The housing market came through the past year in rather better shape than might have been expected; home sales were down only 4 percent (969) from 2008. In the past year we experienced instability in financial markets and the subsequent sharp contraction in the economy, and some dynamics in the market remain: unemployment and buyer confidence.  

The 4th quarter housing market in the Indianapolis area flourished with homes posting a dramatic rise.  Home sales were up 15 percent from 4th quarter 2009 versus 4th quarter 2008.  Buying activity in nine counties surrounding Indianapolis indicates that improved affordability is prompting many first-time buyers to get off the fence, out of their rentals, and into the market.  

A look at county-by-county increases in 2009 home sales from October to December provides some of the details:

Boone       UP    56%   to       211

Johnson     UP   31%   to       477

Hamilton    UP   28%   to     1,131

Shelby       UP   27%   to       109

Hendricks   UP   16%   to       449

Marion       UP   15%   to     2,811

Madison     UP   15%   to       330

Hancock    UP   14%   to       229

Morgan      UP   11%   to       186 

Average Price of Homes Sold in the Indianapolis area December, 2009 vs. December, 2008: 

$142,010    December, 2009

$128,479    December, 2008