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Hoosier is the official demonym for a resident of the U.S. state of The single-family housing sector has had stable growth since 2015, while the multi-family housing sector continued strong as ever. Consumer confidence, job growth and low interest rates are the primary drivers that bring potential home buyers to the Indiana housing market. The housing market looks to continue on a positive path in 2017.
How Does the Indiana Housing Market look?
Employment in Indiana is experiencing very positive trends. Indiana’s future employment growth will continue to provide at least 43,000 jobs per year through 2018. Additionally, unemployment is expected to decline during this period and Hoosier personal income will rise faster than the nation (see Figure 1).
Figure 1: Indiana Employment and Unemployment Rate Forecast, 2014 Q1 to 2018 Q4
Source: Indiana University Center for Econometric Model Research and Indiana Business Research Center (released in June 2015)
TOP 3 in Home Sales
Indiana beat the nation by 3 percentage points in existing home sales last year.
Table 2: Mid-Year Comparison of Indiana and U.S. Housing Markets
|
U.S. |
Indiana | |
|---|---|---|
|
Existing Home Sales, July 2014 to June 2015, Year-over-Year Change |
3.2% |
6.2% |
* Source: IBRC, using data from the Indiana Association of Realtors, National Association of Realtors, Federal Housing Finance Agency, U.S. Census Bureau, Mortgage Bankers Association and CoreLogic
According to the Indiana Association of Realtors, Indiana’s year-to-date 2015 closed sales is trending higher than 2014, while its median sales price increased 5.9 percent to $134,000 (see Table 3).
Table 3: Indiana Housing Overview
|
September 2014 |
September 2015 |
Percent Change |
Year-to-Date 2014 |
Year-to-Date 2015 |
Percent Change | |
|---|---|---|---|---|---|---|
|
Closed Sales |
6,958 |
7,282 |
4.7% |
56,752 |
61,509 |
8.4% |
|
Median Sales Price |
$128,000 |
$132,500 |
4.375% |
$126,500 |
$134,000 |
5.9% |
*Source: Indiana Association of Realtors
Comparing housing costs, Indiana typically has quite stable housing values. In other words, Indiana homeowners usually experience small swings in value as economic conditions and world events take hold year to year.
As Indiana’s economy continues to grow with more jobs and better wages, expect positive results for the housing market. Should national trends drop, Hoosiers will still fare well compared to less stable parts of the country.
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