Indy's best week for homebuyers is almost here
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Warm-weather house hunting is over, and the Circle City is entering the best time of the year to buy a house, according to a Realtor.com report.
Why it matters: This seasonal sweet spot gives shoppers a break from the bidding war, but rising rates and prices still put homeownership out of reach for some would-be buyers.
By the numbers: The week of Oct. 25 offers some of the best conditions for buyers in the Indianapolis metro, per Realtor.com.
- There are 26% more listings than an average week.
- Prices fall more than 9% below peak season.
- Homes stay on the market 15 days longer.
What they're saying: "Home shoppers heading into fall will find an opportunity that has been hard to come by in recent years: more choices and less urgency," Realtor.com senior economist Hannah Jones said in a press release.
Yes, but: These are still tough times for homebuyers, especially first-timers.
- Mortgage rates are near 7%, up from 6.25% a year ago.
- The Indy metro's three-month rolling median sale price reached $325,000 in September, up 2% from $320,000 a year earlier.
- That's about 15% above Indiana's statewide median of $280,995.
Case in point: The Indiana Association of Realtors estimates a median-priced metro home now requires a $2,546 monthly payment. That assumes a 10% down payment and includes estimated property taxes, insurance and private mortgage insurance.
- That's up 6% from a year ago.
- Just 27.7% of listings are affordable to a household earning $75,000.
State of play: While the market is becoming more balanced — in fact, the supply of homes on the market last month was the deepest for an August since 2017 — it's still tilted toward sellers.
- Realtors consider the market healthy when there's five or six months' supply, but there's only about three months right now.
The bottom line: Buyers may get a little more breathing room this fall — if they can clear the affordability hurdle.