The residential real estate market continues to see increased activity as both county and statewide home sales increase and inventory decreases.
According to a report from F.C. Tucker, Jackson County continues to see an increase in housing prices and a decrease in inventory after several months of increases.
Jackson County pending home sales had the greatest decrease with 27.1% fewer homes sold in June 2023 compared to the same time last year.
Bartholomew County saw a 9.7% decrease from 124 pending home sales in June 2022 to 112 pending home sales in June 2023.
Jennings County also saw a 26.1% decrease in pending home sales, going from 26 in June 2022 to 20 in June 2023.
Also, homes in Jennings County remained on the market 23.3%, or seven days, longer than in 2022. Homes sold in 51 days on average, which is 183.3% slower than in 2022, and all homes in central Indiana remained on the market longer than they did in June 2022.
Jackson County saw a 50% decrease in inventory in June 2023 compared to the same time last year. Active listings went from 58 in June 2022 to 29 in June 2023.
Jennings County experienced the largest decrease in inventory, which is down 62.5% compared to this time last year. Active listings went from 32 in June 2022 to 12 in June 2023.
Bartholomew County saw a slight decrease compared to surrounding counties in which inventory is down 21.5% compared to June 2022. Active listings went from 130 in June 2022 to 102 in 2023.
Average sale prices of homes steadily increase in surrounding counties compared to this time last year.
Jackson County had the third largest percent increase in average year-to-date home sale prices, increasing 10.3% in June 2023 compared to last year. The average sale price increased $21,016 from June 2022, making the average sale price $225,437.
Jennings County saw a minor increase of 1.4% in the average home sale price. This $2,593 increase makes the average home sale price in Jennings County $183,487 compared to June 2022.
Bartholomew County experienced a moderate increase in the average home sale price of 6.5%. The $17,543 increase makes the average home sale price in the county $288,027 compared to last year.
In an Indiana Housing Market Report released June 8 by the Indiana Association of Realtors, it was determined that in 2023, buyers are coming back, but sellers are more cautious.
According to the report, statewide sales grew 60% from January through March. As sales grew, so did listings, which grew 35% from January to March.
With the unexpected strong demand, total housing inventory began to take a toll and continues to as the housing market increases its activity.