Residential real estate market continues its steady pace


INDIANAPOLIS – The residential real estate market in central Indiana continued at a steady pace in April, despite prices continuing to inch up.

According to F.C. Tucker Company, in April 2023, central Indiana housing inventory increased 41.9 percent, compared to April 2022. Pended home sales decreased 16.4 percent, and year-to-date home sale prices increased 7.1 percent.

The average April 2023 home sale price for the 16-county central Indiana region was $330,798, an increase of 6.8 percent compared to April 2022.

Pended home sales decreased, down 16.4 percent compared to this time last year.

Available housing inventory increased, up 41.9 percent compared to April 2022.

In April 2023, 3,195 central Indiana homes were purchased, down 16.4 percent from the 3,820 sold in April 2022. Specifically:

· Jennings County pended sales had the greatest decrease with 59.1 percent fewer homes sold in April 2023 compared to April 2022.

Central Indiana year-to-date home sale prices increased slightly, up 7.1 percent overall:

· Brown County recorded the highest average year-to-date home sale price increase at 27.8 percent.

· Homes sold in 49 days on average, which is 145 percent slower than in 2022, and all homes in central Indiana remained on the market longer than they did in April 2022. Decatur County homes remained on the market 22.2 percent, or eight days, longer than in 2022 – selling the fastest in the 16-county central Indiana area.

“We’re continuing to see a strong residential real estate market this spring,” said Jim Litten, president of F.C. Tucker Company. “It’s a stable, dependable market where prices are attainable, yet growing at a healthy rate, and homes are staying on the market longer than this time last year which creates a less frenetic experience for home buyers.”

Of the pended home sales in the region last month, five were priced $2,000,000 or higher; 38 were priced $1,000,000 to $1,999,999; 351 were priced $500,000 to $999,999; 1,054 were priced $300,000 to $499,999; 969 were priced $200,000 to $299,999; 632 were priced $100,000 to $199,999; and 146 were priced at $99,999 or less.

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