Indianapolis Housing Update- June 2020
Housing data released by the MIBOR BLC® comparing June 2019 to June 2020 shows:
• An increase in Median Sales Price of 9.5 percent to $219,000
• An decrease in Closed Sales of 3.3 percent to 3,518
• New Listings decreased 9.3 percent to 3,848
“In the Indianapolis real estate market, we saw yet another all-time high in median sales price at $219,000, the fourth month in a row of record level prices,” said Shelley Specchio, MIBOR CEO. “While this is not entirely shocking, what is surprising is how much the gains are, nearly 10% more than last year, also a record. In addition, new listings are recovering making it appear that sellers are becoming more comfortable as REALTORS® are being responsive to their concerns and implementing the safety protocols for showings and increasing the number of virtual tours.”
Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker says, “I suspect we will have an unusually strong summer due to pent up demand, as shown by pending sales at the end of June, which are at an all-time high. And interestingly, the virus itself has stimulated housing sales as households now rethink their needs. After months in lockdown, some may now prefer a house in a more rural area, one that is bigger, one that has a yard, or one that is new. Additionally, supply remains very constrained as building activity has fallen and forbearance keeps houses off the market.”
Specific to Marion County- where most investment real estate in the region is held: |
