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Market Watch

Residential real estate market heats up in May, with inventory increasing and houses selling quickly

INDIANAPOLIS (June 11, 2024) Inventory continued to increase in May, and homes sold quickly throughout the central Indiana area. According to F.C. Tucker Company, part of the Howard Hanna family of companies:

  • Available housing inventory increased 26.2 percent compared to May 2023.
  • Homes sold nine days, or 18.4 percent, faster than this time last year.
  • Compared to May 2023, the average home sale price for the 16-county central Indiana region increased 2.9 percent to $360,893.
  • Pended home sales decreased slightly, down 3.4 percent compared to this time last year.

In May 2024, 3,161 central Indiana homes were purchased, down 3.4 percent from the 3,271 sold in May 2023.

  • Morgan County had the greatest increase in pended home sales in May 2024, up 31.1 percent compared to this time last year.
  • Boone County pended sales had the greatest decrease, with 23.8 percent fewer homes sold compared to May 2023.

Central Indiana year-to-date home sale prices increased, up 4.3 percent overall:

  • Shelby County recorded the highest average year-to-date home sale price increase at 8 percent.
  • Boone County had the highest average year-to-date home sale price in the region at $517,211.
  • Homes sold in 40 days on average, selling nine days, or 18.4 percent, faster than May 2023. Boone County homes sold 54.3 percent faster than this time last year, the greatest increase in central Indiana.

Central Indiana experienced a 26.2 percent increase in overall available home inventory in May 2024, compared to May 2023, with 801 more homes available for sale.

  • Jennings County had the largest inventory increase – up 112.5 percent compared to May 2023.
  • Decatur County experienced the largest decrease in inventory – down 21.6 percent compared to this time last year.

“May’s warmer weather, together with an increase in available housing inventory, is helping to fuel a more active residential real estate market,” said Jim Litten, president of F.C. Tucker Company. “Despite slight price increases, we’re seeing homes sell much more quickly than this time last year – a trend we expect to continue into the summer months.”

Of the pended home sales in the region last month, nine were priced $2,000,000 or higher; 59 were priced $1,000,000 to $1,999,999; 387 were priced $500,000 to $999,999; 1,126 were priced $300,000 to $499,999; 909 were priced $200,000 to $299,999; 573 were priced $100,000 to $199,999; and 98 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 June 6, 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

ACTIVE LISTINGS – INVENTORY

AVERAGE SALE PRICE

 

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.