Fueled by a slight increase in housing inventory in some areas, central Indiana’s residential real estate market ended the summer on a strong note – with robust home sales and price increases. Monthly real estate statistics from F.C. Tucker Company revealed that August’s pended home sales increased 3.5 percent compared to August 2020. In addition, year-to-date home prices increased 13 percent, and available housing inventory decreased 15.2 percent compared to this time last year.
The August residential real estate markets in Noblesville and Hamilton County continued to be robust, despite a slight decrease in home sales.
According to F.C. Tucker Company, Noblesville closed home sales decreased slightly, down 3.9 percent compared to this time last year. The average home sale price increased 13.1 percent to an average price of $347,686. Homes in Noblesville continued to sell quickly, selling in just 13 days on average, or 50 percent faster than August 2020.
Hamilton County’s home sales declined slightly as well, down 7.5 percent compared to August 2020. Home prices continued to increase, up 14.7 percent to $415,781 compared to this time last year. Available housing inventory continued to decrease in Hamilton County, down 42.9 percent.
· The average August 2021 home sale price for the 16-county central Indiana region was $285,886, an increase of 10 percent.
· Pended home sales also increased, up 3.5 percent compared to this time last year.
· Available housing inventory decreased 15.2 percent compared to August 2020.
In Aug. 2021, 4,484 central Indiana homes were purchased, up 3.5 percent from the 4,334 sold in August 2020. Specifically:
· Jennings County showed the greatest increase in pended home sales with 66.7 percent growth compared to August 2020.
· Decatur County pended sales had the greatest decrease with 37.8 percent fewer homes sold in August 2021 compared to this time last year.
The August sale price of homes in central Indiana continued to increase:
· Madison County recorded the highest average year-to-date home sale price increase at 25.1 percent.
· Boone County had the highest average home sale price in the region at $423,794.
· Homes sold in 19 days on average, 47.2 percent faster than in 2020. Putnam County homes left the market 37 days faster than in August 2020 - the greatest decrease of the 16-county central Indiana area.
Central Indiana experienced a 15.2 percent decrease in available home inventory in August 2021. That represents 506 fewer homes available for sale than in August 2020. Ten of 16 central Indiana counties continued to see inventory decreases.
· Shelby County had the largest inventory increase – up a significant 72.7 percent compared to August 2020.
· Hamilton County inventory continued to experience the greatest decrease in central Indiana – down 42.9 percent – compared to this time last year.
“Some central Indiana counties saw inventory increases during the month of August, further boosting home sales and increased sale prices,” said Jim Litten, CEO of F.C. Tucker Company. “While we may continue to see a slight increase in available housing inventory, I expect the strong seller’s market to continue through the end of the year and into 2022.”
Of the pended home sales in the region last month, 5 were priced $2,000,000 or higher; 52 were priced $1,000,000 to $1,999,999; 300 were priced $500,000 to $999,999; 1,091 were priced $300,000 to $499,999; 1,463 were priced $200,000 to $299,999; 1,268 were priced $100,000 to $199,999; and 305 were priced at $99,999 or less.