The central Indiana residential real estate market saw inventory decline slightly in October, and home sales prices rose modestly since the beginning of the year. However, compared to last October, the average home sale price in central Indiana was down 8.5%, according to F.C. Tucker Company.
Specifically, available housing inventory decreased by 0.8% compared to October 2022.
Compared to October 2022, the average home sale price in the 16-county central Indiana region decreased 8.5% to $295,305. Home sales prices rose slightly by 5.7% since the beginning of the year.
Pending home sales are down, down 12.2% compared to this time last year.
2,562 homes were purchased in Central Indiana in October 2023, down 12.2% from the 2,918 homes sold in October 2022.
Shelby County saw the largest increase in pending home sales in October 2023, increasing 28.9% compared to the same period last year.
Brown County saw the largest decline in pending sales, with 40 percent fewer homes sold in October 2023 compared to October 2022.
Year-to-date home sales prices in Central Indiana are up, up 5.7% overall.
· Brown County had the highest average year-to-date increase in home sales prices at 20.4%.
· Boone County had the highest year-to-date average home sale price in the region at $508,459.
Homes sold in an average of 24 days and remained on the market for six days, or 33.3% longer, than in 2022. With the exception of Decatur County, all homes in Central Indiana remained on the market longer than October 2022. In Decatur County, homes sold 6.1% faster than him. This time last year.
In Central Indiana, the total inventory of homes available for sale in October 2023 decreased by 0.8% compared to October 2022, resulting in 41 fewer homes available for sale.
The largest increase in inventory was in Hendricks County, with a 19.1% increase compared to October 2022.
The largest decline in inventory was in Hancock County, which was down 28.9% compared to the same time last year.
“Although overall inventory decreased slightly in October, nearly half of the counties in the 16-county Central Indiana region actually increased inventory,” said Jim Ritten, president of F.C. Tucker Company. “The Central Indiana real estate market continues to trend strongly, with average home sales prices decreasing compared to October 2022 and interest rates remaining stable.”
Eight of the pending home sales in the area last month were priced at $2 million or more. 29 were priced between $1,000,000 and $1,999,999. Prices for the 263 units ranged from $500,000 to $999,999. The 799 ranged in price from $300,000 to $499,999. The 738 units ranged in price from $200,000 to $299,999. Prices for the 582 pieces ranged from $100,000 to $199,999. 143 were priced under $99,999.