Home prices climb in January as inventory drops

Yes, people are buying houses despite a pandemic and despite cold temperatures. The biggest challenge in inventory. We’ve had a strong start to 2021. Home sales increased 3 percent in Central Indiana compared to January 2020, although inventory is down 53.5 percent.

The average January home sale price for the 16-county area in Central Indiana was $247,551, an increase of 13.6 percent over the same time last year.

●           Hamilton County had the highest average home sale price in the region at $387,545.

●           Homes sold in 28 days on average, 41.7 percent faster than in 2020.

●           Central Indiana experienced a 53.5-percent decrease in home inventory in January 2021. That represents 2,487 fewer homes available for sale than in January 2020. Every county saw home inventory decreases of 28.6 percent or higher, and 12 of the 16 counties saw inventory decreases of 50.9 percent or higher.

Because 2020 was such a strange year, it’s going to be a little trickier to do month-to-month comparisons, but from all indications, it will continue to be a strong market for sellers.

Below is a look at the January 2021 home sale averages from F.C. Tucker’s Market Watch. If you have questions about the market or sales in your neighborhood, reach out at Laura@talktotucker.com or 317.702.0058. Or, if you want a quick look at the market value of your home, click here.

Average sales prices:

Boone County: $336,701 (increase of 8.7%)

Hamilton County: $387,545 (increase of 10.8%)

Hancock County: $237,009 (increase of 10.6%)

Hendricks County: $255,893 (increase of 8.8%)

Marion County: $208,068 (increase of 18.9%)