Central Indiana’s residential real estate market saw available housing inventory continue to increase to start the new year.
According to F.C. Tucker Company, part of the Howard Hanna family of companies, in January 2023, central Indiana housing inventory increased 90.5 percent, compared to January 2022. Pended home sales decreased 14.2 percent, and year-to-date home sale prices increased 8.7 percent.
- The average January 2023 home sale price for the 16-county central Indiana region was $306,617 an increase of 8.7 percent compared to January 2022.
- Pended home sales decreased, down 14.2 percent compared to this time last year.
- Available housing inventory increased, up 90.5 percent compared to January 2022.
In January 2023, 2,595 central Indiana homes were purchased, down 14.2 percent from the 3,026 sold in January 2022. Specifically:
- Hamilton County experienced the greatest increase in pended home sales in January 2023, up 5.4 percent compared to this time last year.
- Putnam County pended sales had the greatest decrease with 61 percent fewer homes sold in January 2023 compared to January 2022.
Central Indiana year-to-date home sale prices continued to increase. Homes sold in 49 days on average, which is 122.7 percent slower than in 2022.
- Brown County recorded the highest average year-to-date home sale price increase at 29.1 percent.
- Hamilton County had the highest average year-to-date home sale price in the region at $473,113.
- Decatur County homes left the market 7.5 percent, or three days, more quickly than in 2022 – selling the fastest in the 16-county central Indiana area.
Central Indiana experienced a 90.5 percent increase in overall available home inventory in January 2023, compared to January 2022, with 1,678 more homes available for sale.
- Hamilton County had the largest inventory increase – up 220 percent compared to January 2022.
- Decatur County experienced the largest decrease in inventory – down 13.9 percent compared to this time last year.
“The new year started off with another significant inventory increase, providing a greater variety of homes from which to choose,” F.C. Tucker Company President Jim Litten said. “Despite a slight increase in the average home sale price, homes are staying on the market longer than this time last year, giving buyers more time to select the right home for them and their family.”
Of the pended home sales in the region last month, nine were priced $2,000,000 or higher; 24 were priced $1,000,000 to $1,999,999; 229 were priced $500,000 to $999,999; 839 were priced $300,000 to $499,999; 796 were priced $200,000 to $299,999; 576 were priced $100,000 to $199,999; and 122 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 Feb. 6, 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.