Four months and a slew of compromises later, the buyers got their house, but it was 50 minutes away from their place of work. Caruso said this is indicative of the markets in Indiana, where low inventory, high interest rates and inflationary pressure are still making it hard for clients to find and afford a home to buy.
Indiana is benefiting from the broader housing boom in the Midwest, which has long been a region of the country with stagnant home prices, a result of the Steel Belt turning into the Rust Belt. In the most recent new-home sales data from the U.S. Census Bureau, seasonally adjusted home sales in the Midwest were up 13.3% year over year.
Realtors in the area say that buyers who were trying to wait out the high rate environment are choosing to accept that current rates are simply the new normal. That's led to a rise in new listings in Indianapolis as more homeowners are putting their houses on the market.
#indiana-housing-market #midwest-housing-boom #home-prices #inventory-challenges #interest-rates-impact
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