Central Indiana’s residential real estate market on upswing in February

The central Indiana residential real estate market was robust in February, with sales increasing, inventory increasing and homes selling more quickly than this time last year, according to F.C. Tucker Company.

That trend includes:

Available housing inventory increased 20.7% compared to February 2023 Homes sold three days, or 5.9%, faster than this time last year Compared to February 2023, the average home sale price for the 16-county central Indiana region increased 4.5% to $319,007 Pended home sales increased 0.6% to this time last year

In February of 2024, 2,663 central Indiana homes were purchased, up 0.6% from the 2,648 sold in February 2023.

Hendricks County had the greatest increase in pended home sales in February 2024, up 22.3% compared to February 2023 Jackson County pended sales had the greatest decrease, with 27.3% fewer homes sold compared to February 2023

Central Indiana year-to-date home sale prices increased, up 5.3% overall.

Shelby County recorded the highest average year-to-date home sale price increase at 25.7% Hamilton County had the highest average year-to-date home sale price in the region at $486,520 Homes sold in 48 days average, selling three days, or 5.9%, faster than February 2023; Brown County homes sold 44.3% faster than this time last year, the greatest increase in central Indiana However, 13 of the 16 central Indiana counties saw homes leaving the market more quickly compared to this time last year

Central Indiana experienced a 20.7% increase in overall available home inventory in February 2024, compared to February 2023, with 607 more homes available for sale

Jennings County had the largest inventory increase – up 80% from February 2023 Boone County experienced the largest decrease in inventory – down 16.7% compared to this time last year 14 of the 16 central Indiana counties saw an increase in inventory in February

“A strong February residential real estate market bodes well for an active spring in central Indiana,” said Jim Litten, president of F.C. Tucker Company, in a media release. “With mortgage interest rates remaining steady and inventory increasing, we can expect to see a robust market well into the first half of 2024.”

In February of 2023, Shelby County had 39 pended single-family and condominium sales. That number dropped to 34 in February of 2024.

Active listings (inventory) for Shelby County rose from 49 to 58 in February of 2023 and 2024, respectively – an increase of 18.4%.

The average sale price in Shelby County rose from $209,457 to $263,213 in that same time period.

The Shelby County Post is a digital newspaper producing news, sports, obituaries and more without a pay wall or subscription needed. Get the most recent Shelby County Post headlines delivered to your email by visiting shelbycountypost.com and click on the free daily email signup link at the top of the page.