TOP

Market Watch

New year begins with an active residential real estate market, with homes selling quickly and inventory trending upward in January

 

INDIANAPOLIS (February 8,  2024) Despite a slight decrease in sales, January 2024 started off on a strong note for the central Indiana residential real estate market. The 16-county central Indiana area saw an increase in available housing inventory, and homes sold more quickly than in January 2023.

 

According to F.C. Tucker Company, part of the Howard Hanna family of companies:

  • Available housing inventory increased 1.6 percent compared to January 2023.
  • Homes sold four days, or 8.2 percent, faster than this time last year.
  • Compared to January 2023, the average home sale price for the 16-county central Indiana region increased 6.6 percent to $326,978. 
  • Pended home sales decreased, down 4.8 percent compared to this time last year.

In January 2024, 2,470 central Indiana homes were purchased, down 4.8 percent from the 2,595 sold in January 2023.

  • Decatur County had the greatest increase in pended home sales in January 2024, up 100 percent compared to this time last year.
  • Hancock County pended sales had the greatest decrease, with a 32.7 percent decrease in homes sold compared to January 2023.

Central Indiana year-to-date home sale prices increased, up 6.6 percent overall:

  • Morgan County recorded the highest average year-to-date home sale price increase at                   53.1 percent.
  • Boone County had the highest average year-to-date home sale price in the region at $547,621.
  • Homes sold in 45 days on average, selling four days, or 8.2 percent, faster than January 2023. Hancock Countyhomes sold 48.9 percent faster than this time last year, the greatest increase in central Indiana. However, 11 of the 16 central Indiana counties saw homes leaving the market more quickly compared to this time last year.

Central Indiana experienced a 1.6 percent increase in overall available home inventory in January 2024, compared to January 2023, with 55 more homes available for sale.

  • Hendricks County had the largest inventory increase – up 54.6 percent compared to January 2023.
  • Hancock County experienced the largest decrease in inventory – down 25.1 percent compared to this time last year. 

 

“The residential real estate market was active to start the new year, with a bump in available inventory and homes selling quickly throughout the central Indiana region,” said Jim Litten, president of F.C. Tucker Company. “Mortgage interest rates trended downward in January and are expected to continue to slowly decrease, setting the stage for a more robust spring market compared to what we experienced last year.”

Of the pended home sales in the region last month, two were priced $2,000,000 or higher; 20 were priced $1,000,000 to $1,999,999; 276 were priced $500,000 to $999,999; 814 were priced $300,000 to $499,999; 774 were priced $200,000 to $299,999; 495 were priced $100,000 to $199,999; and 89 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 February 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

January 2023

January 2024

Month-to-month % Change

Year-to-date
% Change

Bartholomew

66

79

19.7%

19.7%

Boone

84

92

9.5%

9.5%

Brown

19

14

-26.3%

-26.3%

Decatur

10

20

100.0%

100.0%

Hamilton

468

398

-15.0%

-15.0%

Hancock

147

99

-32.7%

-32.7%

Hendricks

181

199

9.9%

9.9%

Jackson

38

26

-31.6%

-31.6%

Jennings

15

15

0.0%

0.0%

Johnson

180

196

8.9%

8.9%

Madison

147

135

-8.2%

-8.2%

Marion

1,053

982

-6.7%

-6.7%

Montgomery

43

43

0.0%

0.0%

Morgan

81

87

7.4%

7.4%

Putnam

23

42

82.6%

82.6%

Shelby

40

43

7.5%

7.5%

TOTAL

2,595

2,470

-4.8%

-4.8%

 

ACTIVE LISTINGS – INVENTORY

 

County

January 2023

January 2024

% Change

Bartholomew

106

98

-7.5%

Boone

172

134

-22.1%

Brown

39

46

17.9%

Decatur

31

37

19.4%

Hamilton

464

485

4.5%

Hancock

215

161

-25.1%

Hendricks

185

286

54.6%

Jackson

50

51

2.0%

Jennings

21

27

28.6%

Johnson

254

230

-9.4%

Madison

206

215

4.4%

Marion

1,503

1,516

0.9%

Montgomery

58

56

-3.4%

Morgan

112

118

5.4%

Putnam

61

64

4.9%

Shelby

56

64

14.3%

TOTAL

3,533

3,588

1.6%

 

AVERAGE SALE PRICE 

 

County

YTD
January 2023

YTD
January 2024

% Change

Bartholomew

$246,011

$265,471

7.9%

Boone

$421,510

$547,621

29.9%

Brown

$351,573

$462,834

31.6%

Decatur

$246,032

$190,324

-22.6%

Hamilton

$473,113

$503,159

6.4%

Hancock

$337,587

$306,122

-9.3%

Hendricks

$343,765

$353,349

2.8%

Jackson

$199,003

$211,918

6.5%

Jennings

$177,809

$181,454

2.0%

Johnson

$308,362

$339,053

10.0%

Madison

$176,737

$194,601

10.1%

Marion

$239,003

$257,626

7.8%

Montgomery

$191,893

$207,793

8.3%

Morgan

$207,708

$318,096

53.1%

Putnam

$268,627

$218,391

-18.7%

Shelby

$214,792

$254,505

18.5%

TOTAL

$306,617

$326,978

6.6%

 

# # #

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.