Executive Summary
- The central Indiana housing market remained stable in October, with sales volume and pricing consistent with late-summer months.
- An increase in housing inventory has shifted the market toward a more balanced, or “normal,” state, providing buyers with more options and negotiating power.
- The median time to sell a home has increased to about three weeks, nearing the one-month timeframe considered typical for the region.
- Buyers are successfully negotiating prices down to an average of 97.5% of the original asking price, a significant change from prior seller-dominated conditions.
The central Indiana housing market demonstrated notable stability in October, with key metrics indicating a shift toward a more balanced environment for both buyers and sellers. According to Dan Brown, a realtor with F.C. Tucker, the market is leveling out with increased inventory and moderating sales times, signaling a return to what experts consider normal conditions.
Despite the traditional slowdown of the selling season, sales figures in October remained consistent with those from August and September. Brown noted that prices have not seen a significant drop, allowing sellers to maintain strong negotiating positions. “We are blessed in central Indiana with a very healthy, consistent real estate market,” Brown stated.
The most significant change is on the buyer’s side. An increase in available housing inventory has led to more competition among sellers, providing prospective buyers with more options and leverage. This has extended the average time a house spends on the market to approximately three weeks. “Sellers need to be a little more patient,” Brown explained. “A couple years ago, it was a matter of days, sometimes, and now the median is actually about three weeks. That’s about a week away from what we consider to be ‘normal,’ which is about a month on the market.”
Data also showed a slight increase in closed sales for October, a trend Brown attributes to buyers re-entering the market as interest rates have stabilized. This has empowered buyers to negotiate more effectively, with final sale prices averaging around 97.5% of the original listing price. This marks a substantial shift from recent years when buyer leverage was minimal.
Market Outlook
While the market is balancing, Brown advises that high-quality and high-value homes continue to sell very quickly, sometimes in a single day. He recommends that interested buyers act decisively when they find a property they like. The current conditions suggest a healthier, more sustainable market where both parties have opportunities for successful transactions.
