The residential real estate market in central Indiana experienced a slight decrease in inventory and a modest increase in year-to-date home sale prices in October. However, compared to the same period last year, the average home sale price decreased by 8.5 percent. These findings were reported by F.C. Tucker Company, a trusted real estate firm in the region.
In terms of housing inventory, there was a 0.8 percent decrease compared to October 2022. This means that there were 41 fewer homes available for sale in central Indiana during the same period this year.
One notable trend was the decrease in pended home sales, which were down by 12.2 percent compared to October 2022. A total of 2,562 homes were purchased in central Indiana during October 2023, marking a significant decline from the 2,918 homes sold in October 2022.
While overall home sale prices in the region decreased, there were variations across different counties. Brown County, for example, recorded the highest average year-to-date home sale price increase at 20.4 percent. On the other hand, Boone County had the highest average year-to-date home sale price in the region, reaching $508,459.
It took longer for homes to sell on average, with the average number of days on the market increasing by six days (33.3 percent) in 2023 compared to 2022. Interestingly, only Decatur County saw homes selling faster, with a 6.1 percent decrease in the average time on the market.
1. How did the average home sale price in central Indiana change compared to last year?
The average home sale price in central Indiana decreased by 8.5 percent compared to last year.
2. Did the housing inventory increase or decrease in October 2023?
The housing inventory in central Indiana decreased by 0.8 percent in October 2023 compared to the same period last year.
3. Which county had the highest average year-to-date home sale price increase?
Brown County recorded the highest average year-to-date home sale price increase at 20.4 percent.
4. How long did homes stay on the market on average in 2023?
Homes in central Indiana stayed on the market for an average of six days longer in 2023 compared to the previous year.
– F.C. Tucker Company