Real estate market continues robust trend in central Indiana in November

Thursday, December 12, 2024 at 11:00 AM

Model home in new Summerfield housing project along Progress Parkway in Shelbyville.

November pended home sales increased for a fourth consecutive month, coupled with another increase in available housing inventory, marking an unseasonably active November residential real estate market in central Indiana.

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

Pended home sales increased 11.3% compared to this time last year
Available housing inventory increased 6% compared to November 2023
Homes spent nine days, or 34.6%, longer on the market than this time last year
Compared to November 2023, the average home sale price for the 16-county central Indiana region increased 20.7% to $350,074

In November 2024, 2,345 central Indiana homes were purchased, up 11.3% from the 2,107 sold in November 2023. Shelby County had 41 pended single-family and condominium sales in November 2024 compared to 33 in November 2023.

Central Indiana year-to-date home sale prices increased 3.5% overall. Shelby County’s average sale price increased 13.7% from one year earlier -- $242,465 in November 2023 to $275,791 in November 2024.

Central Indiana experienced a 6% increase in overall available home inventory in November 2024, compared to November 2023, with 291 more homes available for sale. Shelby County had four less active listings – 90 to 86 – from November 2023 to November 2024.

“November continues central Indiana’s unseasonably active residential real estate market with sales building into the double digits, while inventory continues to increase,” said Jim Litten, president of F.C. Tucker Company. “Interest rates and home prices are also stabilizing, creating a more attractive market for prospective home buyers.”

Of the pended home sales in the region last month, 10 were prized $2 million or higher; 37 were priced $1 million to $1,999,999; 297 were priced $500,000 to $999,999; 796 were priced $300,000 to $499,999; 702 were priced $200,000 to $299,999; 438 were priced $100,000 to $199,999; and 65 were priced at $99,999 or less.

The Shelby County Post is a digital newspaper producing news, sports, obituaries and more without a pay wall or subscription needed.