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Today we're going to update you on the real estate market in the Indianapolis area. We want you to use this information to your own benefit when entering the real estate market so that you can have a profitable experience whether you're buying or selling. We're expecting a lot of real estate activity in 2015, so this market update should be useful to you.
We're currently seeing a neutral market in the Indianapolis area, but in Hamilton County and Hendricks County, we're seeing seller's markets with 4.5-5 months worth of inventory. Low inventory is creating a seller's market in these areas, and anytime you have less homes for sale, that puts the sellers in an advantageous position.
Home prices have been increasing over the last few years, and 2015 will be no different. Prices will continue to rise by 2-3% this spring, but should balance out by the end of the year because interest rates are expected to rise at that point in time.
The market for new construction has rebounded along with the resale market. Last year there was a 3% increase in construction permits, so we can expect competition from the sale of new homes in 2015. Actually, last year there was a 2.5% decrease in the sale of resale homes, and we can only conclude that these buyers went and bought newly constructed homes. This means that if you're selling your home, then it needs to be in tip-top shape to compete with the newly constructed homes.
As always, feel free to contact us in regards to real estate in the Indianapolis area. We're always happy to be of assistance to you!
