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As summer heated up, so did the Central Indiana residential real estate market

June 2020 saw lack of housing inventory continue to drive up prices, challenge buyers

 

INDIANAPOLISMonthly real estate stats from F.C. Tucker Company showed an active Central Indiana real estate market in June 2020. Home sales and home prices both continued to increase, while inventory saw a significant decrease.

Pended home sales increased 11.1 percent, and the average June home sale price for the 16-county central Indiana region was $252,096, an increase of 6.2 percent. The year-to-date average home sale price increased by 7.6 percent, to $239,481. Inventory decreased 39.7 percent compared to June 2019.

In June 2020, 4,546 central Indiana homes were purchased, up 11.1 percent from the 4,091 sold in June 2019. Specifically:

  • Shelby County showed the greatest increase in the number of homes sold with 38.8 percent growth, compared to June 2019.
  • Jackson County pended sales, however, had the greatest decrease with 20 percent fewer homes sold in June 2020 compared to June 2019.

Year-to-date home sale prices increased, and homes also left the market more quickly compared to this time last year.

  • Marion County recorded the highest average year-to-date home sale price increase at 32.6 percent compared to June 2019.
  • Boone County had the highest average year-to-date home sale price in the region at $356,743.
  • Homes sold in 41 days on average, 4.7 percent faster than year-to-date 2019. Jennings County homes left the market 15 days faster than last year – the greatest decrease of the 16-county central Indiana area.

Inventory decreased 39.7 percent last month, with only 3,603 homes listed in June 2020. That represents 2,374 fewer homes available for sale than in June 2019.

  • No central Indiana counties experienced an increase in housing inventory. Bartholomew County had the lowest inventory decrease – a 16.1 percent decrease compared to June 2019.
  • Decatur County inventories decreased 60.5 percent compared to this time last year – the greatest decrease in central Indiana.

“Home inventory in central Indiana continues to tighten, as the demand from home buyers outpaces the number of homes available for purchase,” said Jim Litten, CEO of F.C. Tucker Company. “We’re going to continue experiencing a dynamic residential real estate market, with home sales and prices increasing, as central Indiana continues to re-open.”

Of the pended home sales in the region last month, 1 was priced $2,000,000 or higher; 37 were priced $1,000,000 to $1,999,999; 322 were priced $500,000 to $999,999; 915 were priced $300,000 to $499,999; 1,263 were priced $200,000 to $299,999; 1,575 were priced $100,000 to $199,999; and 433 were priced at $99,999 or less.

 

PENDED SINGLE-FAMILY AND CONDOMINIUM SALES

1

 

ACTIVE LISTINGS – INVENTORY

2

AVERAGE SALE PRICE

3

3

 

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With approximately $4 billion in annual sales, F.C. Tucker Company is Indiana’s largest independently owned comprehensive real estate firm with more than 40 offices and more than 1,500 sales associates throughout Indiana and select markets in Kentucky. Less than one percent of all real estate firms have the longevity of F.C. Tucker. Founded in 1918, the company’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. F.C. Tucker has earned a reputation for its exceptional service, experienced sales associates and “Golden Rule” commitment to its clients and employees. For more information, visit talktotucker.com.