Local Housing Market Down From Last Year

August home sales decreased slightly in central Indiana as sale prices and available inventory continue to trend upward. The August residential real estate market in both Hamilton County and Noblesville was quieter, with fewer homes sold and prices continuing to increase.

In August, pended home sales were down 16.4 percent in Hamilton County compared to this time last year. The average Hamilton County home sale price continued to increase, up 14.1 percent to $474,492 – the highest average home sale price in central Indiana for August. Housing inventory in Hamilton County also continued to increase significantly – up 84.5 percent – compared to Aug. 2021.

Noblesville home sale prices also continued to increase in August, up 19 percent to an average sale price of $413,766. The price per square foot for a home in Noblesville also increased 22.3 percent to $190.85. Homes in Noblesville sold in the same amount of time as this time last year, selling in 13 days.

Monthly real estate statistics from F.C. Tucker Company revealed that central Indiana housing inventory increased 52.3 percent compared to this time last year, while pended home sales decreased 17.2 percent compared to Aug. 2021. Year-to-date home sale prices continued their upward climb, increasing 13.5 percent.

• The average August home sale price for the 16-county central Indiana region was $322,410 an increase of 12.8 percent compared to Aug. 2021.
• Pended home sales decreased, down 17.2 percent compared to this time last year.
• Available housing inventory increased, up 52.3 percent compared to Aug. 2021.

In Aug. 2022, 3,712 central Indiana homes were purchased, down 17.2 percent from the 4,484 sold in Aug. 2021. Specifically:

• Decatur County showed the greatest increase in pended home sales with 43.5 percent growth compared to Aug. 2021.
• Boone County pended sales had the greatest decrease with 30.9 percent fewer homes sold in Aug. 2022 compared to this time last year.

Central Indiana year-to-date home sale prices continued to increase:

• Decatur County recorded the highest average year-to-date home sale price increase at 21.3 percent.
• Homes sold in 17 days on average, which is 10.5 percent faster than in 2021. Hamilton County homes left the market 27.8 percent, or 5 days, more quickly than in 2021 – selling the fastest in the 16-county central Indiana area.

Central Indiana experienced a 52.3 percent increase in overall available home inventory Aug. 2022, with 1,474 more homes available for sale than in August 2021.

• Hancock County had the largest inventory increase – up 196.7 percent compared to Aug. 2021.
• Montgomery County experienced the largest decrease in inventory – down 7.3 percent compared to this time last year.

“Even with a continued increase in sale prices, central Indiana homes continued to leave the market more quickly in August than this time last year,” said Jim Litten, CEO of F.C. Tucker Company. “The slight increase in interest rates has calmed the market slightly; however, we expect homes to continue selling briskly throughout the remainder of the fall season.”

Of the pended home sales in the region last month, six (6) were priced $2,000,000 or higher; 51 were priced $1,000,000 to $1,999,999; 359 were priced $500,000 to $999,999; 1,104 were priced $300,000 to $499,999; 1,139 were priced $200,000 to $299,999; 839 were priced $100,000 to $199,999; and 214 were priced at $99,999 or less.

About FC Tucker Company:

Founded in 1918, F.C. Tucker Company is Indiana’s largest independently owned comprehensive real estate firm with more than $5 billion in annual sales, more than 40 offices, and more than 1,500 sales associates throughout Indiana and select markets in Kentucky. F.C. Tucker’s family of businesses includes a full range of real estate services—mortgages, title insurance, relocation services, a full line of insurance products, auctioning and homeowner warranty products.

In 2021, F.C. Tucker formed a partnership with Pittsburgh-based Howard Hanna Real Estate Services, the nation’s largest independently owned real estate brokerage firm, furthering each company’s ability to provide service and enhance the real estate experience for clients by providing agents, products and services.

For more information, visit talktotucker.com.