Increases in available inventory and year-to-date price increases were seen across the central Indiana residential real estate market in November. However, when compared to November 2022, the average central Indiana home sale price decreased 6.7 percent. According to F.C. Tucker Company, part of the Howard Hanna family of companies:
- Available housing inventory increased 2.1 percent compared to November 2022.
- Compared to November 2022, the average home sale price for the 16-county central Indiana region decreased – down 6.7 percent to $290,020. The year-to-date home sale price increased slightly, up 5.7 percent.
- Pended home sales decreased, down 11.5 percent compared to this time last year.
Specifically, in Hamilton County:
- The year-to-date home sale price increased 8.1 percent to $514,355 compared to November 2022 – and the highest average home sale price in the 16-county central Indiana area.
- Available housing inventory increased 5.2 percent compared to this time last year.
- Pended housing sales were down 14 percent compared to November 2022.
In November 2023, 2,107 central Indiana homes were purchased, down 11.5 percent from the 2,381 sold in November 2022.
- Jennings County had the greatest increase in pended home sales in November 2023, up 66.7 percent compared to this time last year.
- Jackson County pended sales had the greatest decrease with 45 percent fewer homes sold in November 2023 compared to November 2022.
Central Indiana year-to-date home sale prices increased, up 5.7 percent overall:
- Brown County recorded the highest average year-to-date home sale price increase at 21.4 percent.
- Hamilton County had the highest average year-to-date home sale price in the region at $514,355.
- Homes sold in 26 days on average, remaining on the market seven days, or 36.8 percent, longer than in 2022. Jennings County homes sold 3.6 percent faster, and Decatur County homes sold in the same amount of time as last year. Homes in all other central Indiana counties remained on the market longer than this time last year.
Central Indiana experienced a 2.1 percent increase in overall available home inventory in November 2023, compared to November 2022, with 97 more homes available for sale.
- Jennings County had the largest inventory increase – up 30.8 percent compared to November 2022.
- Putnam County experienced the largest decrease in inventory – down 37.9 percent compared to this time last year.
“The average home sale price has actually decreased since this time last year, and mortgage interest rates are down slightly, creating a steady market,” F.C. Tucker Company President Jim Litten said. “While some may be hesitant to purchase a home during the holiday season, the majority of central Indiana counties saw increases in available housing inventory in November, providing a greater selection of homes for buyers to choose from.”
Of the pended home sales in the region last month, eight were priced $2,000,000 or higher; 22 were priced $1,000,000 to $1,999,999; 191 were priced $500,000 to $999,999; 629 were priced $300,000 to $499,999; 680 were priced $200,000 to $299,999; 477 were priced $100,000 to $199,999; and 100 were priced at $99,999 or less.