Indiana’s real estate market has become quite a formidable opponent. With frequent drops and a significant reduction in property values, many homeowners are finding it difficult to sell. It’s crucial to remember that difficult does not mean impossible. There’s a right way to sell every home, even if it’s been sitting on the market for ages.
The median value of all homes in Indiana is $116,700. This encompasses a low average of $47,600 in Gary, and a high of $155,700 in Greenwood. Cities like Muncie, Terre Haute, South Bend, and Fort Wayne generally see values under $100,000. Homeowners can typically expect to hand over somewhere between $3,000 and $9,000 to a real estate agent that charges the standard 6% commission rate.
The real estate market is massively unhealthy in Indiana, scoring among the lowest in the country. It’s one of the only states in which property values continue to drop unpredictably, and it hasn’t recovered much from the recession. Over 18% of listings see price cuts, and that’s if they sell within the typical 83 day listing average. Low property values, an unhealthy market, and long listings have made the real estate climate in Indiana exceedingly rough.