Central Indiana home sale prices remained competitive in July; however, available housing inventory continued to decrease compared to this time last year, extending the seller’s market in central Indiana.
According to F.C. Tucker Company, part of the Howard Hanna family of companies, in July 2023, available housing inventory decreased 11.4 percent, and year-to-date home sale prices increased 5.2 percent compared to this time last year.
- The average July 2023 home sale price for the 16-county central Indiana region was $314,321, a decrease of 5.4 percent compared to July 2022.
- Available housing inventory decreased, down 11.4 percent compared to July 2022.
- Pended home sales decreased, down 20.3 percent compared to this time last year.
In July 2023, 3,023 central Indiana homes were purchased, down 20.3 percent from the 3,794 sold in July 2022. Specifically:
- Brown County experienced the greatest increase in pended home sales in July 2023, up 21.7 percent compared to this time last year.
- Decatur County pended sales had the greatest decrease with 54.1 percent fewer homes sold in July 2023 compared to July 2022.
Central Indiana year-to-date home sale prices increased slightly, up 5.2 percent overall:
- Brown County recorded the highest average year-to-date home sale price increase at 15.9 percent.
- Hamilton County had the highest average year-to-date home sale price in the region at $501,680.
- Homes sold in 48 days on average, which is 31 days, or 182.4 percent, slower than in 2022. All homes in central Indiana remained on the market longer than they did in July 2022. Decatur County homes remained on the market 6.3 percent, or two days, longer than in 2022 – selling the fastest in the 16-county central Indiana area.
Central Indiana experienced a 11.4 percent decrease in overall available home inventory in July 2023, compared to July 2022, with 478 fewer homes available for sale.
- Morgan County had the largest, and the only, inventory increase – up 2.5 percent compared to July 2022.
- Jennings County experienced the largest decrease in inventory – down 57.1 percent compared to this time last year.
“Compared to last year’s atypical market, the residential real estate market better reflected what we expect to see this time of year – especially with many central Indiana families focusing on children returning to school,” said Jim Litten, president of F.C. Tucker Company. “In July, consumer confidence rose to its highest level since 2021 and home sale prices remain competitive, so we’ll continue to see a seller’s market through the end of summer.
Of the pended home sales in the region last month, five were priced $2,000,000 or higher; 45 were priced $1,000,000 to $1,999,999; 356 were priced $500,000 to $999,999; 1,022 were priced $300,000 to $499,999; 862 were priced $200,000 to $299,999; 598 were priced $100,000 to $199,999; and 135 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 Aug. 7, 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 Aug. 7, 2019.