The 2020 real estate market saw a lot of activity, despite the pandemic, and Central Indiana is a hot spot. National Association of REALTORS has identified our area as one of the Top 10 Markets During and in a Post-COVID Environment.
Factors that are driving our local market include:
- Record low interest rates that are projected to stay in the 3% range in 2021
- Low inventory levels, meaning not enough people are selling their homes to keep up with the buyer demand. This ultimately increases prices and keeps days on market low.
- New home construction is limited in Hamilton County – labor, materials, and local regulations make it difficult to build homes that are affordable for first-time buyers
- The ability to work in any location is bringing a lot of out-of-state buyers
- Mortgage pre-approvals are up, a leading indicator of buyers in 2021
Per MIBOR data, Hamilton County home prices have increased 9.5% over 2019 (through Nov). The median price is now $325,000. It isn’t just the northside suburbs seeing demand, Marion County prices rose by 11.5%!
2021 will be another good year for sellers, as prices are projected to continue to rise and there are still a lot of buyers looking for homes. This doesn’t mean we can over-price homes or poorly market a property. Listing your home still takes expert preparation, a strong on-line presence, and correct pricing. Getting offers is often the easiest part of the process, but inspections and appraisals make the journey to closing difficult. I’m here to help you prepare your home for listing and navigate the process to closing. My biggest tip is to start planning now for your spring-summer move. Learn more about listing your home and my listing services.