The Indiana housing market is at a crossroads. With increasing housing costs and limited inventory, many Hoosiers find it challenging to put down roots and build a future, yet there is a glimmer of hope on the horizon. As Indianapolis continues to grow, it’s essential to adopt collaborative approaches that address these challenges and foster a thriving community. At Build Indiana Roots, we’re dedicated to educating and advocating for achievable housing solutions that benefit all residents.

Understanding Indiana Housing Market Trends

The current Indiana housing market trends highlight a pressing issue: rising interest rates and low inventory are stifling growth. According to the Indiana Association of Realtors, the number of available listings in the Indianapolis metro area dropped from 10,000 in 2019 to just 7,400 in 2023. This significant decrease exacerbates the difficulty of finding achievable housing in Indiana, particularly in hot markets like Indianapolis.

Despite these challenges, the future holds promise. As interest rates show signs of stabilizing, there’s optimism for increased home sales. Mark Fisher, CEO of the Indiana Association of Realtors, predicts a 7% to 10% growth in home sales for the state in 2024 . This optimistic outlook is fueled by new construction, which now makes up 30% to 40% of the active listing inventory. These developments point to a more balanced market, offering hope for achievable housing solutions soon.

The Need for Achievable Housing in Indiana

Bringing about achievable housing in Indiana is crucial for the state’s long-term growth and prosperity. As home prices in Indiana continue to rise, many potential homeowners are priced out of their desired communities. At Build Indiana Roots, we believe that everyone deserves the opportunity to own a home and contribute to the vitality of their neighborhoods. By advocating for achievable housing, we strive to create inclusive environments where all residents can thrive.

Erica Edwards, a realtor for Century 21 Scheetz in Indianapolis, notes that while the market has seen some stabilization with rising interest rates, there remains a strong demand for new housing. This underscores the need for responsible building practices and policies that support achievable housing initiatives without imposing unnecessary regulatory burdens.

Advocating for Achievable Housing Solutions

At Build Indiana Roots, our mission is to educate both the community and lawmakers about the importance of achievable housing. We advocate for policies that balance the needs of homebuyers, communities, and builders. Our goal is to protect homebuyers from being priced out of their desired communities due to regulations that are not backed by market data. By promoting responsible building solutions, we aim to support a housing market that is both sustainable and inclusive.

Indianapolis has shown resilience and growth, with labor and wage increases outpacing the rest of the state. This economic strength positions the city well to lead the charge in developing achievable housing solutions that can be replicated across Indiana. As was noted by Housingwire, “We have a pretty strong market heading into spring”. This positive trend indicates that with the right strategies, we can create a more inclusive housing market that benefits all Hoosiers.

What You Can Do to Help

Supporting achievable housing in Indiana requires a collective effort. Here are some steps you can take to make a difference:

  • Stay Informed: Follow Indiana housing market trends and understand the factors influencing home prices in Indiana.
  • Advocate: Voice your support for policies that promote achievable housing and responsible development.
  • Get Involved: Join community groups or organizations, like Build Indiana Roots, that focus on housing issues and work towards solutions.
  • Donate or Volunteer: Support initiatives that aim to provide achievable housing for all current and future residents of Indiana.

By working together, we can create a more balanced and inclusive housing market that enables all Indiana residents to achieve their home-buying dreams.

Learn more about what you can do to help and join us in advocating for achievable housing solutions that benefit all Hoosiers. Together, we can make a difference!