Indiana Homes Sold 3rd Fastest in the U.S. Last Year
Whether it is millennials pursuing their dream of homeownership, or work-at-home professionals seeking to relocate to more desirable locales, homebuyers across the nation are facing higher prices and reduced inventory. As they say in the real estate business, the price of a home depends on “location, location, location,” which means the severity of this home shortage varies greatly across American cities, and across the 50 states.
After the COVID-19 lockdowns of spring 2020 were gradually lifted, private home sales across the nation increased sharply. Yet, new housing starts fell by 40% that same spring and have only recently recovered to pre-pandemic levels. This has contributed to today’s hyper-competitive home buying market.
The extent of the residential housing market shortage can be illustrated by the length of time a house is listed on the market before an offer is accepted. In March of 2012, the median number of days that an American home sat on the market was approximately three months (93 days). By the summer of 2021, the median number of days for a pending home sale was just over two weeks (15 days). Indeed, the percentage of American homes selling within only two weeks of initial listing increased from less than a third in 2012 to over half of all homes listed in 2021.
Home sales data from 2021 reveals how much the pandemic’s impact on the housing market has varied across the country. At the state level, homes in Washington, Nebraska, and Indiana have been moving fastest. The median days on the market for each was less than 10 days in 2021. Other hypercompetitive states include Colorado, Oklahoma, Oregon, and Utah, where homes were typically off the market in 14 days. These states contrast with Vermont, Hawaii, and Mississippi, which are the only states where the typical home remained on the market for more than 60 days before an offer was accepted or the home was eventually delisted. Interestingly, how quickly homes moved in 2021 showed almost no correlation with home price at the state level.
The data used in the analysis is from Redfin. To determine the states where homes are selling fastest, researchers at Porch calculated the median days on the market in each location using sales data from 2021. In the event of a tie, the state with the higher share of listings off the market in under two weeks was ranked above. Only states with available data from Redfin were included in the study.A wide range of cities from the aforementioned states reported homes selling quickly in 2021 as well. In addition, homes sold at record speeds in a number of California cities, despite California as a whole ranking in the middle of the pack among states. Similar to the state-level analysis, it was a mix of both high-price and more affordable locations in which homes sold fastest in 2021.
The analysis found that 72.1% of Indiana home listings were off the market in less than 2 weeks last year, with homes on the market for a median of 9 days. Of the 46 states included in the analysis, Indiana saw the 3rd fastest home sales in 2021. Here is a summary of the data for Indiana:
- Median days on the market: 9
- Share of listings off the market in less than 2 weeks: 72.1%
- Median sale price: $238,897
- Average sale-to-list price ratio: 100.4%
For reference, here are the statistics for the entire United States:
- Median days on the market: 20
- Share of listings off the market in less than 2 weeks: 54.4%
- Median sale price: $369,119
- Average sale-to-list price ratio: 101.3%
For more information, a detailed methodology, and complete results, you can find the original report on Porch’s website: https://porch.com/advice/u-s-cities-homes-selling-fastest
