As the weather warms and flowers bloom, the spring housing market in Indiana also comes alive. For buyers and sellers alike, understanding the trends and dynamics of this season’s real estate market is essential if you want to achieve your goals. So, what can you expect during the spring housing market? Let’s discuss! 

 

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Whether you’re a buyer or a seller, we have the advice you need to successfully navigate the housing market. First, let’s talk about the key trends you can expect this spring. This way, you can head into the market with open eyes and properly prepare for what’s to come.

 

Trends for the 2024 Spring Housing Market

 

Strong Demand and Limited Inventory

The Indiana spring housing market is certainly favoring sellers this year as the state experiences a strong demand from buyers, while the inventory of available homes remains limited. Research shows that, as of February 23, 2024, the 90-day average for single family listings in Indiana was 9,927. This is down from 14,314 in late February 2020. 

While this is an advantage for sellers, buyers can expect intensifying competition. With the median for a house being on the market set at 40 days, buyers will have to act quickly and make smart offers if they want to win the bidding wars that will surely take place this spring. 

 

Housing Prices Creeping Upward

Another result of the seller’s market is the steadily rising prices of homes. In February of 2024, Indiana’s median home price was $237,900, a 3% increase year-over-year. Additionally, the average home prices in Indiana have risen by over 50% in the last 5 years. This suggests a consistent and upward trend in home prices in the state. 

That said, there is hope for homebuyers. $30,000 worth of concessions were offered to attract buyers in 2023. With the expectation that more home purchases will be new homes for 2024, sellers may have to lower prices as they compete for shoppers during the spring housing market.  

 

Mortgage Rates Aren’t Going Down Any Time Soon

Early March of this year saw interest rates in Indiana at 6.94% for a 30-year fixed mortgage, a number that is consistent with the 7% and higher the rest of the nation is seeing. 

Despite these numbers, experts like Bankrate’s chief financial analyst, Greg McBride, don’t foresee this deterring the spring housing market from being active. “Markets are just kind of recalibrating for the reality that the Fed is not going to cut interest rates right away,” says McBride, “We’re not going back to three and four percent mortgage rates.” 

 

Expert discussing mortgage rates during the spring housing market with client.

Despite mortgage rates not going down anytime soon, the spring market is expected to be more active than in previous years.

 

Spring Housing Market Tips for Buyers

Navigating the competitive spring housing market can be challenging. But with the right strategies, buyers can increase their chances of success: 

 

1. Work with a Knowledgeable Real Estate Agent

Partnering with a trusted and experienced real estate agent who understands the local market is crucial. They can provide valuable insights, guide you through the buying process, and help you make informed decisions that can match the fast pace of this season’s market. 

 

2. Get Pre-Approved for a Mortgage

Before starting your home search, it’s recommended to get pre-approved for a mortgage. This will strengthen your offer and demonstrate your financial readiness to sellers. 

 

3. Be Flexible and Ready to Act

In a competitive market, being flexible with your preferences and making quick decisions can give you an advantage. Stay informed about new listings, attend open houses, and be ready to make a competitive offer when you find the right house for you. 

 

Realtor giving home tour to couple showing open balcony door

With the spring housing market being competitive for buyers, you’ll want to act quickly if you fall in love with a home.

 

Spring Housing Market Tips for Sellers

If you’re planning to sell your home in Indiana’s spring housing market, consider these tips to attract potential buyers: 

 

1. Enhance Curb Appeal

First impressions matter! Boost your home’s curb appeal by cleaning up the exterior, adding fresh landscaping, and making any necessary repairs. A well-maintained and inviting front entrance will attract buyers. 

 

2. Stage Your Home

Staging your home can help buyers visualize themselves living in the space. Consider decluttering, rearranging furniture, and adding tasteful décor to highlight the best features of your home. 

 

3. Price Your Home Strategically

Consult with a trusted real estate agent to determine the optimal listing price for your home. Pricing it competitively based on market analysis will attract more buyers and lead to multiple offers. 

 

Navigate the Spring Housing Market with Metropolitan Title Company

The Indiana spring housing market presents opportunities and challenges for both buyers and sellers. Whichever category you fall into, Metropolitan Title Company is ready to assist you in achieving your real estate goals. 

Serving Indiana since 1857, our commitment to Hoosiers is unwavering. We pride ourselves on our expertise, professionalism, and dedication to conducting business in a manner consistent with Hoosier values. Trust our team to guide you through every step of the real estate transaction, ensuring that all legalities and paperwork are in order. 

Partner with Metropolitan Title Company and experience the difference of working with Indiana’s trusted title company. 

 

What happens during the property title search process. Download this helpful infographic to find out!