INDIANAPOLIS – In November, the entire central Indiana residential real estate market saw increased available inventory and year-to-date price increases. However, compared to November 2022, the average home sales price in central Indiana fell by 6.7%. According to his FC Tucker Company, part of the Howard Hanna Family of Companies:
Available housing inventory increased by 2.1% compared to November 2022.
Compared to November 2022, the average home sale price in the 16-county central Indiana region decreased, dropping 6.7% to $290,020. Home sales prices rose slightly by 5.7% since the beginning of the year.
Pending home sales are down, down 11.5% compared to this time last year.
There were 2,107 homes purchased in Central Indiana in November 2023, an 11.5% decrease from the 2,381 homes sold in November 2022.
· Jennings County saw the largest increase in pending home sales in November 2023, increasing by 66.7% compared to the same period last year.
· Jackson County had the largest decline in pending sales, with 45 percent fewer homes sold in November 2023 compared to November 2022.
Year-to-date home sales prices in Central Indiana are up, up 5.7% overall.
· Brown County had the highest average increase in home sales prices since the beginning of the year at 21.4%.
· Hamilton County had the highest year-to-date average home sale price in the region at $514,355.
· Homes sold in an average of 26 days and remained on the market for 7 days, or 36.8% longer. This is longer than 2022. Homes in Jennings County sold 3.6% faster, and homes in Decatur County sold in the same period last year. All other Central Indiana homes remained on the market longer than this time last year.
In Central Indiana, total home inventory available for sale increased by 2.1% in November 2023 compared to November 2022, with an increase of 97 homes available for sale.
· Jennings County had the largest inventory increase, increasing by 30.8% compared to November 2022.
· Putnam County saw the largest decline in inventory, down 37.9% compared to this time last year.
“Average home sales prices have actually fallen since this time last year, and mortgage rates have also fallen slightly, creating a stable market,” said Jim Ritten, president of F.C. Tucker Company. “While some people may be hesitant to purchase a home during the holiday season, the majority of central Indiana counties saw an increase in available housing inventory in November, increasing housing options for buyers. .”
Eight of the pending home sales in the area last month were priced at $2 million or more. Prices for the 22 listings ranged from $1,000,000 to $1,999,999. Prices for the 191 units ranged from $500,000 to $999,999. Prices for the 629 units ranged from $300,000 to $499,999. Prices for the 680 ranged from $200,000 to $299,999. Prices for the 477 units ranged from $100,000 to $199,999. The price for 100 pieces was less than $99,999.