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Real estate market on the upswing in February

Mar. 13—INDIANAPOLIS — The central Indiana residential real estate market was robust in February, with sales increasing, inventory increasing and homes selling more quickly than this time last year.

According to F.C. Tucker Company:

Available housing inventory increased 20.7 percent compared to February 2023.

Homes sold three days, or 5.9 percent, faster than this time last year.

Compared to February 2023, the average home sale price for the 16-county central Indiana region increased 4.5 percent to $319,007.

Pended home sales increased 0.6 percent compared to this time last year.

In February 2024, 2,663 central Indiana homes were purchased, up 0.6 percent from the 2,648 sold in February 2023.

—Hendricks County had the greatest increase in pended home sales in February 2024, up 22.3 percent compared to this time last year.

—Jackson County pended sales had the greatest decrease, with 27.3 percent fewer homes sold compared to February 2023.

Central Indiana year-to-date home sale prices increased, up 5.3 percent overall:

—Shelby County recorded the highest average year-to-date home sale price increase at 25.7 percent.

—Hamilton County had the highest average year-to-date home sale price in the region at $486,520.

—Homes sold in 48 days on average, selling three days, or 5.9 percent, faster than February 2023. Brown County homes sold 44.3 percent faster than this time last year, the greatest increase in central Indiana. However, 13 of the 16 central Indiana counties saw homes leaving the market more quickly compared to this time last year.

Central Indiana experienced a 20.7 percent increase in overall available home inventory in February 2024, compared to February 2023, with 607 more homes available for sale.

—Jennings County had the largest inventory increase, up 80 percent compared to February 2023.

—Boone County experienced the largest decrease in inventory, down 16.7 percent compared to this time last year.

—14 of the 16 central Indiana counties saw an increase in inventory in February, compared to this time last year.

"A strong February residential real estate market bodes well for an active spring in central Indiana," said Jim Litten, president of F.C. Tucker Company. "With mortgage interest rates remaining steady and inventory increasing, we can expect to see a robust market well into the first half of 2024."

Of the pended home sales in the region last month, nine were priced $2,000,000 or higher; 32 were priced $1,000,000 to $1,999,999; 262 were priced $500,000 to $999,999; 921 were priced $300,000 to $499,999; 797 were priced $200,000 to $299,999; 543 were priced $100,000 to $199,999; and 99 were priced at $99,999 or less. — Information provided