Indiana’s March Real Estate Market Sees Pending Home Sales Jump 30%
April 19, 2025 at 1:00 a.m.
INDIANAPOLIS - Mortgage rates settled near 6.6% through most of March after dropping from a mid-January peak above 7%, bringing more home buyers and sellers into Indiana’s spring real estate market.
New pending home sales jumped 30% from February to March to 7,828 statewide, ahead of expectations and 7% above 2024. Closed sales (6,160) finished 3% behind March 2024, reflecting the pace of deals negotiated in February.
Newly listed homes numbered 8,830 homes statewide in March, 11% ahead of 2024. This kept Indiana’s overall inventory of available homes at 12,499 average daily listings, up 21% year-over-year, and dipping just 3% from February.
With increased interest from homebuyers matched by a higher supply of homes on the market, price growth was a seasonal 4% from February through March to $260,000, also 4% above 2024. Sellers received 95.7% of their original listing price.
Homes went from listing to pending sale in 18 days last month, still more than a week longer than 2024 (10 days) but dropping quickly from the beginning of March (22 days over the week of Feb. 24) to average 14 days in the latter half of the month.
“We saw homebuyers enjoying some breathing room in March,” said Kim Ward, IAR’s 2025 president and managing broker of North Eastern Group Realty, Fort Wayne. “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.
“New listings are up 3% over the first three months of 2025, and sellers continue to do well even with more homes for sale and a more balanced market,” Ward said.
“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,” she added. “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.”
March housing data continues to show homebuyers with budgets below the $250,000 threshold holding back from the market: Pending sales above $250,000 finished 15% ahead of 2024, while new contracts below that level fell 1% year-over-year.
INDIANAPOLIS - Mortgage rates settled near 6.6% through most of March after dropping from a mid-January peak above 7%, bringing more home buyers and sellers into Indiana’s spring real estate market.
New pending home sales jumped 30% from February to March to 7,828 statewide, ahead of expectations and 7% above 2024. Closed sales (6,160) finished 3% behind March 2024, reflecting the pace of deals negotiated in February.
Newly listed homes numbered 8,830 homes statewide in March, 11% ahead of 2024. This kept Indiana’s overall inventory of available homes at 12,499 average daily listings, up 21% year-over-year, and dipping just 3% from February.
With increased interest from homebuyers matched by a higher supply of homes on the market, price growth was a seasonal 4% from February through March to $260,000, also 4% above 2024. Sellers received 95.7% of their original listing price.
Homes went from listing to pending sale in 18 days last month, still more than a week longer than 2024 (10 days) but dropping quickly from the beginning of March (22 days over the week of Feb. 24) to average 14 days in the latter half of the month.
“We saw homebuyers enjoying some breathing room in March,” said Kim Ward, IAR’s 2025 president and managing broker of North Eastern Group Realty, Fort Wayne. “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.
“New listings are up 3% over the first three months of 2025, and sellers continue to do well even with more homes for sale and a more balanced market,” Ward said.
“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,” she added. “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.”
March housing data continues to show homebuyers with budgets below the $250,000 threshold holding back from the market: Pending sales above $250,000 finished 15% ahead of 2024, while new contracts below that level fell 1% year-over-year.