The residential real estate market in central Indiana continued at a steady pace in April, despite prices continuing to inch up.
According to F.C. Tucker Company, part of the Howard Hanna family of companies, in April 2023, central Indiana housing inventory increased 41.9 percent compared to April 2022. Pended home sales decreased 16.4 percent, and year-to-date home sale prices increased 7.1 percent.
- The average April 2023 home sale price for the 16-county central Indiana region was $330,798, an increase of 6.8 percent compared to April 2022.
- Pended home sales decreased, down 16.4 percent compared to this time last year.
- Available housing inventory increased, up 41.9 percent compared to April 2022.
In April 2023, 3,195 central Indiana homes were purchased, down 16.4 percent from the 3,820 sold in April 2022. Specifically:
- Madison County experienced the greatest increase in pended home sales in April 2023, up 13.5 percent compared to this time last year.
- Jennings County pended sales had the greatest decrease with 59.1 percent fewer homes sold in April 2023 compared to April 2022.
Central Indiana year-to-date home sale prices increased slightly, up 7.1 percent overall:
- Brown County recorded the highest average year-to-date home sale price increase at 27.8 percent.
- Hamilton County had the highest average year-to-date home sale price in the region at $485,697.
- Homes sold in 49 days on average, which is 145 percent slower than in 2022, and all homes in central Indiana remained on the market longer than they did in April 2022. Decatur County homes remained on the market 22.2 percent, or eight days, longer than in 2022 – selling the fastest in the 16-county central Indiana area.
Central Indiana experienced a 41.9 percent increase in overall available home inventory in April 2023, compared to April 2022, with 822 more homes available for sale.
- Johnson County had the largest inventory increase – up 102 percent compared to April 2022.
- Jackson County experienced the largest decrease in inventory – down 36.1 percent compared to this time last year.
“We’re continuing to see a strong residential real estate market this spring,” F.C. Tucker Company President Jim Litten. “It’s a stable, dependable market where prices are attainable, yet growing at a healthy rate, and homes are staying on the market longer than this time last year which creates a less frenetic experience for home buyers.”
Of the pended home sales in the region last month, five were priced $2,000,000 or higher; 38 were priced $1,000,000 to $1,999,999; 351 were priced $500,000 to $999,999; 1,054 were priced $300,000 to $499,999; 969 were priced $200,000 to $299,999; 632 were priced $100,000 to $199,999; and 146 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 May 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.