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Market Watch

Central Indiana’s residential real estate market on the upswing in February 

with home sales and inventory increasing

 

INDIANAPOLIS (March 8, 2024) The central Indiana residential real estate market was robust in February, with sales increasing, inventory increasing and homes selling more quickly than this time last year. According to F.C. Tucker Company, part of the Howard Hanna family of companies:

  • Available housing inventory increased 20.7 percent compared to February 2023.
  • Homes sold three days, or 5.9 percent, faster than this time last year.
  • Compared to February 2023, the average home sale price for the 16-county central Indiana region increased 4.5 percent to $319,007. 
  • Pended home sales increased 0.6 percent compared to this time last year.

In February 2024, 2,663 central Indiana homes were purchased, up 0.6 percent from the 2,648 sold in February 2023.

  • Hendricks County had the greatest increase in pended home sales in February 2024, up 22.3 percent compared to this time last year.
  • Jackson County pended sales had the greatest decrease, with 27.3 percent fewer homes sold compared to February 2023.

Central Indiana year-to-date home sale prices increased, up 5.3 percent overall:

  • Shelby County recorded the highest average year-to-date home sale price increase at 25.7 percent.
  • Hamilton County had the highest average year-to-date home sale price in the region at $486,520.
  • Homes sold in 48 days on average, selling three days, or 5.9 percent, faster than February 2023. Brown County homes sold 44.3 percent faster than this time last year, the greatest increase in central Indiana. However, 13 of the 16 central Indiana counties saw homes leaving the market more quickly compared to this time last year.

Central Indiana experienced a 20.7 percent increase in overall available home inventory in February 2024, compared to February 2023, with 607 more homes available for sale.

  • Jennings County had the largest inventory increase – up 80 percent compared to February 2023.
  • Boone County experienced the largest decrease in inventory – down 16.7 percent compared to this time last year.
  • 14 of the 16 central Indiana counties saw an increase in inventory in February, compared to this time last year.

 

“A strong February residential real estate market bodes well for an active spring in central Indiana,” said Jim Litten, president of F.C. Tucker Company. “With mortgage interest rates remaining steady and inventory increasing, we can expect to see a robust market well into the first half of 2024.”

 

Of the pended home sales in the region last month, nine were priced $2,000,000 or higher; 32 were priced $1,000,000 to $1,999,999; 262 were priced $500,000 to $999,999; 921 were priced $300,000 to $499,999; 797 were priced $200,000 to $299,999; 543 were priced $100,000 to $199,999; and 99 were priced at $99,999 or less.

 

Editor’s Notes: 

  • All statistics were compiled by F.C. Tucker Company from a report drawn from BLC® statistics on March 5, 2024. Because of delayed processing through other agencies or boards, these numbers are subject to change.
  • Effective April 7, 2019, data from MIBOR only reports on single family homes and excludes condo sales. F.C. Tucker will continue to include condo sales in this report.
  •  “Pending” means the sales contract has been signed, but the transaction has not closed. According to the NAR, pending sales typically are finalized within a month or two of signing.
  •  “Active Listings – Inventory” is a snapshot frozen in time at the end of the stated month. Per MIBOR, effective April 1, 2018, “Active with Contingency” no longer is a status in the BLC® listing service in order to present a true picture in advertising and marketing. Those listings that were in the “Active with Contingency” status have been moved from the “Active” status to the “Pending” status.
  • For this report, F.C. Tucker tracks the following counties: Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jackson, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby. The first report tracking Jackson County data was pulled August 7, 2019.

 

PENDED SINGLE-FAMILY AND CONDOMINIUM SALES

County

February 2023

February 2024

Month-to-month % Change

Year-to-date
% Change

Bartholomew

78

86

10.3%

11.0%

Boone

94

103

9.6%

11.8%

Brown

24

20

-16.7%

-21.4%

Decatur

26

26

0.0%

30.6%

Hamilton

416

410

-1.4%

-7.6%

Hancock

118

125

5.9%

-17.1%

Hendricks

193

236

22.3%

18.9%

Jackson

44

32

-27.3%

-26.3%

Jennings

15

18

20.0%

3.2%

Johnson

190

182

-4.2%

4.2%

Madison

159

139

-12.6%

-9.0%

Marion

1,078

1,100

2.0%

-1.9%

Montgomery

40

48

20.0%

13.9%

Morgan

89

69

-22.5%

-9.1%

Putnam

45

35

-22.2%

-7.6%

Shelby

39

34

-12.8%

-3.9%

TOTAL

2,648

2,663

0.6%

-1.5%




ACTIVE LISTINGS – INVENTORY

 

County

February 2023

February 2024

% Change

Bartholomew

93

102

9.7%

Boone

138

115

-16.7%

Brown

35

54

54.3%

Decatur

19

32

68.4%

Hamilton

369

470

27.4%

Hancock

168

170

1.2%

Hendricks

169

274

62.1%

Jackson

35

49

40.0%

Jennings

15

27

80.0%

Johnson

221

249

12.7%

Madison

175

208

18.9%

Marion

1,243

1,503

20.9%

Montgomery

51

43

-15.7%

Morgan

96

115

19.8%

Putnam

54

68

25.9%

Shelby

49

58

18.4%

TOTAL

2,930

3,537

20.7%



AVERAGE SALE PRICE 

 

County

YTD
February 2023

YTD
February 2024

% Change

Bartholomew

$274,624

$266,770

-2.9%

Boone

$408,642

$486,126

19.0%

Brown

$379,200

$419,683

10.7%

Decatur

$216,281

$213,276

-1.4%

Hamilton

$467,417

$486,520

4.1%

Hancock

$328,832

$345,998

5.2%

Hendricks

$338,859

$351,756

3.8%

Jackson

$214,598

$205,120

-4.4%

Jennings

$186,088

$186,614

0.3%

Johnson

$306,024

$359,814

17.6%

Madison

$178,927

$187,011

4.5%

Marion

$244,493

$260,255

6.4%

Montgomery

$187,065

$212,334

13.5%

Morgan

$280,632

$310,065

10.5%

Putnam

$243,494

$243,191

-0.1%

Shelby

$209,457

$263,213

25.7%

TOTAL

$306,203

$322,412

5.3%

 

# # #

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. We have earned a reputation for our exceptional service, experienced sales associates and “Golden Rule” commitment to clients and employees. 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 best-in-class service and enhance the real estate experience for clients by providing best-in-class agents, products and services. For more information, visit talktotucker.com.