Home Prices Down in County

Good news for Montgomery County home buyers, prices came down in July.

According to a report from MIBOR – the Metropolitan Indianapolis Board of Realtors – the median price of a home sold in July last year was $220,000 in Montgomery County. Last month, that price dipped to $180,000, an 11.3 percent drop.

Apparently the buyers noticed as well because there were 47 sales closed in July. That is a whopping 38 percent increase over the 34 closed last year in the same time frame. Those sales also took less time as the average days on market dropped from 25 last year to 19 this year. In addition, total active listings skyrocketed in the county, going from 42 last July to 68 this July – a 62 percent spike.

Montgomery County’s drop in price went against the overall MIBOR region. Throughout MIBOR’s 16 counties, the median sales price went up almost 2 percent for the same time period. This followed an all-time high price in June.

While Central Indiana hasn’t shown a definitive shift yet, we are watching othermarkets throughout the country as national data shows market dynamics slowly moving in the buyer’s favor,” MIBOR CEO Shelley Specchio said in a press release.

Overall in the MIBRO region, pending sales increased 2 percent and total active listings increased 24 percent. 

MIBOR represents Realtors in Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jackson, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby counties