Central
Indiana residential real estate market saw modest price increases and
a slight
overall decrease in inventory in October
INDIANAPOLIS
(November 6, 2023) October’s central Indiana residential real estate market
experienced a slight inventory decrease and a modest year-to-date home sale
price increase. However, compared to last October, the average home sale price
in central Indiana decreased 8.5 percent, according to F.C. Tucker Company,
part of the Howard Hanna family of companies. Specifically:
● Available
housing inventory decreased 0.8 percent compared to October 2022.
● Compared
to October 2022, the average home sale price for the 16-county central Indiana
region decreased – down 8.5 percent to $295,305. The year-to-date home sale
price increased slightly, up 5.7 percent.
● Pended
home sales decreased, down 12.2 percent compared to this time last year.
In October 2023, 2,562 central Indiana homes
were purchased, down 12.2 percent from the 2,918 sold in October 2022.
● Shelby County had the greatest increase in pended home sales in October 2023, up 28.9 percent compared to this time last year.
●
Brown
County pended sales had the greatest decrease with 40 percent fewer homes
sold in October 2023 compared to October 2022.
Central Indiana
year-to-date home sale prices increased, up 5.7 percent overall:
● Brown County recorded the highest average year-to-date home sale price increase at 20.4 percent.
● Boone County had the highest average year-to-date home sale price in the region at $508,459.
● Homes sold in 24 days on average, remaining on the market six days, or 33.3 percent, longer than in 2022. All homes in central Indiana remained on the market longer than in October 2022 except Decatur County, which saw homes selling 6.1 percent faster than this time last year.
Central Indiana experienced a 0.8 percent
decrease in overall available home inventory in October 2023, compared to
October 2022, with 41 fewer homes available for sale.
● Hendricks County had the largest inventory increase – up 19.1 percent compared to October 2022.
● Hancock County experienced the largest decrease in inventory – down 28.9 percent compared to this time last year.
“While we saw a slight decrease in overall inventory in October,
almost half of the counties in the 16-county central Indiana region actually
experienced inventory increases,” said Jim Litten,
president of F.C. Tucker Company. “The average home sale price decreased
compared to October 2022 and interest rates remain steady, continuing the trend
of a solid real estate market in central Indiana.”
Of the pended home sales in the region last month, eight were priced
$2,000,000 or higher; 29 were priced $1,000,000 to $1,999,999; 263 were priced
$500,000 to $999,999; 799 were priced $300,000 to $499,999; 738 were priced
$200,000 to $299,999; 582 were priced $100,000 to $199,999; and 143 were priced
at $99,999 or less.
Editor’s Notes:
● All statistics were compiled by F.C. Tucker
Company from a report drawn from BLC® statistics on November 3, 2023. Because
of delayed processing through other agencies or boards, these numbers are
subject to change.
● Effective April 7, 2019, data from MIBOR only
reports on single family homes and excludes condo sales. F.C. Tucker will
continue to include condo sales in this report.
● “Pending” means the sales contract has been
signed, but the transaction has not closed. According to the NAR, pending sales
typically are finalized within a month or two of signing.
● “Active
Listings – Inventory” is a snapshot frozen in time at the end of the stated
month. Per MIBOR, effective April 1, 2018, “Active with Contingency” no longer
is a status in the BLC® listing service in order to present a true picture in
advertising and marketing. Those listings that were in the "Active with
Contingency" status have been moved from the "Active" status to
the "Pending" status.
●
For
this report, F.C. Tucker tracks the following counties: Bartholomew, Boone,
Brown, Decatur, Hamilton, Hancock, Hendricks, Jackson, Jennings, Johnson,
Madison, Marion, Montgomery, Morgan, Putnam and Shelby. The first report
tracking Jackson County data was pulled August 7, 2019.
PENDED SINGLE-FAMILY AND CONDOMINIUM SALES
|
County |
October
2022 |
October
2023 |
Month-to-month
% Change |
Year-to-date
|
|
Bartholomew |
100 |
68 |
-32.0% |
-26.5% |
|
Boone |
101 |
99 |
-2.0% |
-7.9% |
|
Brown |
30 |
18 |
-40.0% |
-18.4% |
|
Decatur |
24 |
28 |
16.7% |
-15.4% |
|
Hamilton |
501 |
406 |
-19.0% |
-15.8% |
|
Hancock |
113 |
88 |
-22.1% |
-21.3% |
|
Hendricks |
247 |
191 |
-22.7% |
-19.6% |
|
Jackson |
35 |
40 |
14.3% |
-16.2% |
|
Jennings |
18 |
21 |
16.7% |
-15.0% |
|
Johnson |
195 |
166 |
-14.9% |
-16.8% |
|
Madison |
174 |
160 |
-8.0% |
-8.5% |
|
Marion |
1,168 |
1,054 |
-9.8% |
-17.8% |
|
Montgomery |
44 |
45 |
2.3% |
-7.8% |
|
Morgan |
90 |
91 |
1.1% |
-25.3% |
|
Putnam |
40 |
38 |
-5.0% |
-21.0% |
|
Shelby |
38 |
49 |
28.9% |
-21.1% |
|
TOTAL |
2,918 |
2,562 |
-12.2% |
-17.3% |
ACTIVE LISTINGS – INVENTORY
|
County |
October
2022 |
October
2023 |
% Change |
|
Bartholomew |
145 |
131 |
-9.7% |
|
Boone |
210 |
151 |
-28.1% |
|
Brown |
66 |
69 |
4.5% |
|
Decatur |
48 |
49 |
2.1% |
|
Hamilton |
705 |
641 |
-9.1% |
|
Hancock |
280 |
199 |
-28.9% |
|
Hendricks |
309 |
368 |
19.1% |
|
Jackson |
66 |
51 |
-22.7% |
|
Jennings |
29 |
33 |
13.8% |
|
Johnson |
325 |
328 |
0.9% |
|
Madison |
306 |
283 |
-7.5% |
|
Marion |
1,961 |
2,128 |
8.5% |
|
Montgomery |
79 |
78 |
-1.3% |
|
Morgan |
176 |
170 |
-3.4% |
|
Putnam |
84 |
62 |
-26.2% |
|
Shelby |
73 |
80 |
9.6% |
|
TOTAL |
4,862 |
4,821 |
-0.8% |
AVERAGE SALE PRICE
|
County |
YTD |
YTD |
% Change |
|
Bartholomew |
$278,735 |
$294,504 |
5.7% |
|
Boone |
$464,001 |
$508,459 |
9.6% |
|
Brown |
$369,021 |
$444,269 |
20.4% |
|
Decatur |
$228,044 |
$224,527 |
-1.5% |
|
Hamilton |
$477,522 |
$506,949 |
6.2% |
|
Hancock |
$324,613 |
$337,879 |
4.1% |
|
Hendricks |
$341,144 |
$348,047 |
2.0% |
|
Jackson |
$208,764 |
$220,315 |
5.5% |
|
Jennings |
$192,912 |
$199,755 |
3.5% |
|
Johnson |
$330,226 |
$340,072 |
3.0% |
|
Madison |
$194,228 |
$216,574 |
11.5% |
|
Marion |
$263,939 |
$269,531 |
2.1% |
|
Montgomery |
$197,116 |
$203,021 |
3.0% |
|
Morgan |
$292,700 |
$310,421 |
6.1% |
|
Putnam |
$243,238 |
$266,823 |
9.7% |
|
Shelby |
$243,473 |
$244,207 |
0.3% |
|
TOTAL |
$317,450 |
$335,688 |
5.7% |
# # #
Founded in 1918, F.C. Tucker Company is
Indiana’s largest independently owned comprehensive real estate firm with more
than $5 billion in annual sales, more than 40 offices, and more than 1,500
sales associates throughout Indiana and select markets in Kentucky. F.C.
Tucker’s family of businesses includes a full range of real estate
services—mortgages, title insurance, relocation services, a full line of
insurance products, auctioning and homeowner warranty products. We have earned
a reputation for our exceptional service, experienced sales associates and
“Golden Rule” commitment to clients and employees. In 2021, F.C. Tucker formed
a partnership with Pittsburgh-based Howard Hanna Real Estate Services, the
nation’s largest independently owned real estate brokerage firm, furthering
each company’s ability to provide best-in-class service and enhance the real
estate experience for clients by providing best-in-class agents, products and
services. For more information, visit talktotucker.com.
