Here is what MIBOR (Metropolitan Indianapolis Board of Realtors) has to say;

After analysis of the May 2021 data, this is what our experts are saying:
“Despite this tight market, the Indianapolis region saw a gain in closed sales by 22.2% over last year’s pandemically-challenged levels, which is right in the range of what we generally see this time of year. Pending sales are at a record May level and within 20 transactions of the all-time high, even though new listings have barely improved over the last few months,” said Shelley Specchio, MIBOR CEO. “These numbers indicate that buyers are still eager. If you are in the market to buy or sell, MIBOR REALTORS® are ready and willing to help.”

Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker says, “I’m not aware of any market in the country that is quite as interesting as Indianapolis. What stands out to me is that while Indianapolis has seen huge price appreciation over the last several years given such a small pool of inventory, prices here remain relatively affordable in comparison to so many other similarly desirable cities. Because your home prices are more affordable, I speculate that perhaps buyers in your area, more so than in other higher-cost markets, were able to leverage the savings they accumulated during the pandemic, along with money from stimulus checks, to be able to pull together a down payment and buy a home.”

Year over Year data for May:
• Median sales price increased 18.6 percent to $255,000
• Average days on market decreased 59.5 percent to 15
• Current active listings decreased 52.6 percent to 1,704

MIBOR’s May 2021 Infographic
MIBOR’s May 2021 Market Report