Brownsburg Indiana Rental Market Update March 2023
Hello again, guys. Chris Knight here, business development manager with Red Door Property Management bringing you the Brownsburg March 2023 market report.
Now there's really only one thing I want to mention just before we dive into this and that's going to be, well, the median rental price graph there in the middle. You'll notice I kind of stick around that as I go through the market report and that's well clear because there is an indication that median rental market prices are on the rise. That's not completely unheard of, right? I mean, we're getting into the spring summer season in the rental market, in the real estate market, and it's typical to see a lot of increases, but this is coming off of a very steep decline going into March because our days on market were high. Obviously we're going to see a decrease in the overall average monthly rent. Well, that just bounces like a basketball right off the court and is heading into higher median market rents as we get into April. But no need for me to go on here. Let's jump into the market report. Thanks.
Hey guys, welcome back. Here we are jumping into Brownsburg. Market report for March 2023. I know we are into April and we're going to get a little sneak peek of what April has to bring here with our lovely graph. And who doesn't love to see this upswing right here, right? This is going to be pretty standard on a lot of our market reports .And who can tell me why? Well, it's because we're jumping into the spring market, right? Real estate typically tends to heat up as we get into the spring and summer months here in the Midwest. And that's exactly what we are experiencing even though there is a little bit of turmoil in the real estate market. But we're going to jump right into this and let's take a look.
Active Homes
Active homes in the Brownsburg market. And let me mention I love the Brownsburg market. I kind of merge not only the Brownsburg market all by itself, but I love this west side of town because it's driven by the Avon market. Brownsburg, Avon and Plainfield. Primarily.Those are excellent investment areas in my opinion. And if you've watched these videos at all, you've heard me preach it's primarily driven by the school systems in these areas. Same thing as Fishers, Noblesville. Noblesville, obviously one of my favorites if you watch these at all as far as investment. And you'll notice as we get into Noblesville,why I like that so much is because, well, your average sale price is a little bit lower than some of these other areas, but these areas are primarily driven by their school systems. So enough of that. Let's jump into this specific Brownsburg Market report.
Currently, active homes in the Brownsburg area, 24 active homes, seems low to me right now. That's probably because homes are flying off the market right now. Again, getting into the spring market, applications have certainly been ramping up. So if you have a property anywhere in the Indianapolis metro area, you should be seeing some pretty good activity on it as long as you're marketed at current market rate. If you're not seeing the activity that should be generated from the spring market, well, that's because you're marketed at too high of a price point, I'm afraid. So take a look at that. But 24 active homes in the market, major upswing in the medium rental price over time as we get into the April area. This is obviously much higher than what you're going to see as far as typical in our market reports for this month. This is a huge upswing.
Average Rents
But our average rent drives us to 1600 for the March. That would be this swing here. Right now. We're getting, again, just a sneak peek into the April market. So we're not reporting these numbers yet, but this is what we're going to get into. So you can only imagine what's going to happen down here in this little box. But going into March. Again, if you've watched any of our market reports, I've clearly indicated that this was foreseen. I mean, we were going to see an average rental price drop as there was a lot of fear in the market and our average days on the market was expanding considerably.
Now, this box this month is marked not applicable because the data set that we use, which is pulled from the Multiple Listing Service, was just too small. It was not representing a very accurate number .But anyway, so just disregard this box for this month. We're going to focus on our average rent for March, which was driven down heavily. Activity obviously is picking up as we get into April and a more stabilized market. So this is a great sign. Average market rents are starting to increase again.
Average Sales Price
Now, one of our new boxes that we are continuing to upgrade is our average sale price. So right now we're looking at an average sale price in the Brownsburg market of around 374. Something we're going to do, obviously, that might not be attractive to a whole lot of investors. Immediately looking at that number, we will start including a little bit of a sales range. Obviously, if you're an investor in this market, you're going to want to get under that average sale price, right? So we'll start marketing or showing more of a sales range, showing you where you can expect to try to get into this market as an active investor and also a top end of that. What are top end homes selling for in Brownsburg? So hopefully with a little renovation, maybe, what could you see as far as sales value when the time comes?
So that's our Brownsburg Indiana market report from March 2023. Check in next month, see what's happening in April. Again, loving what we're seeing here with the sneak peek into April. Obviously, the market is starting to heat up. So we'll talk to you again next month. Thanks.
