The FC Tucker Indianapolis Real Estate Blog

Central Indiana average home sale prices strong in January as inventory weakens

Central Indiana average home sale prices strong in January as inventory weakens

January’s slow start in pended sales triggered by fewer active listings

INDIANAPOLIS – F.C. Tucker Company reported average home sale prices in the nine-county central Indiana region rose 2.1 percent in January 2016 compared to January 2015, while active listings declined 11.7 percent in the same period. Home prices averaged $171,253 last month, which is more than $3,500 higher than the average price of homes in January 2015. Tighter inventory also affected the year’s slow start in pended home sales, which declined 9.5 percent compared to last year.  

Five counties saw higher home sale prices last month than in January 2015. Year to date, Morgan County led the way with an 18.8 percent price uptick to $145,974. Johnson County’s average sale price increased 9.5 percent, while Hancock County experienced a 7.3 percent gain. Hamilton County had the highest average sale price of all nine counties at $271,330. Boone County had the largest decline in average sale price, approximately 14.9 percent, now at $247,748.

All nine counties noted fewer homes on the market. Hancock and Morgan counties each experienced an approximately 18 percent decline in active listings compared to January 2015. Hendricks, Johnson, Marion and Shelby counties also had double-digit percentage declines. Overall, these decreases in the region represented 1,107 fewer active listings than last year.

“Low inventory is a trend nationwide, and it can affect the health of the real estate market,” said Jim Litten, president of F.C. Tucker Company. “The National Association of Realtors’ recent quarterly HOME study found 83 percent of current renters hope to own a home in the future. That demand may spark current homeowners to list their homes and perhaps help spur more sales in 2016.”