As we recently passed the halfway mark for 2023, we decided to take a quick look at the market for the year so far. In reviewing several specific communities in Central Indiana, it was clear the market is seeing a downturn in transactions in nearly every market. The outliers included the luxury market (homes priced above $1 million) in Washington Township, Chatham Hills, and Westfield as a whole. We believe different factors impacted the growth of each of these areas. In Westfield and Chatham Hills, the desire for new construction and growth in that submarket are likely impacting the increased transactions there. The luxury market is more difficult to predict, but possibly those buyers are less impacted by interest rates and other market conditions affecting the rest of the market.
Average sales price continues to increase though not at the same rate as it did in 2021 and 2022. Additionally, a home’s time on the market continues to be longer than in years past, making the home-buying process far less stressful.
