May 2022 was a favorable month for central Indiana home buyers with all 16 central Indiana counties experiencing significant increases in available housing inventory.
Monthly real estate statistics from F.C. Tucker Company revealed that May 2022 pended home sales decreased 2.2 percent compared to May 2021, while year-to-date home sale prices increased 13.4 percent. Central Indiana housing inventory increased 35.6 percent compared to this time last year.
The average May home sale price for the 16-county central Indiana region was $332,405 an increase of 14.4 percent compared to May 2021. Pended home sales decreased, down 2.2 percent compared to this time last year and available housing inventory increased, up 35.6 percent compared to May 2021.
In May 2022, 4,210 central Indiana homes were purchased, down 2.2 percent from the 4,303 sold in May 2021. Shelby County showed the greatest increase in pended home sales with 33.3 percent growth compared to May 2021 while Brown County pended sales had the greatest decrease with 47.6 percent fewer homes sold in May 2022 compared to this time last year.
The year-to-date sale price of homes in central Indiana continued its upward climb. Decatur County recorded the highest average year-to-date home sale price increase at 31.4 percent and Boone County had the highest average home sale price in the region at $468,431. Homes sold in 19 days on average, 20.8 percent faster than in 2021. Homes in Shelby County left the market 10 days, or 33.3 percent faster than in 2021 – the greatest decrease of the 16-county central Indiana area.
Hamilton County continues to see an active residential real estate market. According to F.C. Tucker Company, home sale princes increased up to 13.5 percent year-to-date to an average sale price of $462,865. Hamilton County saw a 4.7 percent increase in homes sold in May 2022 compared to this time last year. Housing inventory increased up to 49.8 percent compared to May 2021.
Central Indiana experienced a 35.6 percent increase in overall available home inventory May 2022, with 677 more homes available for sale than in May 2021. All 16 counties saw an inventory increase in May 2022 but Boone County had the largest inventory increase – up 166.7 percent compared to May 2021.
“Although home prices continued to rise in May, we saw a substantial increase in housing inventory compared to this time last year,” F.C. Tucker CEO Jim Litten. “As interest rates continue to creep during the summer months, I anticipate the housing inventory will become even more robust and we will start to see a return to a more balanced market.”
Of the pended home sales in the region last month, one was priced $2,000,000 or higher; 61 were priced $1,000,000 to $1,999,999; 474 were priced $500,000 to $999,999; 1,314 were priced $300,000 to $499,999; 1,283 were priced $200,000 to $299,999; 895 were priced $100,000 to $199,999; and 182 were priced at $99,999 or less.