By Tony Sandleben—
MUNCIE, Ind.—The Indiana Housing Market update for 2021 has been posted by the Indiana Association of Realtors. The report reviewed two specific areas that are of interest to realtors/developers/homeowners: Closed Sales and Median Price.
For the year 2021 Muncie/Yorktown showed impressive results to advance up 3 spots to the 17th most active large real estate market (by number of sales) in the state. These 2021 results indicate that Muncie/Yorktown moved ahead of the Kokomo area, plus the Lebanon/Zionsville/Whitestown area, and the New Albany area in number of transactions.
The percentage increase (+10.1%) in closed sales for the Muncie/Yorktown area was the 5th highest increase in Indiana for all the large markets. Only Greenfield/New Palestine +11.1%, Bloomington +11.5%, Michigan City +11.6% and Anderson +23.6% had higher percentage increases.
Six markets saw their number of closed sales drop in 2021 compared to 2020. They were: Valparaiso -6.2%, Fort Wayne -4.7%, Hamilton County (Carmel, Fishers, Westfield) -4.7%, Jeffersonville -2.2%, Hendricks County (Avon, Brownsburg) -1.6%, and Elkhart -0.5%. These areas did experience median price increases—just the number of closed sales decreased.
Of the 22 largest markets (defined as 1200+ transactions in a year), all experienced increased median price. The increases ranged from the lowest- Terre Haute +4.1% prices to highest +20.5% in the Greenwood/Franklin area.
Median Prices for Muncie/Yorktown was up +12.5% which put us 15th of the 22 large markets.
With the positive momentum of moving up 3 spots on the closed sales list and increasing the median price +12.5%, Muncie has areas that need improvement. The community ranks 22nd out of 22 large market areas when it comes to the actual median price. After 2021 results, we are approaching some of the markets just ahead of us. Within $1,000 of one and $8,000 of another:
“The real estate results in the IAR report might not appear to be dramatic,” Mayor Ridenour said. “But we are moving in the correct direction. There is still plenty to do to make our community more attractive which helps with retention of current residents and being more welcoming to new residents. As we continue the efforts of adding to and enhancing our city parks, using sound financial methods, and our efforts toward improving the housing options of current and new residents, then progress toward an even higher quality of place will occur.”
