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Sales in Indiana between August 2023 and July 2024 totaled 75,850, 7% lower than the previous 12 month period. But of the 210 ZIP Codes with at least 100 sales, 28% have positive sales growth. Below, we look in detail at the five ZIP Codes with the fastest growth and the five with the most sales.
119 sales in 12 months, +51% over previous 12 months
This ZIP Code follows a pattern that is common recently: a low-cost inner-city area with positive growth in sales and sales volume. (We wrote about this pattern in our walkability study.) Sales are affordable here. The median sale price in July was $123,000, and almost half of the inventory in July was priced below $150,000.
New listings in the past 12 months are up 35%. Because listings rose faster than sales, inventory has also grown despite increasing sales activity. So far in 2024, 22 homes are available for sale on the average day, 18% higher than 2023.
145 sales in 12 months, +49% over previous 12 months
In this ZIP Code, sales in the last 12 months have increased 49%. The gap between this year's sales and last year's sales is growing. In the three months from August to October 2023, sales were up 18% year-over-year. In the last three months, that gap has increased to 54% growth.
Sales growth was accelerated by new construction in this area. Existing home sales grew 37%, while new construction sales grew by 188%. New construction makes up 23 of the 145 sales in the past year, 16% of total sales. While existing homes sold for $171,000 on average, but new construction homes sold for $283,000. These prices are lower for both existing homes (-2%) and new construction (-11%).
124 sales in 12 months, +43% over previous 12 months
12-month rolling sales have been in positive growth territory since March, driven by a very strong spring. Between February and April, there were 36 closings, compared to only 15 a year earlier.
Prices are relatively affordable here, averaging $152,246 in the past 12 months. Buyers only pay 92% of the asking price on average.
402 sales in 12 months, +38% over previous 12 months
Danville's sales growth is driven by a strong winter and spring market. Sales totaled 217 between November and April, compared to 127 in the previous year. Growth in monthly sales turned negative in July, so expect growth in the 12-month rolling average to fall in the coming months.
Inventory has grown significantly here. With 63 homes available on the average day in July, supply has increased 61% year-over-year. There were 2.2 months of inventory to end July. Compare that to 1.3 months of inventory in July 2023.
494 sales in 12 months, +30% over previous 12 months
Whitestown has seen strong sales growth and strong price growth. Sales in the last 12 months are up 30%, and sales in the last three months are up 21%. Most sales in this area are new construction: 324 new construction sales compared to 170 existing homes. Existing home sales grew by 8%, but new construction sales increased 45%.
From May to July, the average sale price was $371,487. This is 10% higher than the previous year. When including the past 12 months of sales, prices are about the same as the previous year. But prices have increased 3% for new construction sales in the past 12 months. Price per square foot has fallen by 5%, meaning that newly built homes are larger in total square footage than a year earlier.
1,473 sales in 12 months, +7% over previous 12 months
Sales growth in Westfield was driven by new construction. A slight majority of sales are newly built, and new construction sales grew by 26%. Sales fell by 8% for existing homes. Existing homes sold for $445,000 on average, the same as the previous year. The average new construction price fell by 5% to $460,000.
597 sales in 12 months, +7% over previous 12 months
New construction accounts for only 6% of sales here, but 36% of sales growth. Existing home sales grew by 5%, while new construction sales grew by 74%. Sales below $150,000 fell by 15%, but above that price point sales grew by 25%.
513 sales in 12 months, +3% over previous 12 months
Kokomo makes up two of the ZIP Codes on this list, a sign of how strong the market is here. Compared to the south side, sales here tend to have a lower price. 83% of sales are below $250,000, compared to 72% on the south side.
Without townhomes and condos, sales would have been flat. Single family home sales were 482 compared to 480 the previous year, but townhomes and condos grew 47% to a total of 22.
507 sales in 12 months, +7% over previous 12 months
This area is relatively affordable compared to the Indy metro area. Three out of five sales are between $150,000 and $249,999, and these sales grew by 7%. Homes in the $250,000-$349,999 range had the fastest sales growth, expanding by 45% compared to the previous year. Homes here sell for 99% of asking price, which is higher than the state average. This varies by price. Below $150,000, sellers typically accept 96.6% of their asking price. At the higher end of the market, half of sellers receive at least their asking price. With sales of at least $250,000, the median home sells for 100% of asking price.
494 sales in 12 months, +1% over previous 12 months
This part of Fort Wayne had positive sales growth in the spring (February to May), while sales growth was flat in June and July. New construction makes up 6% of sales here, but new construction sales fell 26% year-over-year. Existing home sales grew by 3%
While the median price here is $249,900, sales growth came from higher priced homes. Sales of at least $350,000 grew by 44%. Below $250,000, sale fell by 1%.