Despite a slight decrease in sales, January 2024 started off on a strong note for the central Indiana residential real estate market. The 16-county central Indiana area saw an increase in available housing inventory, and homes sold more quickly than in January 2023.
According to F.C. Tucker Company, part of the Howard Hanna family of companies:
- Available housing inventory increased 1.6 percent compared to January 2023.
- Homes sold four days, or 8.2 percent, faster than this time last year.
- Compared to January 2023, the average home sale price for the 16-county central Indiana region increased 6.6 percent to $326,978.
- Pended home sales decreased, down 4.8 percent compared to this time last year.
In Noblesville:
- The number of closed home sales increased 40.9 percent compared to January 2023.
- Homes in Noblesville sold more quickly than in January 2023, leaving the market 25.5 percent, or 12 days, faster.
- Compared to this time last year, the average sale price of a home in Noblesville decreased 1.7 percent to $387,602.
- The average price per square foot for a Noblesville home decreased 3 percent to $146.64.
In Hamilton County:
- Pended home sales decreased 15 percent compared to this time last year.
- Homes sold 11.6 percent, or five days, faster than in January of 2023.
- Compared to January 2023, the average home sale price increased 6.4 percent to $503,159.
- Available housing inventory increased 4.5 percent compared to January 2023.
In January 2024, 2,470 central Indiana homes were purchased, down 4.8 percent from the 2,595 sold in January 2023.
- Decatur County had the greatest increase in pended home sales in January 2024, up 100 percent compared to this time last year.
- Hancock County pended sales had the greatest decrease, with a 32.7 percent decrease in homes sold compared to January 2023.
Central Indiana year-to-date home sale prices increased, up 6.6 percent overall:
- Morgan County recorded the highest average year-to-date home sale price increase at 53.1 percent.
- Boone County had the highest average year-to-date home sale price in the region at $547,621.
- Homes sold in 45 days on average, selling four days, or 8.2 percent, faster than January 2023. Hancock County homes sold 48.9 percent faster than this time last year, the greatest increase in central Indiana. However, 11 of the 16 central Indiana counties saw homes leaving the market more quickly compared to this time last year.
Central Indiana experienced a 1.6 percent increase in overall available home inventory in January 2024, compared to January 2023, with 55 more homes available for sale.
- Hendricks County had the largest inventory increase – up 54.6 percent compared to January 2023.
- Hancock County experienced the largest decrease in inventory – down 25.1 percent compared to this time last year.
“The residential real estate market was active to start the new year, with a bump in available inventory and homes selling quickly throughout the central Indiana region,” F.C. Tucker Company President Jim Litten said. “Mortgage interest rates trended downward in January and are expected to continue to slowly decrease, setting the stage for a more robust spring market compared to what we experienced last year.”
Of the pended home sales in the region last month, two were priced $2,000,000 or higher; 20 were priced $1,000,000 to $1,999,999; 276 were priced $500,000 to $999,999; 814 were priced $300,000 to $499,999; 774 were priced $200,000 to $299,999; 495 were priced $100,000 to $199,999; and 89 were priced at $99,999 or less.