INDIANAPOLIS — New housing data issued by the MIBOR REALTOR® Association (MIBOR) for April 2022 shows an increase in median sales price.

The median sales price rose 15.5 percent in April compared to April 2021, and 3.8 percent compared to March 2022.

Pending sales decreased .5 percent in year over year comparison. New listings decreased 5.8 percent in year over year comparison. Closed sales decreased 3.6 percent compared to last year.

“Once again, we saw Indianapolis home prices increase to a record high median sales price of $275,000, a 15.5% gain over last April and a 3.8% gain over last month,” said Shelley Specchio, MIBOR CEO. “Additionally, the percent of list price received at sale rose to an all-time high of 102.1% and average days on market of 15 days declined from 19 days last month and from 18 days at this time last year. This data is proof, although inventory is low, demand remains high. In this market, things will move quickly, and buyers and sellers need a REALTOR® for guidance.”

Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker says, “Despite the Fed’s plan for even higher interest rates, the housing market is much stronger than it was in the past and we are in no way seeing a replay of 2007/2008. Wages continue to rise by a strong 5-6%, rents are going up, not down, there is a significant lack of supply in the housing market, and demographics point to a continuing demand for housing. Further, with the high number of cash buyers and Wall Street players in the game, I think the housing market is likely to be better able to withstand higher interest rates than in the past. That said, housing has become a much more important transmission channel for monetary policy than it’s been in the past, partly because auto demand is supercharged given the lack of supply and because investment in corporate plant is, relatively speaking, very low right now. As a result, home sales are likely to decline, but probably by no more than 10-15% below where they are right now, still comfortably above 5 million at the national level. As for prices, I expect home appreciation rates to decline substantially but remain positive year-over-year through the end of 2022.”

Additional central Indiana year-over year comparisons (April 2021 vs. April 2022)

• Pending sales decreased 0.5 percent to 3,580
  
• Current median sales price: $275,000
• Months supply of inventory: 0.7 months
• Total active listings increased 4.3 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 9,000 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.