Indiana home sales, new listings see year-over-year growth in March
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A new report from the Indiana Association of Realtors shows new home sales in March rose 7% compared to the same month last year. New pending home sales totaled 7,828 across the state, which was also a 30% jump compared to February.
Closed sales, however, totaled 6,160 last month, which was 3% lower than March 2024.
IAR President Kim Ward said homebuyers enjoyed some breathing room in March, particularly as mortgage rates settled near 6.6% through most of the month.
“They had more options to choose from, lower rates giving them a little more budget flexibility and a few more days to make their offers—conditions that paid off in more signed contracts by Hoosiers who will be settling into their new homes by summer,” Ward said in a news release.
New listings last month totaled 8,830, which is an 11% jump from March 2024. The state’s overall inventory of available homes at just under 12,500 average daily listings represents a 21% year-over-year increase.
The IAR added that the average home price in March rose to $260,000, which is a 4% month-over-month and year-over-year jump.
“Our analysis shows that our ‘average’ Indiana home seller in 2025 is moving after around six years in their current home, gaining nearly $70,000 in equity in that time,” Ward said. “This is also a point that all of the prospective first-time buyers should keep in mind—affordability is a very real challenge but think about whether you want to be paying rent or building wealth a year or two from now.”
The Indianapolis metropolitan area saw the biggest jump in home sales of any region on the state, rising 32% from February to March with 2,452 closings.
You can connect to the full March Housing Report from the Indiana Association of Realtors by clicking here.