Indiana
Housing Market
The landscape of Indiana's housing market evolves with shifting home prices and demand. Houzeo’s housing market report tracks these changes in supply and demand across Indiana. Our report offers real-time insights to help you make informed decisions.
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MigrationIndiana Housing Market Overview
Indiana home prices show a growth of 7.7% YoY as of January 2025. The steady increase in home prices indicates the strength of the housing market. The median home price in Indiana is $255,000 and poised to reach even higher in summer. Moreover, the number of homes sold has increased by 2.9% YoY.
You can also check the market competitiveness through median days on the market. Houses in Indiana now spend only 43 days on the market before going under contract. Previous years’ trends suggest that this number may drop to a minimum of 16 days in summer. These metrics collectively indicate changes in the Indiana housing market’s pace and affordability.
What Does It Mean for Home Buyers and Sellers?
You can also check the market competitiveness through median days on the market. Houses in Indiana now spend only 43 days on the market before going under contract. Previous years’ trends suggest that this number may drop to a minimum of 16 days in summer. These metrics collectively indicate changes in the Indiana housing market’s pace and affordability.
What Does It Mean for Home Buyers and Sellers?
- If You’re a Buyer: You get less negotiation power, with mortgage rates from 6.79% to 7%, and a low median of 43 days on the market. However, median home prices in Indiana are lower than the national average of $418,478, which makes housing in Indiana relatively affordable. You can plan to buy a house if competition is low and inventory increases in the upcoming months. Redfin Indiana Housing Market, Zillow Indiana Home Values, Bankrate Indiana Housing Market
- If You’re a Seller: You can profit from the growing home prices and high demand in Indiana. The 7.7% price hike is a promising sign. The best time to sell your home in Indiana is between April and June, when homes sell for the most money.
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Indiana
Indiana Housing Supply
Indiana homes for sale have grown by 8.6% and sit at 19,980 in January 2025. There are 5,586 new listings, with no YoY change. New constructions are slated to add to the housing inventory. However, high mortgage rates may shrink home sales. The 3-month supply period is also in favor of sellers.
What Does It Mean for Home Buyers and Sellers?
What Does It Mean for Home Buyers and Sellers?
- If You’re a Buyer: With an inventory increase of 8.6% and 3 months of supply, Indiana is a seller’s market at the moment. You will have more competition as home supply is a little tight. Consider waiting a little until home prices get stable. When you see a growth in inventory level and stable median sale price, you can move to buy your Indiana house.
- If You’re a Seller: With 3 months of supply and growing median home prices, you’re in luck. Act fast and sell your home before more supply hits the current housing market in Indiana. Rising inventory could lower demand and lead to fewer offers, but that’s only a slight possibility at the moment. Despite high competition, it’s a good idea to focus on staging and marketing your home to make it stand out.
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Indiana
Indiana Housing Demand
The percentage of homes selling above the list price is a key indicator of housing demand. When more homes sell above the list price, it shows strong buyer competition and high demand. A decline suggests more supply. Tracking this trend helps you gauge market competitiveness.
In January 2025, 13.5% of Indiana homes sold above the list price, while 33.4% of homes sold below the list price. The number of homes selling above the list price is projected to grow in spring and summer, and reach up to 29%. It suggests that competition among buyers will surge. However, the 97.2% sale-to-list price suggests negotiation opportunities for home buyers in Indiana.
What Does It Mean for Home Buyers and Sellers?
In January 2025, 13.5% of Indiana homes sold above the list price, while 33.4% of homes sold below the list price. The number of homes selling above the list price is projected to grow in spring and summer, and reach up to 29%. It suggests that competition among buyers will surge. However, the 97.2% sale-to-list price suggests negotiation opportunities for home buyers in Indiana.
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: The current Indiana housing market has a few metrics that lean in your favor. The percentage of homes with price drops (33.4%) is on the rise by 2.8 points YoY. While high mortgage rates could make things tough for you, the 97.2% sale-to-price ratio suggests that you have some room to negotiate. However, don’t expect too many seller concessions.
- If You’re a Seller: You'll make a good profit if you sell now, thanks to the increase in home prices and limited supply. Wait till summer, and you’ll experience even higher demand and more bidding wars for your home. You can price your home on the higher end, but make sure it’s in line with comparable properties in your neighborhood.
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Seller’s Market
Seller: Housing demand exceeds supply and drives the prices up. Homes sell fast and get multiple offers from buyers.
Is It a Buyer’s or Seller’s Market in Indiana?
As of January 2025, home sellers have an advantage due to increased prices and a limited supply of Indiana properties. For buyers, home sale prices are relatively affordable, but competition is high amid growing mortgage rates. The current mortgage rate is close to hitting 7%, which may reduce buying power in the state-wide real estate market.
However, an 8.6% growth in housing inventory provides plenty of options to Indiana home buyers. These trends vary significantly across the Indiana real estate market. Lafayette city has a competitive market with 27% growth in Indiana home prices, along with shorter days on the market i.e. 28 days. The market in Austin provides affordable housing, with an average home price of only $177K. So, check your local real estate trends before you decide to invest.
Indiana Housing Market Insights
The housing market in Indiana is highly competitive compared to the nationwide market. The median home price in Indiana ($255,000) is way less than the national median of $418,478. Inventory trends indicate a growing availability of homes in Indiana, though at a slow pace. Currently, there are 19,980 homes available in the Hoosier State. If you notice a sharp hike in your local area housing prices, it could be a sign of a seller's market. On the other hand, buyers may have an upper hand if prices have remained the same or gone down, along with an increase in inventory.
Housing markets like South Whitley show high competition, with a 32% hike in home prices and hot homes going in just 3 days. Overall, Indiana's housing market favors home sellers. If you're buying a house in Indiana, you can still find affordable homes as the home prices are relatively low. You could also wait till home prices drop further.
Housing markets like South Whitley show high competition, with a 32% hike in home prices and hot homes going in just 3 days. Overall, Indiana's housing market favors home sellers. If you're buying a house in Indiana, you can still find affordable homes as the home prices are relatively low. You could also wait till home prices drop further.
Nationwide Migration Trends
In 2024, Indiana residents moved out of the state to relocate to states like Florida, Illinois, and Michigan. Over 120,876 people relocated from Indiana over the last year for better opportunities and tax advantages. There is also a conspicuous inbound trend, with Indiana gaining almost 150,649 new residents in 2023-24. The new residents primarily came from California and Kentucky.
The state’s current cost of living index is 91.5. Housing costs in Indiana are also 21% lower than the national average. These are factors that appeal to potential residents.
The state’s current cost of living index is 91.5. Housing costs in Indiana are also 21% lower than the national average. These are factors that appeal to potential residents.
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Frequently Asked Questions
How have Indiana house prices changed over the past year?
Home sale prices in Indiana have continued to rise over the past years, driven by high demand and low inventory. Prices have increased at an annual growth rate of 7.7%, with multiple regions seeing double-digit percentage growth. You can check your home’s fair market value with a free home value estimator.
What is the cost of living in Indiana?
The cost to live in Indiana is 8.5% lower than the US as a whole. The average housing cost in Indiana ranges from $700 to $1900 per month. Large groups of people flock to the state due to its quality of life, job openings, and stable economy. Healthcare and transportation costs are also lower. You can use our free cost of living calculator in Indiana to know more.
What’s the average home price in Indiana?
The average house price in Indiana depends on house type, size, and local market conditions. It typically ranges from $230,900 for condos to $258,100 for single-family homes. If you plan to buy, you can find cheap houses for sale in Indiana that fit your budget.
When will the housing market crash in Indiana?
As per housing market predictions for Indiana, the market is very unlikely to thaw. The real estate market is expected to yield high profits to home sellers. Rising median home prices and mortgage rates may make it hard for buyers to find affordable homes in Indiana. However, demand and supply for homes will continue to flourish due to population growth in the state.
Is this a good time to buy a house in Indiana state?
Housing inventory is tight and home prices are on the rise. Check real estate trends for prices and inventory in your city, along with the mortgage rates. Sellers can benefit from high demand and rising prices. However, when mortgage rates are stable and there is plenty of housing inventory, it’s the best time to buy a house in Indiana.
When is the best time to sell a house in Indiana?
The beginning of March is ideally a good time to start preparing for a home sale in Indiana. During this season, housing demand is at its peak and inventory is tight. Indiana real estate market forecasts expect home prices to continue rising in 2025. Check local trends to know when is the best time to sell a house in Indiana.
Is it a buyer's market or seller's market right now in Indiana?
Home sellers have an edge due to increased prices and a limited supply of homes. For buyers, home sale prices are affordable, but competition is high amid growing mortgage rates. The current mortgage rate is nearly 7%, which may reduce buying power. However, an 8.6% growth in housing inventory does provide many options to Indiana home buyers.
What is the best place to buy a house in Indiana?
Indianapolis, Fort Wayne, and Bloomington are among the best places to buy a home in Indiana. Indianapolis has a robust job market, while Bloomington’s healthcare costs are 6% lower than the national average. You can compare and narrow down the best place to live in Indiana before investing in a home.
How can I list my home for sale in Indiana?
You can list your home for sale with a Flat Fee MLS Indiana listing service. High-tech MLS listing sites like Houzeo automatically assign the right MLS paperwork based on your location. 🚀
What’s the rate of the average mortgage in Indiana?
The average mortgage rate for buyers in the Indiana housing market fluctuates between 6.7% and 7%. It depends on the market and your credit score. Always check current rates with lenders before you apply for a mortgage.
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