Peek inside the most expensive home sold in Monroe County this year

The most expensive home sold in Monroe County in 2023 features lots of indoor and outdoor space, luxury appliances and expansive views of Lake Monroe.

The 10,023-square-foot mansion, at 9699 S. Stillwater Lane, on the lake’s southwest side, sold for $2.1 million.

“Its location, with spectacular views, acreage and direct access to Lake Monroe, is priceless,” said Trish Sterling, broker/owner of Sterling Real Estate, who was the home’s listing agent.

Peek inside: The most expensive home sold in Monroe County in 2022

The home, which has six bedrooms and seven bathrooms, had two offers within 30 days of being listed. The final accepted price was $250,000 below asking.

Sterling said, “Buyers in this price point look for quality, privacy and a great floor plan. This home has direct access to Lake Monroe, over 13 acres of wooded privacy, a primary suite on the main level, an inground pool, gourmet kitchen and walk out basement.”

The home also features Viking kitchen appliances, a walk-in closet, a patio and lots of rooms overlooking the lake.

Tina Sampson, broker with The Indiana Team, who sold the home, said the buyer bought the home primarily because it had a lake view and privacy, yet still was close to the city.

A chance to live on Lake Monroe

Sterling said the home’s sale exemplifies a dramatic change in how high-end buyers are securing lake living. She said former owners tried to sell the home beginning in 2008 but stopped marketing it in 2015.

“It was difficult selling higher priced homes then because high-end buyers opted to buy land and build a custom home to their exacting specifications,” Sterling said via email. “Today it is … nearly impossible to find buildable land on the lake because of the watershed. Buyers wanting this lifestyle will need to consider remodeling an existing home in the right location.”

While high interest rates do not affect buyers in this price range much, the high rates have reduced the number of buyers and the availability of homes for sale, according to the Indiana Association of Realtors.

Through October 2023, 1,274 homes were sold in Monroe County, down nearly 20% from the same period in 2022, according to the IAR.

Home sales trends in Monroe County

That decline was in line with some other expensive markets — Johnson, Hendricks, Hancock counties — but more than twice as high as the decline seen by the state’s three most expensive markets in Brown, Boone and Hamilton counties. Boone County saw a dip of just 5.2%. Three counties — Sullivan, Orange and Union — saw an increase in the number of homes sold of more than 10%, though median prices in each were no higher than $150,000, among the lowest 20% in the state.

Through October, the median price of homes sold in Monroe County increased by 1.7%, to $300,000, according to the IAR. Five counties had a higher median sales price this year.

Most other expensive markets in the state booked similar, small increases, except Brown County, where the median price spiked 18.1% this year. The price jumped 5.5% in Hamilton County, 1.5% in Boone County, 1.9% in Hancock County and 1.7% in Johnson County.

The IAR said in a news release that a limited number of homes for sale continues to create competition even with fewer buyers. Prices fell in the fall but have not dropped below prices seen in 2022. Half of all pending sales were happening within 13 days, compared to three weeks in 2020, the association said.

“The last twelve months represent Indiana’s lowest annualized total of new listings since IAR began collecting statewide data in 2006,” CEO Mark Fisher said. “A new home hitting one of our eight Indiana MLSs is a valuable asset considering our long-term housing shortage.

“But mortgage rates must begin falling to prompt more current homeowners to reconsider plans to list their properties and look for their next home, and we still need new residential development to meet demand once the real estate market starts to recover,” he said.

Sterling agreed, saying Monroe County still has very little inventory at all price levels.

“Sellers need to be patient for the right buyer, and buyers may have to be more flexible with their wish list to find the right home they can afford,” she said.

In Monroe County, demand is especially high in the $250,000 to $500,000 range, Sterling said.

In 2021, a monthly mortgage payment for a $400,000 home would have been about $1,500, but because of higher interest rates, that monthly payment today would cover only for a $300,000 home.

“In today’s market, buyers need to secure pre-approval for a mortgage before they start looking for homes,” Sterling said. “That way, they know how much home they can realistically afford. Pre-approval also makes it easier to make bona fide offers on properties and inspires greater confidence in sellers.”

Boris Ladwig can be reached at bladwig@heraldt.com.

This article originally appeared on The Herald-Times: Peek inside the most expensive home sold in Bloomington area this year