Monroe County’s median home price of $170,000 ranks it as the number 5 county in Indiana based on 2016 sales data through August from the Indiana Association of Realtors. This is well above the state average of $139,000. Monroe median price was up over $3,500 versus 2015. Indianapolis suburbs of Hamilton and Boone led the state with median prices of $240,000 and $238,000 respectively.
Other market metrics show overall sales activity was up 11% and the average home sold for 97% of list price in 2016.
“Price increases have been driven by low inventory of existing homes as well as continued low interest rates for mortgages” says long time Bloomington market observer Paul Wilson , Senior Loan Officer at American Mortgage. “It’s been a very strong year in terms of volume, in spite of very low inventory. Except for normal seasonality, we expect this strong trend to continue through year end.”