Indiana Housing Market Analysis: The Last 16 Quarters in Data

Indiana home prices rose 21.4% over the 16 quarters from Q3 2022 through Q2 2026, according to the FHFA All-Transactions House Price Index for Indiana. Annual growth has cooled sharply along the way: the latest year-over-year reading is 4.6% for Q2 2026, down from 15.1% in Q3 2022. The median listing price now stands at $301,633, per Realtor.com listing price data retrieved through FRED, and Realtor.com active listing counts show 15,378 homes on the market, up 45.5% over the same 16 quarters. That is the Indiana story in one line: values still climbing, just slower, while the shelf of homes for sale keeps getting fuller.

How Indiana Home Prices Have Moved

The index opened the window at 443.7 in Q3 2022 and closed at 538.7 in Q2 2026. In between, it fell exactly once: a small dip to 440.9 in Q4 2022, right as the Freddie Mac 30-year fixed mortgage average jumped from 5.62% in Q3 2022 to 6.66% the following quarter. That was the closest Indiana came to a correction. By Q1 2023 the index had already recovered to 444.5, and it has climbed every quarter since.

The pace tells a different story than the level. Year-over-year growth was running at 15.1% in Q3 2022, a leftover from the frenzy years. It stepped down fast: 10.7% in Q4 2022, 8.5% in Q1 2023, 6.5% in Q2 2023, and 5.9% by Q3 2023. Then came a modest second wind, with growth firming to 7.0% in Q4 2023 and 7.1% in Q1 2024 before drifting back through the 5% to 6% range across 2024. Since Q3 2025 the state has settled into a narrow band: 4.6%, 4.7%, 4.5%, and 4.6% in the latest quarter. Not one of the 16 quarters posted negative annual growth. Appreciation cooled to a third of its old speed, but it never stopped.

What Homes Are Listed For

Asking prices peaked early. The median listing price hit $307,107 in Q2 2023 and has never gotten back there, three full years later. Q2 2026 came in at $301,633, which is 1.6% below the year before and still shy of that 2023 spring peak. The series follows a reliable seasonal sawtooth, cresting each spring and easing each winter: $305,783 in Q2 2024, $306,600 in Q2 2025, with winter troughs like $280,750 in Q4 2023 and $282,775 in Q1 2025.

Strip out the seasonality and the flatness stands out. Four of the last nine quarters printed negative year-over-year listing price changes: -0.4% in Q2 2024, -2.0% in Q3 2024, -0.1% in Q1 2025, and -1.6% in Q2 2026. So while the FHFA index, which is built from closed transactions, kept grinding higher, the sticker price on what is actually sitting on the market has gone essentially nowhere since mid-2023. Sellers listing today are pricing into the same window they were three springs ago.

How Many Homes Are on the Market

Inventory is the series that has genuinely changed. Active listings in Indiana averaged 10,572 in Q3 2022, bottomed at 8,316 in Q2 2023, and have been building almost without interruption since. The count crossed 13,618 in Q3 2024, reached 14,735 by Q4 2024, and peaked at 17,137 in Q4 2025 before a normal seasonal pullback to 13,793 in Q1 2026. Q2 2026 averaged 15,378, and the single month of July 2026 posted 17,550 active listings, the highest monthly figure in this dataset. Over the full window, inventory is up 45.5%. Only one quarter in four years showed a year-over-year decline, and barely: -1.1% in Q3 2023.

For a seller, rising inventory is a leverage question, plain and simple. When 8,316 homes were on the market in spring 2023, a listed house competed with relatively few alternatives, and buyers had to move on what existed. At 15,378, a buyer touring homes has nearly twice the menu. That tends to mean more showings before an offer, more negotiating on inspection items, and less tolerance for aggressive pricing, because the buyer can simply go see the next house. None of that tells you where prices go next. It does tell you that the scarcity that did sellers' negotiating for them in 2022 and 2023 is gone.

What Homes Are Worth in Indiana's Largest Cities

Statewide numbers hide a lot of variation, so here is the same window at street level. The table shows the Zillow Home Value Index (ZHVI), a smoothed, seasonally adjusted estimate of the typical home value in the city proper (not the wider metro area), for Indiana's five largest cities as of Q2 2026, with the baseline each change is measured against.

South Bend is the strongest of the five right now, with typical values up 6.3% year over year. Indianapolis sits at the other end at -0.2%. The quarter-by-quarter city numbers, with the same up and down markers, are in the quarterly reports listed further down this page.

Sales, Supply, and Pending Deals

Prices tell you what homes are worth; transactions tell you whether anything is actually moving. Per the Redfin market tracker (all residential, not seasonally adjusted), completed sales in Indiana averaged 7,865 homes a month in Q2 2026 (up 3.3% from the same months a year earlier), with pending sales running 9,609 a month. The median sale price, what buyers actually paid, averaged $280,500, up 3.5% year over year. At the current sales pace the market holds 2.2 months of supply, which by the common rule of thumb is seller's market territory, and the typical home that sold went under contract in 29 days. Redfin figures for Q2 2026 reflect April and May, the months reported so far; year over year comparisons use the same months a year earlier.

*Partial quarter; see the note above. All change markers compare against the year-earlier baseline shown beneath them.

The Numbers, Quarter by Quarter

What This Means If You're Selling

More competition means the market sets your timeline

With 45.5% more homes for sale than in fall 2022, an Indiana listing no longer sells itself. Buyers comparison shop, and homes that are priced past the comps or that show poorly sit while the fresh inventory around them turns over. The pattern is not unique to Indiana; the national market shows the same combination of slowing price growth and swelling inventory. What that means practically: if your situation gives you months to prep, stage, and wait out showings, the traditional route still works. If it does not, the carrying costs of a listing that lingers (mortgage, taxes, insurance, utilities) come straight out of whatever the sale eventually nets.

Equity built since 2022 is real money, even at a discount to list

A 21.4% rise in the price index over four years means most Indiana owners who bought before 2022 are sitting on meaningfully more equity than they started with. That changes the math on every exit. An owner with that cushion can weigh a fast, certain sale against a slower retail listing and still come out ahead of where they stood in 2022 either way. The mistake we see is owners anchoring on the absolute peak asking prices of spring 2023 ($307,107 median) rather than on what comparable homes are closing at now.

Condition decides which buyers show up

The inventory that has piled up is disproportionately move-in ready, because that is what traditional buyers finance and what agents want to list. A dated or damaged house competes badly in that pool, and buyers with 15,378 options rarely pick the project house at a retail price. If your house needs repairs you don't want to fund, the practical choice is between investing in the fixes or selling as-is to a buyer who prices the work in. That second path is what we do across the state; you can see everywhere we buy on our Indiana page. EZ Time Home Buyers makes written as-is offers within 24 hours, closes in 2 to 3 weeks with no fees or commissions, and our Retail Buyer Program typically nets sellers more than a typical cash offer when the house and timeline allow it.

Quarterly Market Reports

Every quarter in this analysis has its own report page with that quarter's index reading, listing data, mortgage rate, and city values, including the quarters where the story was very different from today's:

• 2022: Q3 · Q4
• 2023: Q1 · Q2 · Q3 · Q4
• 2024: Q1 · Q2 · Q3 · Q4
• 2025: Q1 · Q2 · Q3 · Q4
• 2026: Q1 · Q2

Data and Methodology

• House prices: FHFA All-Transactions House Price Index for Indiana (INSTHPI), retrieved from FRED.
• Listing prices: Realtor.com Housing Inventory: Median Listing Price in Indiana (MEDLISPRIIN), retrieved from FRED.
• Inventory: Realtor.com Housing Inventory: Active Listing Count in Indiana (ACTLISCOUIN), retrieved from FRED.
• Mortgage rate context: Freddie Mac 30-Year Fixed Rate Mortgage Average (MORTGAGE30US), retrieved from FRED.
• City home values: Zillow Home Value Index (ZHVI), all homes, smoothed and seasonally adjusted, city level, retrieved August 26, 2026.
• Sales, pending sales, months of supply, and days on market: Redfin market tracker (monthly, all residential, not seasonally adjusted); transaction counts shown as monthly averages within each quarter, retrieved August 26, 2026.
• Sales, pending sales, months of supply, and days on market: Redfin market tracker (monthly, all residential, not seasonally adjusted); transaction counts shown as monthly averages within each quarter, retrieved August 26, 2026.
• Monthly series are averaged to calendar quarters.
• Data retrieved August 26, 2026. This page reports historical data; it is not a price forecast or investment advice.