Indianapolis-based F.C. Tucker Co. says central Indiana housing inventory decreased by more than 47% in October compared to the same month last year. The real estate firm says the inventory shortage is boosting home sale prices and creating a very competitive market for home buyers.
Despite the shortage, the report reveals year-to-date home sale prices continued to increase. Of the counties tracked by F.C. Tucker, the average October home sale price was $261,530, an increase of 17.7%.
“As long as available housing inventory continues its downward trajectory, home prices will keep increasing in this extremely competitive market,” said Jim Litten, chief executive officer of F.C. Tucker Co. “We will be closely watching to see how this presidential election will affect the November financial markets and, in turn, the central Indiana residential real estate market.”
The company says 3,894 homes were purchased in the 16-county region last month, up from the 3,326 sold in October 2019.
The monthly report shows Jackson County had the greatest increase in the number of homes sold with more than 57% growth compared to October 2019. Jennings County had the greatest decrease with 17% fewer homes sold in October 2020.
The highest home prices in the region continue to be in Hamilton County, which average $367,605, edging out Boone County, which had an average home sale price of $367,209.