Report Shows Indiana Home Prices Are Rising

The median home sale price in Owen County has more than doubled since last year.

homes

Photo: Samuel A. Love (flickr)

Suburban homes line the streets in a neighborhood in Burns Harbor, Ind.

Fifty-eight of Indiana’s 92 counties saw their median home sale price increase from February 2012 to February 2013, according to a report released by the state’s realtors.

The median price in Owen County more than doubled, year-over-year. Realtor Rene West says the main reason is the prices last year were depressed because many local homes had been foreclosed upon.

“It’s just then due to the sheer number of bank repos, and the price points and where the bank repos started and where they ended,” West says.

Even though home sales in the county more than doubled, realtors still only closed 13 sales in February. Owen County Economic Development Corporation spokesperson Denise Shaw says it’s a sign the county’s economy still needs more time for recovery.

“I wouldn’t expect there’s to be a quick turnaround,” Shaw says. “For one, I mean, the budget are set well in advance, and it will take a while for those property taxes to have an impact on the overall budget for the county.”

Like Owen County, White County also doubled the number of homes it sold compared to a year ago. But those 16 sales accounted for the greatest price hike in the state, going from a median home price of about $37,000 last year to $163,000 this year.

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