2022 was obviously a rollercoaster year for real estate, but with numbers in from December Indiana’s housing market can be put into perspective.
The Indiana Association of Realtors says data from MLS marketplaces across the state shows Indiana holding up better than most of the nation.
Statewide home sales totaled nearly 89,000 for the year, 11 percent below 2021. In St. Joseph County, sales were down 13 percent. In Elkhart County, sales were down 9 percent. As far as the U.S. as a whole – sales dropped 16%.
Mortgage rates doubled over the first half of the year to average 6% on a 30-year loan from June forward – pushing homebuyers to adjust budgets or delay plans altogether.
But even with less demand, tight inventory kept the market positive for sellers across most of Indiana:
The median sale price rose 12 percent versus 2021.
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