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What Indy's housing market looks like

The housing market is finally cooling off, giving buyers a say in the process again.

INDIANAPOLIS — It's no secret the housing market has been crazy the past two years – from waived inspections to selling prices way over asking.

Now, the housing market is finally cooling off, giving buyers a say in the process again.

As of midweek, the average 15-year mortgage rate is 4.26% and a 30-year mortgage is 4.99%.

Those rates are still considered relatively low.

The inventory is also at a level you might've seen before the pandemic.

The number of active listings in the Indianapolis metro area as of mid-week according to MIBOR are:

  • 421 for houses between $200,000-$299,000
  • 497 for houses between $300,000-$399,000
  • 237 for houses between $400,000-$499,000

In July, the median sales price was $294,500 and a house was on the market for an average of 18 days.

Amy Spillman with CENTURY 21 Scheetz said that's up 28.6% since June.

"I saw my first offer asking for closing costs from a buyer this week. We haven't seen anybody ask for that for two years, you know. So that's coming back," Spillman said. "People are inspecting homes as opposed to waiving the inspection."

If you're looking to buy, things are still competitive. However, you don't need to put all your cards on the table.

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