The central Indiana residential real estate market remained steady in August, with inventory increasing in several counties and price increases slowing.
According to F.C. Tucker Company, part of the Howard Hanna family of companies, in August 2023, available housing inventory decreased 1.7 percent and home sale prices decreased 9.4 percent, yet year-to-date home sale prices remain strong increasing by 5.5 percent.
- The average August 2023 home sale price for the 16-county central Indiana region was $292,062, a decrease of 9.4 percent compared to August 2022.
- Available housing inventory decreased 1.7 percent compared to August 2022.
- Pended home sales decreased, down 20.6 percent compared to this time last year.
In August 2023, 2,947 central Indiana homes were purchased, down 20.6 percent from the 3,712 sold in August 2022. No counties experienced an increase in pended home sales; however:
- Boone County experienced the smallest decrease in pended home sales in August 2023, down 6.7 percent compared to this time last year.
- Putnam County pended sales had the greatest decrease with 40.3 percent fewer homes sold in August 2023 compared to August 2022.
Central Indiana year-to-date home sale prices increased, up 5.5 percent overall:
- Brown County recorded the highest average year-to-date home sale price increase at 23.3 percent.
- Hamilton County had the highest average year-to-date home sale price in the region at $504,698.
- Homes sold in 33 days on average, remaining on the market 16 days, or 94.1 percent, longer than in 2022. All homes in central Indiana remained on the market longer than in August 2022 except Decatur County, which saw homes selling in the same amount of time, 33 days, as in 2022.
Central Indiana experienced a 1.7 percent decrease in overall available home inventory in August 2023, compared to August 2022, with 71 fewer homes available for sale.
- Shelby County had the largest inventory increase – up 30.4 percent compared to August 2022.
- Hancock County experienced the largest decrease in inventory – down 37.4 percent compared to this time last year.
“As the residential real estate market continued to moderate in August, we saw available inventory slowly increase throughout central Indiana,” said Jim Litten, president of F.C. Tucker Company. “Despite a slight increase in home sale prices last month, central Indiana remains one of the most affordable housing markets in the Midwest and the entire United States.”
Of the pended home sales in the region last month, four were priced $2,000,000 or higher; 43 were priced $1,000,000 to $1,999,999; 305 were priced $500,000 to $999,999; 963 were priced $300,000 to $499,999; 849 were priced $200,000 to $299,999; 620 were priced $100,000 to $199,999; and 163 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 Sept. 5, 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.