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Indianapolis Real Estate - Market Report - November 2008

By
Real Estate Agent with Red Door Real Estate

Here is a look at what happened on the real estate market for Indianapolis homes that sold for under $500,000 in November 2008:

 
2007
2008
% Change
Active
N/A
8080
Homes Sold
855
637
-25%
Average Selling Price
$101,019

$87,038

-14%
Days on Market
95
90
-5%
Price Per Square Foot
$63
$51
-19%

After a couple months of only slight price decreases in Indianapolis, November saw a pretty big price decrease of 14% over last year. The number of homes sold being down 26% is really no shocker as this has become par for the course throughout the year. As winter approaches, we always see a decrease both in the number of homes sold and the average sales price. Two pieces of semi good news is that the average days on the market actually decrease and the supply of homes on the market went down slightly. We now have an 8.26 months supply of homes on the Indianapolis real estate market.

If you are considering purchasing a home in Indianapolis, winter is statistically the best time to purchase a home. You can get great deal on existing homes or new homes in Indianapolis as well. Visit our website for more information or to search the Indianapolis MLS.

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