Published October 2, 2026 in Market Update

Miller still has low supply, even with slower deals

By Staci L. Pearman

Real estate, Miller Beach

Hi Miller Beach! I love this market for its Lake Michigan access and the Indiana Dunes National Park right at the doorstep. Now let me tell you what the numbers say as of October 2, 2026.

The one fact that changes what you should do right now: supply is still very low. The Real Estate Data Aggregator counted just 3 months of supply in Miller Beach for the three months ending July 31, 2026. That is down 1.8 months from the same period a year ago. Low supply still favors sellers. But the market has shifted in ways that make pricing matter more than it did.

Here is the honest part. Homes are taking longer to sell. The Real Estate Data Aggregator put the median days on market at 41 days, which is 7 days longer than the same period in 2025. And the share of homes that sold above list price dropped sharply, down 17.2 points to just 6.1%. Sellers are still getting offers, but the bidding war days are quieter now.

Prices are still up, but the path to a sale is longer

The Real Estate Data Aggregator recorded a median sale price of $220,000 in ZIP 46403 for the three months ending July 31, 2026. That is up 7.3% from the same period in 2025. The Federal Housing Finance Agency reported that U.S. house prices rose 2.6% from July 2025 to July 2026. Miller Beach outpaced that national number. That is worth knowing.

Still, the average sale came in at 95.8% of list price, according to the Real Estate Data Aggregator. That means the typical home sold about 4 cents below every dollar of asking price. A year ago that gap was smaller. Price your home right from the start, and you close that gap.

Fewer homes, fewer new listings

The Real Estate Data Aggregator counted 32 homes for sale in Miller Beach during the period. That is down 31.9% from a year ago. New listings also fell, dropping 30.5% to 41 new listings. Buyers have less to choose from. That keeps sellers in a reasonable position, even as deals take a little longer.

Pending sales are up. That is a good sign.

The Real Estate Data Aggregator counted 39 pending sales in Miller Beach for the period. That is up 11.4% from a year ago. More homes going under contract is a real positive. It tells you demand is still there. Buyers are active, even with rates where they are.

Freddie Mac put the 30-year fixed rate at 7.28% as of October 1, 2026. Realtor.com noted that mortgage rates topped 7% for the first time since January 2025 in September 2026. Rates are real pressure on buyers. But pending sales in Miller Beach still went up. That says something about this market's draw.

Speed to contract slowed down

The Real Estate Data Aggregator found that 25.6% of Miller Beach homes went under contract within two weeks of listing. That is down 11.5 points from a year ago. So about 1 in 4 homes still moved fast. But that is a smaller share than before. Prep and pricing are doing more of the work now.

The National Association of Realtors reported that existing-home sales fell 2.0% in August 2026 nationally, with 4.9 months of supply at the national level. Miller Beach sits at 3 months. That is tighter than the country as a whole. Locally, you still have an edge.

What this means for you

If you are selling: supply is low, prices are up, and pending sales are rising. Those are real positives. But homes are sitting 7 days longer than last year, and very few are going above list price now. Price it right the first time. Prep matters.

If you are buying: you have less inventory to choose from than a year ago. Rates at 7.28% (Freddie Mac, October 1, 2026) are real. But Miller Beach draws buyers for Lake Michigan beach access and the Indiana Dunes National Park. Those are not going away. If you commute to Chicago, the South Shore Line is worth factoring into your search.

One more thing: these numbers cover all of ZIP 46403. Lakefront Miller and inland Miller are different products. One street can read very differently from the ZIP code as a whole. If you want to know where your specific home stands, reach out.