Dec. 8 – INDIANAPOLIS – The trend of home inventory and rising prices in central Indiana continued in November.
According to FC Tucker Company, central Indiana housing inventory is up 80.6% from November 2021. Year-to-date home sales prices are up 12.4% and pending home sales fell 31.5%.
The average November home sale price for the 16-county central Indiana region was $310,867, a 7.7% increase from November 2021.
Pending home sales fell, down 31.5% from the same period last year.
The inventory of available homes has increased by 80.6% compared to November 2021.
In November 2022, 2,381 Central Indiana homes were purchased, down 31.5% from the 3,478 sold in November 2021. Specifically:
—None of the 16 counties in central Indiana saw an increase in pending home sales in November 2022.
—Morgan County has the smallest drop in pending home sales with a 10% drop from November 2021.
—Jennings County pending sales saw the largest decline with 53.8% fewer homes sold in November 2022 compared to the same period last year.
Year-to-date home sales prices in central Indiana have continued to rise:
—Morgan County recorded the largest average year-to-date home sale price increase, at 56.1 percent.
—Hamilton County had the highest average year-to-date selling price in the region at $475,931.
—Homes sold in 19 days on average, 5.6% less than in 2021. Hamilton County homes left the market 11.1%, or two days, faster than in 2021 – fastest selling in central Indiana’s 16-county region.
Central Indiana saw an 80.6% increase in overall inventory of available homes in November 2022, with 2,107 more homes available for sale than in November 2021.
—Hamilton County saw the largest increase in inventory — up 218% from November 2021.
—Decatur County saw the largest decline in inventory — down 20.8% from the same time last year.
“Each year during this time, we see the residential real estate market become calmer as individuals and families focus more on vacations,” said Jim Litten, president of FC Tucker Company. “However, home sales in central Indiana continue to be robust, with homes taking only one day longer, on average, to sell in November 2022 than at this time last year. “
Of the pending home sales in the area last month, six were priced at $2,000,000 or more; 34 were priced from $1,000,000 to $1,999,999; 227 were priced from $500,000 to $999,999; 658 were priced from $300,000 to $499,999; 693 were priced from $200,000 to $299,999; 613 were priced from $100,000 to $199,999; and 150 were priced at $99,999 or less. — Inventory provided