Central Indiana Real Estate Market Watch: January 2020
Central Indiana home sales start the new year strong – up 14.1 percent –
as prices continue to rise and inventory decreases
Monthly real estate stats from F.C. Tucker Company indicate that 2020 is off to a strong start with increases in both home sales and home prices in Central Indiana, while homes also continue to leave the market more quickly. The January 2020 average home sale price for the 16-county central Indiana region increased to $217,886 compared to this time last year. Pended home sales increased 14.1 percent, and home inventory decreased by 11.9 percent.
In January 2020, 3,001 central Indiana homes were purchased, up 14.1 percent from the 2,631 sold in January 2019. Specifically:
Jennings County showed the most growth in homes sold with a 100 percent increase in January 2020 compared to January 2019.
Johnson County pended sales, however, decreased with 4.3 percent fewer homes sold last month compared to January 2019.
Home sale prices continued their upward climb, and homes also left the market more quickly compared to this time last year.
Brown County recorded the highest average home sales price increase at 76.9 percent compared to January 2019.
Hamilton County had the highest average home price in the region at $349,822.
Homes sold in 48 days on average, 4 percent faster than year-to-date 2019. Marion County homes left the market at 40 days on average, the fastest of the 16-county central Indiana area.
Inventory decreased 11.9 percent last month, with 4,652 homes listed in January 2020. That represents 627 fewer homes available for sale than in January 2019.
Jackson County once again experienced the highest increase in inventory with 90.3 percent more listings than January 2019.
Hancock County inventories dropped the most at 22.2 percent compared to this time last year.
"Overall, central Indiana saw a very strong start to the 2020 housing market,” said Jim Litten, CEO of F.C. Tucker Company. “Consumer confidence remains high and mortgage rates are low, which means we will continue to see a lack of housing inventory and increased home sale prices for most of the year.”
Of the pended home sales in the region last month, 22 were priced $1,000,000 or higher; 134 were priced $500,000 to $999,999; 487 were priced $300,000 to $499,999; 738 were priced $200,000 to $299,999; 1,162 were priced $100,000 to $199,999; and 427 were priced at $99,999 or less.