Indiana market. Consumers will also have access to specific county information for the 16 counties included in MIBOR’s Broker Listing Cooperative (BLC) listing service area: Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jackson, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam, and Shelby counties. 

To coincide with the new MIBOR Market Insights Report, MIBOR has added a consumer tool to allow members of the public to view a number of market metrics such as number of units sold, median sales price, number of new listings and more. The metrics are shown graphically to show the trends in the marketplace. To view the new Market Insights, visit www.mibor.com/marketinsights.

This information has been provided by MIBOR REALTOR Association (formerly named the Metropolitan Indianapolis Board of REALTORS), the professional association representing central Indiana’s REALTORS. MIBOR serves the needs of over 10,000 members in Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Montgomery, Morgan, and Shelby counties. MIBOR also supplies the BLC service to REALTORS in Bartholomew, Jackson, Jennings, and Putnam counties. MIBOR’s archive of housing data can be found at www.mibor.com/marketinsights.