'Indiana housing market could soon be hitting on all cylinders'
A new report out today on Indiana home prices is great news for sellers, as prices have increased. Indiana home prices increased 6.6 percent during 2017 -- the Hoosier state's largest annual increase since 1991, according to Indiana University's Kelley School of Business.
Lack of inventory is driving up prices, as there's an imbalance between supply and demand.
"Growth in employment and wages will draw more people to the housing market and spur new construction. If the state's economy can continue to improve, the Indiana housing market could soon be hitting on all cylinders," said Matt Kinghorn, senior demographer at the Indiana Business Research Center.
There is a lot of great news in this report, but there also is a cautionary tale, and that's the issue of affordability. When I talk about affordable housing, I'm not talking about subsidized housing, I'm talking about affordable housing for first-time buyers and people who make modest incomes, such as teachers and police officers. This is going to be a serious issue communities - especially those in Hamilton County - are going to need to address. It's hard to find a house in Hamilton County for less than $200,000. Want one in Zionsville? You can pretty much forget that. If we want to attract young talent, we need housing options. Don't believe everything you read, millennials are interested in homeownership.