Local Realtors Concur with Housing Data - Call for Increased Supply of Homes

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LOCAL REALTORS CONCUR WITH HOUSING DATA – CALL FOR INCREASED SUPPLY OF HOMES

The City of New Albany is currently analyzing how best to improve housing options for everyone in New Albany. Recently, the City completed a housing study to learn more about the current housing stock in New Albany, as well as future projections and needs. The data showed a clear need for all types of housing in New Albany, including affordable housing and market-rate housing, and the City is working on numerous projects to meet those needs.

The Southern Indiana Realtors Association (SIRA) also provided data to the City of New Albany that supports findings from the Housing Study. A recent market analysis provided by the Southern Indiana Realtors Association showed the following trends regarding recently sold homes closing prices and availability:

  • In 2019, New Albany had 771 homes closing with an average sell price of $161,016.

  • In 2020, New Albany had 790 homes closing with an average sell price of $178,704.

  • In 2021, for the first 6 months of sales, 452 homes closed with an average sell price of $196,121.

  • The “Days on Market” for each house were close to an average of 60 days during 2019, 2020, and 2021.

According to SIRA, the increase in average sales price is caused by the lack of inventory and buyers willing to go over listed price to secure limited properties.

THE BUSINESS OF RESIDENCY

Cities across America are competing for residents. Over the past decade, the City of New Albany has focused to improve quality of life for all residents. We have invested to create a state-of-the-art parks system, the Ohio River Greenway and New Albany Shoreline expansion, and we have improved schools, sidewalks, and roadways.

People want to reside in New Albany – they want to be near great parks, great schools, and great amenities – and now, we need to develop additional paths to residency and home ownership in New Albany.

“We will continue to improve both the availability and the condition of housing in our historic River City,” stated Mayor Jeff Gahan. “Our City has a lot of forward momentum now, and it’s good to know people are looking to make New Albany the place where they want to live.”

To read the full housing study, please click HERE