The Monday Map - February 3, 2025

Statewide, home sales were one week slower than last year in the fourth week of the year. This slowdown affected 52 out of 92 counties.

Suburban Central Indiana counties experienced some of the most significant slowdowns. Fourteen homes came under contract in Boone County, and half of these were listed in October or earlier. (The oldest listing was from April.) In Hamilton County, homes came under contract an average of 41 days after listing, twice as long as last year. Half of the 124 new pending sales were listed in January, but a quarter of them had been on the market since October or earlier.

Similar trends are evident in many suburban counties. Huntington County had 10 homes come under contract and five had been listed in October or earlier. In Southern Indiana, Clark County had 54 new pending sales. Over a third had been listed since October or earlier.

This reflects an increase in backlogged supply since last year. Half of the supply as of the week of January 20th was more than 90 days old. In January 2024, that was only one third of the supply. There are many listings that have lingered on the market for months—over 7,000 listed for more than 90 days across the state. The influx of long-listed homes into pending status will weigh down the days-on-market metric, even as newer listings continue selling at a steady pace.

A few large counties are bucking this trend. In Fort Wayne, homes were listed for 15 days before coming under contract (6% faster than last year). In Evansville, the rate was only 8 days (66% faster than last year), and in LaPorte County homes are under contract after an average of 11 days (21% faster than last year).