Hays & Associates Real Estate

04/16/2026

Here is your March real estate update for Monroe County. It's sort of long but worth the read if you're in the market to buy or sell.

Whether you're a first-time homebuyer or looking to make a move up, I wanted to share a quick update on our local housing market to help you make informed decisions as you navigate your home-buying journey.

As of March 2026, here's a snapshot of the current trends in our area for single-family homes.

Inventory & Supply

- We currently have a 4.92-month supply of inventory, which indicates a balanced market where both buyers and sellers are on relatively equal footing.
- There's been a 34% increase in inventory over the past month and a 32% increase over the past year. This means more options are becoming available for you to consider!

New Listings

- In March, there were 295 new listings with a median list price of $399,000. This suggests a variety of new opportunities to explore, whether you're seeking a starter home or something a bit more spacious.

Active Listings

- There are currently 600 active listings, with a median list price of $379,900. This provides a broad spectrum of homes to suit various preferences and budgets.

Pending Listings

- We have 106 new pending listings, with a median list price of $344,250 and a median of 33 days on the market. The median price per square foot for these pending homes is $193, indicating strong pricing trends.

Sold Listings

- The median sold price last month was $325,000, reflecting a 14% increase from the previous month. Homes are moving quickly, with a median of 35 days on the market—a significant 34% decrease in time compared to the previous month. The sold-to-list price ratio remains stable at 97.37%, highlighting consistent demand.

All these numbers might seem like a lot, but they provide a helpful overview of the Monroe County real estate landscape right now. If you're considering buying a home, it's important to know that pricing trends and availability are in your favor, and homes are selling swiftly, reflecting a vibrant market.

I recently retired from banking where I spent most of my years financing homes. As far as I know, I am the only Realtor in the area with that experience. So, I can help you find a home that's right for you and help find financing that's right for you, as well.

If you have any questions about this data or want to discuss anything related to real estate, feel free to reach out. Jerry Hays at Hays and Associates Real Estate LLC is here to provide guidance tailored to your needs and goals.

Looking forward to potentially connecting and helping you find the perfect home!

Warm regards,

Jerry Hays
Hays and Associates Real Estate LLC
812-327-5626
[email protected]

11/20/2025

In an effort to make housing more affordable, President Trump recently proposed a 50-year mortgage. Although that may make the monthly payment more affordable for some, it won't make the house less expensive and may be a bad idea in the long term.

While a longer amortization may make owning a home more accessible, it won't make housing cost less, if fact, it may make demand stronger, leading to higher prices.

Realtor.com estimates that on a $400,000 home with 10% down at today’s 30-year rate, a 50-year mortgage would trim roughly $250 per month off the payment.

But the long-term cost is enormous. Over the lifetime of the loan, a 50-year borrower would pay $816,396 in interest, compared with $438,156 on a 30-year mortgage—a difference of $378,240, or 86% more interest overall.

Equity also lags woefully behind. After just 10 years of homeownership, the 30-year borrower would have $42,308 more equity, equal to 10.6% of the home’s value, purely because they are paying down principal faster. That is not, however, considering any appreciation.

Compare the cost of owning a home with a 50-year mortgage to renting. If a 50-year mortgage comes to fruition, and you are considering one, remember, your equity build-up is much less, not considering appreciation, and you'll have to pay for upkeep and real estate taxes. If you rent, you'll have just one payment, and the landlord is responsible for taxes and upkeep. You would not, however, get any appreciation in value, if renting.

If you have any questions or want to discuss this further, let me know by sending me a private message on Messenger.

Search homes for sale, new construction homes, apartments, and houses for rent. See property values. Shop mortgages.

09/24/2025

The housing shortage may take care of itself, at least for our children. Here’s why.

According to census.gov, the U.S. population is experiencing a shift towards an older demographic. As of 2024, the share of the population aged 65 and older has increased from 12.4% in 2004 to 18% in 2024. This trend is reflected in the number of states and counties where older adults outnumber children, rising from three states in 2020 to eleven in 2024. The number of metro areas with more older adults than children has also increased from 58 to 112, indicating a broader trend across the nation. This demographic change is part of a long-term trend, with projections suggesting that by 2034, just nine years, there will be more people over 65 than under 18 in the U.S.

As our Seniors age and pass away, population may decline meaning more existing homes will come on the market with fewer people left looking to buy. If supply exceeds demand, Sellers will need to be more aggressively priced to be attractive to Buyers. This could mean lower home prices for our children.

Of course, this could all be affected by the U.S. policy on immigration.

Make it a great week!

06/16/2025

Can mortgage interest rates at current levels be good for buyers?

While higher interest rates are often viewed as a deterrent to homeownership, they can paradoxically foster conditions that make the housing market more favorable for buyers. At today's levels, rates may be perceived as moderate compared to historical highs, but they may still evoke caution among prospective buyers and sellers.

When interest rates rise, many potential buyers delay their decision to purchase homes, waiting for rates to fall or for market conditions to stabilize. This reduction in competition can be advantageous for active buyers. With fewer prospective buyers actively seeking homes, sellers may be compelled to lower prices, thus creating opportunities for those buyers who remain in the market.

With fewer buyers in the market, sellers become increasingly motivated to attract offers. Homes may linger on the market longer, prompting sellers to reconsider pricing strategies. Higher rates frequently coincide with reduced home prices.

According to the Indiana Association of Realtors, housing inventory in Monroe County increased 35% since May 2024 (more supply), while closed sales are down 16% (less demand) and sale prices are down 2% during the same period. Increased supply and lower demand translate into lower prices.

I've said it before, and I'll say it again. Buy now and refinance if rates go down.

Have a great Summer!

05/29/2025

I thought it might be interesting to see what a family earning the median income for Monroe County could afford in today's market.

Homes are generally considered affordable if the monthly housing costs, including mortgage, taxes, insurance, and private mortgage insurance, is no more than 30% of the family gross monthly income.

Assumptions here include a down payment of 5% of the purchase price, a credit score of 700, and family income of $63,000 (the median income for Monroe County).

Based on these assumptions, a family earning $63,000 a year could afford a home costing $197,000 with a $187,000 mortgage.

If you would like to see how much you can afford and/or how to buy a home with no down payment, call me at 812-327-5626.

04/11/2025

If you follow my page, you know I've been saying, "buy now before prices go up and refinance if rates go down."

According to the Indiana Association of Realtors Housing Hub, prices are on their way up in Monroe County but not yet at their highest level in the past year and according to Freddie Mac's Primary Mortgage Market Survey, 30-year mortgage interest rates are going down albeit ever so slowly.

In February, the median sale price in Monroe County was $282,500. Last month it was $310,000. Keep in mind, this is just a snapshot in time and not likely sustainable but that is a 25% increase in one month. The highest median price in the past 5 years was last June when it was $356,000. Meanwhile mortgage interest rates last June were hovering near 7% and are now 6.62% rounded to 6.625%.

At the peak last June, there were 147 closed sales. In January this year there were 79, February 99, and March 103. It appears lower interest rates are spurring sales.

The bottom line is, it's not too late to make a move. We're still below the peak in prices and interest rates are falling. Buy now and refinance if interest rates to down.

Make it a great day!

04/07/2025

Good Monday morning!

Ever wonder if that home improvement you're considering is a good investment? Well, according to the Journal of Light Construction, here are the costs for a few improvements and how they can affect value.

Project Cost Value Add Cost Recovered

Garage
Door
Replacement $4,513 $8,751 193.9%

Entry Door
Replacement
Steel $2,355 $4,430 188.1%

Mfg. Stone
Veneer $11,287 $17,291 153.2%

Siding
Replacement
Fiber Cement $20,619 $18,230 88.4%

Siding
Replacement
Vinyl $17,410 $13,957 80.2%

Major
Kitchen
Remodel
Upscale $158,350 $60,176 38%

Just a few. Check out the Journal of Light Construction website for more information https://www.jlconline.com/cost-vs-value/2024/ .

This site compares average costs for 23 remodeling projects with the value those projects retain at resale in 162 U.S. markets

03/13/2025

A recent article by the economists at Realtor.com, reinforces what I posted a few days ago. Activity and prices are poised to go up.

According to their article, this is approaching the best time to sell a home, in other words to get the best price. The article says lower interest rates and a bump in inventory are set to heat up the market.

They project the week of April 13-19 will be the peak time to sell because that week represents a balanced selection of prices, inventory, demand, and market pace that favor Sellers.

Click here for their full report https://www.realtor.com/research/best-time-to-sell-2025/

Make it a great week!

Home sellers on the fence waiting for that perfect moment shouldn’t wait too long, because the best time to list a home in 2025 is approaching quickly. The week of April 13–19 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week ...

03/10/2025

According to Freddie Mac's Primary Mortgage Market Survey, the National 30-year fixed rate was 6.625% last week, the lowest (with the exception of one week in December), since the third week in October last year. Nationally, the 30-year rate has averaged 6.89% so far this year. The high last year was 7.79%. Mortgage rates are trending in the right direction.

With the decline in rates, I thought it might be interesting to see how affordability has been impacted by lower rates.

It is widely thought that housing costs should not more than 30% of your gross monthly income, that is, your monthly income before taxes are deducted.

So, if you have a family income of $80,000, your monthly payment shouldn't be more than $2,000 each month. At 7.79%, you could afford around a $278,000 home. At the recent rate of 6.625%, you could afford around a $312,000 home. That's a 12% increase!

Sure, you could wait for rates to go down more before you buy, but according to the Indiana Association of Realtors Weekly Market Report, as of February 24, the median sale price rose 8% week over week. Clearly a snapshot of the market but are prices starting to go up?

Don't let price increases gobble up the gains lower mortgage rates have provided. Buy now and refinance if rates go down further.

Make it a great week!

12/19/2024

As expected, the Fed delivered another interest rate cut, but unfortunately for homebuyers, it won’t mean imminent relief for mortgage rates.

Because the Fed’s latest cut was widely anticipated by investors, it was already largely priced into the long-term bond markets that ultimately determine interest rates on home mortgages.

That means the latest rate decision itself is unlikely to move mortgage rates dramatically. For the week ending Dec. 12, rates for 30-year fixed mortgages averaged 6.6% after three straight weeks of declines, according to Freddie Mac.

The Realtor.com economic research team projects that mortgage rates will continue to average above 6% through 2025, dropping slowly to around 6.2% by the end of the year.

Make it a great weekend!

Go Hoosiers!