October’s central Indiana residential real estate market experienced a slight inventory decrease and a modest year-to-date home sale price increase. However, compared to last October, the average home sale price in central Indiana decreased 8.5 percent, according to F.C. Tucker Company, part of the Howard Hanna family of companies.
Specifically:
- Available housing inventory decreased 0.8 percent compared to October 2022.
- Compared to October 2022, the average home sale price for the 16-county central Indiana region decreased – down 8.5 percent to $295,305. The year-to-date home sale price increased slightly, up 5.7 percent.
- Pended home sales decreased, down 12.2 percent compared to this time last year.
Noblesville and Hamilton County’s residential real estate markets were steady in October, with prices continuing to inch up slightly compared to October of 2022.
In Hamilton County:
- Pended home sales decreased 19 percent compared to October 2022.
- The average year-to-date home sale price increased 6.2 percent to $506,949.
- Available housing inventory decreased 9.1 percent compared to last year.
In Noblesville:
- The number of closed home sales decreased 12.2 percent compared to October 2022.
- The average home sale price increased 1.3 percent to $413,921 compared to this time last year.
- Homes in Noblesville sold more quickly than this time last year, leaving the market two days, or 7.1 percent, faster.
In October 2023, 2,562 central Indiana homes were purchased, down 12.2 percent from the 2,918 sold in October 2022.
- Shelby County had the greatest increase in pended home sales in October 2023, up 28.9 percent compared to this time last year.
- Brown County pended sales had the greatest decrease with 40 percent fewer homes sold in October 2023 compared to October 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 20.4 percent.
- Boone County had the highest average year-to-date home sale price in the region at $508,459.
- Homes sold in 24 days on average, remaining on the market six days, or 33.3 percent, longer than in 2022. All homes in central Indiana remained on the market longer than in October 2022 except Decatur County, which saw homes selling 6.1 percent faster than this time last year.
Central Indiana experienced a 0.8 percent decrease in overall available home inventory in October 2023, compared to October 2022, with 41 fewer homes available for sale.
- Hendricks County had the largest inventory increase – up 19.1 percent compared to October 2022.
- Hancock County experienced the largest decrease in inventory – down 28.9 percent compared to this time last year.
“While we saw a slight decrease in overall inventory in October, almost half of the counties in the 16-county central Indiana region actually experienced inventory increases,” F.C. Tucker Company President Jim Litten said. “The average home sale price decreased compared to October 2022 and interest rates remain steady, continuing the trend of a solid real estate market in central Indiana.”
Of the pended home sales in the region last month, eight were priced $2,000,000 or higher; 29 were priced $1,000,000 to $1,999,999; 263 were priced $500,000 to $999,999; 799 were priced $300,000 to $499,999; 738 were priced $200,000 to $299,999; 582 were priced $100,000 to $199,999; and 143 were priced at $99,999 or less.