Whether you’re looking to buy or sell your home, following and understanding market trends is pivotal in how much money ultimately ends up in your pocket. Knowing market trends in your area will help you navigate the best way to approach buying or selling your home.
For instance, is it a buyer’s or seller’s market? Are there new developments being built? Does the area have seasonal housing trends? All of these factors can play a role in how easy or difficult it is to sell or buy a home.
But if you’re able to time the market well, you can close the deal fast and walk away with the best possible outcome. To help you gain more insight on current market trends, here is everything you need to know about Indiana’s real estate market forecast.
2019 Real Estate Market Forecast for Indiana
While many of the coastal states are beginning to see a market cool down, the country’s heartland has yet to follow suit and continues to remain a seller’s market. And veritably, Indiana is no exception.
According to Zillow, Indiana is still seeing a seller’s market due to the state’s extremely low housing inventory. The lack of homes persists with 24% fewer Indiana homes to choose from than in the previous year.
Currently, with only a three months supply of homes in Indiana, the state is in dire need of new construction for homes priced in a lower to moderate price range.
And the demand for homes is present, as Indiana ranks as one of the higher owner-occupied housing markets in the country with 67% owning homes.
While there has been an overall 10.7% decrease in home sales, home prices continue to rise in Indiana. Buyers are either being priced out of the market or are patiently waiting until the market shifts to favor buyers.
Indeed, over the past year Indiana home prices have jumped 9% with the median home price now at $185,000.
Indiana home values have also seen an incredible rise with a double digit increase of 10.6%. The state’s median home value is $144,600 with a predicted 5.4% increase in the coming year.
But until Indiana sees more growth in housing inventory the market will continue to favor sellers.
When Is the Best Time to Sell a House in Indiana in 2019?
Even though Indiana is in the midst of a hot seller’s market, you still don’t want to list your home at just any old time. Timing the market can help you sell your home at the optimal price and make the difference between having hundreds or thousands of dollars in your pocket.
Indiana follows the national trend with May being the ideal month to sell your home. With spring comes warmer weather, less busy schedules with the start of the school summer break, as well as right after taxes when most will see extra cash from tax rebates.
During May, Indiana homes receive the most buyer offers with last year seeing 9,365 pending sales. Additionally, homes sold in May sell at higher prices with an average sales price of $194,442.
June is also a hot month for home sellers in Indiana. Homes in June sold at an even higher average price of $197,317 and boasts the most closed sales totaling 9,624 homes sold.
And if you can time it just right, according to ATTOM Data Solutions, if you sell your home on May 29, May 31, June 21, or June 28, you’ll see the highest seller premiums. For instance, on May 31 sellers receive 8.3% above asking price while on June 28, sellers see a 9.1% premium.
However, with housing market fluctuations and differing trends around the state, it’s always a good idea to consult with an experienced real estate agent who can help you time the market to get the best possible outcome.
When Is the Best Time to Buy a House in Indiana in 2019?
Buying a home in a seller’s market can be tricky, but not impossible. If you time the market right you’ll still be able to purchase a home at an affordable price.
In Indiana, buyers will see the lowest prices during the winter months. During the colder months, sellers see fewer offers from buyers and more often than not are willing to negotiate pricing.
For instance, during the month of February Indiana homes sold for an average of $178,381 which is nearly $20,000 less than in the month of June. And March saw homes go for even less, with an average sales price of $178,039.
You’ll find the best bargains in Indiana from December through March. Indeed, from a study by ATTOM Data Solutions, they discovered buying your home in February offered the biggest discounts selling 6.1% less per square foot.
January followed at a close second in delivering the best deals with 5.6% less per square foot.
However, while winter sees the lowest prices and best discounts, you’ll also see less inventory and fewer variety of homes as new listings drop significantly.
Additionally, the timing may not be as ideal for you due to holidays, school schedules, or the snowy weather making it a pain to move this time of year.
A good compromise can be found during the late summer months where there’s still quite a few new listings and sellers are more motivated to bargain and lower their prices as the busy home shopping season winds down and there’s less buyer demand.
Indeed, sellers rather not let their homes sit on the market for another year.
For example, during August the median sales price dropped significantly to $188,961 from the peak price of $197,317 in June. This past year August also still received quite a few new listings totaling 11,050 compared to February when new listings fell to 6,710.
Truly the best time to buy or sell is when you’re ready. And unfortunately your timing isn’t always conducive to market trends.
This is why whether you’re buying or selling (or both), the first step is to partner with an experienced, local real estate agent for expertise and guidance throughout the process.
From timing the market to competitive pricing/offer strategies to negotiation support, finding a great agent gives you the best possible chance of coming away with an optimal outcome.
And Clever can help you get in touch with an excellent, local agent. Simply fill out the online form and we’ll get back to you to answer any questions and connect you with one of our full-service, local Partner Agents for a no-obligation consultation.