Real Estate Trends in Noblesville, Indiana: A 2024 Outlook

Real Estate Trends in Noblesville, Indiana: A 2024 Outlook

The population of Noblesville, Indiana increased by 4.5% from 2020 to 2022, meaning the population is increasing much faster than the national average. As a growing city, Noblesville is a great place to invest in property.

Whether you are looking to increase the size of your real estate portfolio or are a homebuyer interested in setting down roots, understanding recent real estate trends in Noblesville can help you buy at the right time.

Today, we are discussing three of the biggest trends impacting the Noblesville, IN property market: declining home prices and sales and a growing rental market. Read on to learn more.

Home Prices Are Down

Home sale prices have fallen over the past year to an average of $412,008. While the drop is only an incremental 0.6%, the savings may make the difference if you are a real estate investor looking for a deal.

At the same time, home values are appreciating across Indiana. That is good news if you plan to turn around your investment property fast.

However, you have to weigh the potential profits that come with appreciation against the increasing costs. Ensure you can afford to pay the increasing property taxes while you wait for the perfect time to sell.

Home Sales Are Down

The Noblesville housing market is cooling down right now. Closed home sales have declined 32.2% over the past year. Homes are spending 5.9% more time on the market, too, with an average closing timeline of 36 days.

If you are in the market to buy a home, you will face far less competition compared to last year. However, you may also face lower inventory.

Home sales are down in the Noblesville, Indiana market due, in part, to declining inventory levels. The recent rise in home values may also be to blame since it is harder for some owners to afford to own residential real estate.

The Rental Property Market Is Up

Declining home sales may reflect the recent increased demand for rental units seen across Indiana. Rental prices have declined sharply of late, dropping back to pre-pandemic levels, and new renters are flocking to the area.

If you are interested in buying commercial real estate, now may be the perfect time to capitalize on the demand flooding the market.

Be sure to act fast. New construction apartments are set to hit the market this year and next year, which will greatly increase the supply of rental units. This could drive down opportunities for commercial property profits.

Take Advantage of These Real Estate Trends

Understanding the state of the Noblesville real estate market can help you invest at the right time and in the right place. There has never been a better opportunity for buying rental property than right now, while the residential market is cooling off.

Are you looking for more expert advice about real estate trends impacting the Noblesville, Indiana market? PMI Indianapolis is a property management firm with so much more to offer investors, homebuyers, and home sellers.

Let us help you find Noblesville investment properties to add to your portfolio today!