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The phrase "in contract" is a correct and usable expression in written English.
It is often used to refer to an agreement between two or more parties that has been officially written down and signed. For example, "The two companies agreed to the terms in contract and will be working together in the future."
Exact(58)
It is now in contract.
The place is now in contract.
Twenty-six are in contract.
"We were in contract in two weeks".
That apartment is now in contract.
How many units are in contract?
At Southampton, Mitchell played no part in contract negotiations.
The next day, however, the place was in contract.
That apartment is now in contract for the asking price.
That one is now in contract for the asking price.
Similar(1)
Another participant articulated a concern regarding lock-in contract periods.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com