STATEWIDE (WOWO): Indiana’s Housing Market is experiencing historic short supply and sharply increasing demand from buyers, driving prices and frustration up.
Realtors say that currently, in any given market, 100 buyers are competing for 25 available homes as inventories continue to plunge. Housing inventories were tight going into 2020, and coronavirus fears drove the available listings down. That fear has been replaced with a fear on the part of sellers of what happens and where they’ll go if their house sells 90 minutes after being listed.
Housing inventories in Indiana have plunged up to 62 percent in some areas of the state, and that has driven prices up nearly 11 percent year over year. Experts are saying this trend shows no sign of slowing down in the near term.
Their advice for buyers who are frustrated is to not get discouraged and to just keep at it. If you can buy a home within the next few months, you’ll be putting equity in your pocket.