Submitted by F.C. Tucker
December’s residential real estate market saw inventory continue to decrease and prices increasing slightly across the 16-county central Indiana area as the year came to a close.
According to F.C. Tucker Company, part of the Howard Hanna family of companies:
- Available housing inventory decreased 2.4 percent compared to December 2022.
- Compared to December 2022, the average home sale price for the 16-county central Indiana region increased 1.1 percent to $323,309. The year-to-date home sale price also increased slightly, up 5.4 percent to $334,280.
- Pended home sales decreased, down 6.1 percent compared to this time last year.
Noblesville and Hamilton County’s residential real estate markets were quieter to end 2023.
In Hamilton County in December:
- Pended home sales decreased 12.9 percent compared to December 2022.
- Available housing inventory decreased slightly, down 5 percent compared to this time last year.
- The average sale price increased 3.7 percent to $339,575.
In Noblesville in December:
- Closed home sales decreased, down 32.2 percent compared to December 2022.
- The average home sale price also decreased, down 0.6 percent to $412,008.
- Noblesville homes spent 5.9 percent more time on the market than this time last year, selling in 36 days on average.
In December 2023, 1,882 central Indiana homes were purchased, down 6.1 percent from the 2,004 sold in December 2022.
- Boone County had the greatest increase in pended home sales in December 2023, up 13.8 percent compared to this time last year.
- Jennings County and Putnam County pended sales had the greatest decrease with both counties seeing a 33.3 percent decrease in homes sold compared to December 2022.
Central Indiana year-to-date home sale prices increased, up 5.4 percent overall:
- Putnam County recorded the highest average year-to-date home sale price increase at 32 percent.
- Hamilton County had the highest average year-to-date home sale price in the region at $515,220.
- Homes sold in 30 days on average, remaining on the market 10 days, or 50 percent, longer than in 2022. Decatur County homes sold 8.3 percent faster than this time last year, and Jennings County homes sold 3.4 percent faster. Homes in all other central Indiana counties remained on the market longer compared to this time last year.
Central Indiana experienced a 2.4 percent decrease in overall available home inventory in December 2023, compared to December 2022, with 97 fewer homes available for sale.
- Jennings County had the largest inventory increase – up 52.4 percent compared to December 2022.
- Hancock County experienced the largest decrease in inventory – down 34.8 percent compared to this time last year.
“As expected, the central Indiana residential real estate market slowed during the December holiday season,” F.C. Tucker Company President Jim Litten said. “However, in 2024, it’s likely we’ll see a decrease in interest rates and continued low unemployment which could result in an uptick in central Indiana’s real estate market and more homes available for sale at various price points.”
Of the pended home sales in the region last month, four were priced $2,000,000 or higher; 25 were priced $1,000,000 to $1,999,999; 198 were priced $500,000 to $999,999; 588 were priced $300,000 to $499,999; 577 were priced $200,000 to $299,999; 401 were priced $100,000 to $199,999; and 89 were priced at $99,999 or less.