Are you thinking about moving to Hamilton County, Indiana? Wondering about the state of the real estate market? You’re in the right place.
Though year over year, housing listings are down, listings did increase by 6.7% from April 2024 to May 2024.
Key data for Hamilton County shows a very strong, fast-paced market. This article will look at the latest real estate trends in Hamilton County, Indiana, and provide high-level insights for buyers, sellers, and investors in the region.
Hamilton County Current Housing Market Overview
There is an increase in houses on the market in Hamilton County, Indiana as of April 2024. But with an inventory increase also comes price increases.
Average Home Cost in Hamilton County
As of April 2024, the median sale price of a home in Hamilton County is $433,000, which is a 0.6% increase from last year. The median sale price per square foot is now $175, up 5.1% from last year.
Home Sales in Hamilton County, Indiana
In April 2024, 533 homes were sold in Hamilton County, a 3.9% increase from last year’s 536. Homes are selling a bit slower, with the average days on the market now at 12 days, compared to 7 days in April 2023.
The number of listings overall increased to 508, increasing opportunities for both buyers and sellers. This is a 29.6% increase year over year from April of 2023.
The increase in the number of homes sold suggests that more people are entering the market, possibly due to improved economic conditions or personal financial situations. This trend is likely to continue into the spring and early summer.
Home Prices in Hamilton County, Indiana
Hamilton County home prices have increased slightly by 0.6%. This modest increase shows that the market is steady.
Single-Family Homes in Hamilton County
According to the Builders Association of Greater Indianapolis (BAGI), demand for single-family homes remains strong overall.
In December 2023, 524 permits were issued for single-family homes, a 36% increase from the previous year. Boone, Hamilton, and Marion Counties lead in growth in the region, with increases of 17%, 14%, and 10%, respectively. This trend shows that more people are looking to build and buy single-family homes in these areas.
The steady demand for single-family homes reflects the ongoing appeal of suburban living, especially in areas with good schools and family-friendly amenities. As more people seek the space and comfort that single-family homes provide, the market is expected to remain robust.
Regional Insights to the Hamilton County Housing Market
Hamilton County is a growing area that includes several sought-after communities. Here’s a look at some of the key areas within Hamilton County and nearby regions:
Carmel
In April 2024, the median home sale price in Carmel was $485,000, with homes typically spending just 10 days on the market, reflecting strong demand and quick sales.
Carmel is known for its excellent schools and family-friendly environment, making it a top choice for some homebuyers. The area offers a mix of modern amenities and a strong sense of community, attracting families and professionals alike. The real estate market here remains competitive with steady demand and increasing home values.
Westfield
In April 2024, the median home sale price in Westfield was $417,750, according to MIBOR Broker Listing Cooperative, with homes typically spending 14 days on the market.
Westfield is home to the Grand Park sports complex and the area’s focus on sports and recreation makes it a desirable place for active families. The market here is strong, with a quick turnover of homes and rising property values.
Noblesville
This Hamilton County city has an average home sale price of $422,000 for all property types (single family, condo, townhome, manufactured homes, farm, etc), and homes are spending more time on the market, now at 6 days on average.
Despite the longer market time, Noblesville remains popular due to its historic charm and family-friendly atmosphere. The market conditions show a stable demand, although buyers have a bit more negotiating power.
Fishers
For Delaware and Fall Creek townships, the median home sale was $441,000 in May for all property types, with homes typically spending 7 days on the market.
Fishers remains a steady market with strong demand. Known for its excellent schools and family-oriented community, Fishers continues to attract homebuyers. Home prices are steadily increasing, and properties are selling relatively quickly.
Southeastern
In April 2024, the median home sale price in the Southeastern region was $395,000, with homes typically spending 10 days on the market.
Southeastern areas within Hamilton County are gaining popularity for suburban living. These areas offer a quieter, more relaxed lifestyle while still being close to urban amenities. The real estate market here is growing, with increasing home values and a steady influx of new residents.
Cicero
In April 2024, the median home sale price in Cicero was $375,000, with homes typically spending 15 days on the market.
Located near Morse Lake, Cicero is popular for waterfront properties. The area offers a unique blend of small-town charm and recreational opportunities. The market is active, with a growing interest in waterfront homes, leading to rising property values.
Geist and Geist Lake
In April 2024, the median home sale price in Geist and Geist Lake was $650,000, with homes typically spending 14 days on the market.
Located partly in Hamilton County, these areas are known for luxury homes and waterfront properties, attracting high-end buyers. The scenic views and upscale amenities make these areas highly desirable. The real estate market is strong, with high demand and rising property values.
Morse Lake
In April 2024, the median home sale price for condo properties in Morse Lake was $420,000, with homes typically spending 12 days on the market.
Situated in Hamilton County, Morse Lake is another area with high demand for waterfront properties, which can be great for rental income or resale value. The area’s recreational opportunities make it a popular choice for homebuyers. The market is competitive, with increasing home prices and quick sales.
Overall, Hamilton County’s housing market has seen steady growth despite economic shifts. This resilience is a positive sign for both current homeowners and potential buyers. The slight increase in home prices indicates a stable market, while the rise in the number of homes sold shows a healthy demand.
Top Rated Schools and the Hamilton County Housing Market
Top-rated schools in Hamilton County play a big role in attracting families.
Schools like College Wood Elementary School, Fall Creek Elementary School, Riverside Intermediate School, and Prairie Trace Elementary School are highly rated and influence home values positively.
Areas with highly-rated schools often see higher home values and increased demand. This makes investing in such areas a good choice for families and investors alike.
Future Outlook for the Hamilton County Housing Market
As we look ahead, the future of the housing market in Hamilton County and its surrounding areas appears promising. Several key factors are likely to influence market conditions in the coming months and years:
Continued Demand for Housing
Hamilton County has experienced significant population growth over the past decade. The population increased by 32% from 276,499 in 2010 to 364,921 in 2022. This growth rate far outpaces the national average of 7.7% and Indiana’s average of 5.3%.
This substantial increase in population indicates a rising demand for housing, contributing to a robust real estate market.
The demand for housing in Hamilton County is expected to remain strong. The steady influx of new residents and families looking for suburban living will likely keep the market active.
Interest Rates and Affordability
The forecast for mortgage rates in the rest of the year suggests a gradual decline.
The Mortgage Bankers Association (MBA) predicts rates will fall to 6.4% by the end of 2024 and further to 5.9% in 2025. Similarly, the National Association of Realtors (NAR) forecasts that rates will decrease to 6.5% by the end of 2024.
Lower mortgage rates could boost affordability, encouraging more buyers to enter the market and potentially driving up home prices.
Market Predictions
Real estate experts predict that home prices in Hamilton County will continue to rise, albeit at a moderate pace. The combination of strong demand, economic stability, and limited housing supply will likely keep the market competitive.
Conclusion
The Hamilton County housing market is active and offers many opportunities for buyers, sellers, and investors. By staying informed and working with an experienced partner, you can navigate the market successfully.
If you are considering buying or investing in Hamilton County or any of the surrounding areas, The Brokerage Co. is here to help. Reach out to us today to learn more about how we can assist you in achieving your real estate goals in Hamilton County!
