August central Indiana residential real estate market remains steady

INDIANAPOLIS (September 8, 2023) The central Indiana residential real estate market remained steady in August, with inventory increasing in several counties and price increases slowing. According to F.C. Tucker Company, part of the Howard Hanna family of companies, in August 2023, available housing inventory decreased 1.7 percent and home sale prices decreased 9.4 percent, yet year-to-date home sale prices remain strong increasing by 5.5 percent.

• The average August 2023 home sale price for the 16-county central Indiana region was $292,062, a decrease of 9.4 percent compared to August 2022.
• Available housing inventory decreased 1.7 percent compared to August 2022.
• Pended home sales decreased, down 20.6 percent compared to this time last year.

In August 2023, 2,947 central Indiana homes were purchased, down 20.6 percent from the 3,712 sold in August 2022. No counties experienced an increase in pended home sales; however:

• Boone County experienced the smallest decrease in pended home sales in August 2023, down 7 percent compared to this time last year.
• Putnam County pended sales had the greatest decrease with 40.3 percent fewer homes sold in August 2023 compared to August 2022.

Central Indiana year-to-date home sale prices increased, up 5.5 percent overall:

• Brown County recorded the highest average year-to-date home sale price increase at 3 percent.
• Hamilton County had the highest average year-to-date home sale price in the region at $504,698.
• Homes sold in 33 days on average, remaining on the market 16 days, or 94.1 percent, longer than in 2022. All homes in central Indiana remained on the market longer than in August 2022 except Decatur County, which saw homes selling in the same amount of time, 33 days, as in 2022.

Central Indiana experienced a 1.7 percent decrease in overall available home inventory in August 2023, compared to August 2022, with 71 fewer homes available for sale.

• Shelby County had the largest inventory increase – up 30.4 percent compared to August 2022.
• Hancock County experienced the largest decrease in inventory – down 37.4 percent compared to this time last year.

“As the residential real estate market continued to moderate in August, we saw available inventory slowly increase throughout central Indiana,” said Jim Litten, president of F.C. Tucker Company. “Despite a slight increase in home sale prices last month, central Indiana remains one of the most affordable housing markets in the Midwest and the entire United States.” Of the pended home sales in the region last month, four were priced $2,000,000 or higher; 43 were priced $1,000,000 to $1,999,999; 305 were priced $500,000 to $999,999; 963 were priced $300,000 to $499,999; 849 were priced $200,000 to $299,999; 620 were priced $100,000 to $199,999; and 163 were priced at $99,999 or less.

Pended Single-Family and Condominium Sales

Active Listings – Inventory

Average Sales Price

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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.