Buying a house in Indianapolis: A how-to
Home prices in Indy are significantly cheaper than the national average.
The Missouri housing market isn’t that competitive. The median home sales price in October 2024 has increased in the past 3 months to $269,400. That’s up 8.2% and $20,400 higher than October 2023 of last year. That is higher than the national median home sales price of $436,480. Homes typically sell after 32 days on market, which is faster than the national average and higher than 24 days in October 2023 a year prior.
The median home price in Missouri was $269,400 in October 2024, up 8.2% from last year.
The real estate market in Missouri had 13,760 homes for sale in October and is up from 13646 homes for sale the month prior and up from 11,577 homes in October 2023.
There were 6752 homes sold in October 2024, trending up from 6322 homes sold a year ago.
Homes in Missouri are staying on the market for 32 days. That’s 8 days slower than the median in October 2023, which means that the market is less competitive today.
It is considered a seller’s market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 6.7%, making the average house payment $1,937, which is $226 higher than a year before.
Total months of housing supply available for sale is 2 months, up 5.3% from 1.9 month(s) in October 2023.
The Months of Supply housing metric is an estimate of how long it would take to sell all the homes for sale relative to the number of homes sold each month. Historically, 5 to 6 months is the average. You may also hear this metric referred to as the "absorption rate."
Lower months of housing supply typically signal a seller’s market whereas when months of supply is greater than 6 months typically signal a buyer’s market.
Sales to Listing Ratios are an indicator of supply and demand. It is all the completed sales in the past month divided by the total number of active listings.
In a balanced real estate market, the total number of home sales to active listings ratio is between 0.12 and 0.2 while markets with a ratio higher than 0.2 favors seller’s, as homes are selling fast and there is limited inventory, while markets below 0.12 favor home buyers because there is a larger supply of homes to purchase.
Home values have increased by 8.2% since last year, and the number of days it takes to sell a home has increased from 24 days in October 2023 to 32 days in October 2024.
The best time to sell your home in Missouri is in May, when homes sell fastest and for the most money.
Sellers typically pay the commission of both the listing and buyer’s agents, which typically total 5-6% of the home sale price. That’s $16,164 paid in commission to the real estate agents. You’d also need to factor in closing costs, plus other fees and your mortgage payoff amount, to calculate the net proceeds from your home sale.
Homes in Missouri have a median price of $269,400, which means you’ll need $26,940 for a 10% down payment. Housing costs have increased 8.2% in the past year. When you’re several months out and have your down payment saved, make sure to get pre-approved for a mortgage and find a real estate agent.
Home values are only one part of the home affordability equation. When buying a house in Missouri, don’t forget to also account for closing costs, which are typically 3-4% of the home cost. In addition to a down payment of $26,940 you should have $10,776 as well as budget for cash reserves, moving expenses and ongoing homeownership costs for home maintenance and repairs or HOA fees.
Missouri home values are 5.5% cheaper than Kansas and 62% cheaper than the national median home value.
The Missouri real estate market has a median sale price of $269,400, which is 62% lower than the national median sale price of $436,480. Compare other markets or nearby cities, as they can vary significantly.
Missouri | Kansas | National |
---|---|---|
Median home sale | Median home sale | Median home sale |
$269,400 | $284,300 | $436,480 |
Days on market | Days on market | Days on market |
32 | 27 | 41.5535354956258 |
Monthly house payment | Monthly house payment | Monthly house payment |
$1,937 | $2,148 | $2,542 |
Cost to buy a house | Cost to buy a house | Cost to buy a house |
$37,716 | $39,802 | $61,107 |
Cost to sell a house | Cost to sell a house | Cost to sell a house |
$18,858 | $19,901 | $30,554 |
Navigating the Missouri housing market can be tricky, but you don’t have to go it alone. When you're ready to learn more, reach out to a local Missouri real estate agent to get the process started. We recommend interviewing multiple candidates and coming prepared with a list of all your questions.
Buying a house in Indianapolis: A how-to
Home prices in Indy are significantly cheaper than the national average.
Indianapolis housing market: Everything you need to know
Indy home prices are lower than most major U.S. cities, but competition is hot.
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