Fishers Indiana Rental Market Update April 2023
Hey, guys. Welcome back to my favorite segment, the market Reports. We are about to jump into one of my favorite investment areas in the Indianapolis metro area, the Fishers market. So if you're not already like and subscribe, this is information you do not want to miss out on. One area that we're going pay attention to, which we have over the last couple of months is going to be our average days on market. And why does that continue to expand when we are really in the hottest season, right. The spring, summer months properties are typically flying off the market, especially in the Fisher's area. Is that happening now? If not, what's causing the expansion on our days on market? Well, we're going to dig into that. Also, I want to share my excitement. Our new box is finally here. We are going to share what I call the investors point of view. And what this is essentially is the average sale price for homes that we would consider the investors point of view. So homes at the $500,000 or less price bracket and what the average price looks like. So what does it take to enter the Fishers market or whatever market report you happen to be looking at? So my name is Chris Knight, business development manager with Red Door Property Management. And we're going to dive in.
Active Homes
All right, here we go. Let's talk about some of this excitement. Active homes, 98.Active homes currently in the Fisher's. Was currently, but this is going to be for the prior month of April, 2023. So active homes in the market, 98, which is pretty healthy.
And then we can't help but notice this graph here going into our next box, which we're going to jump back to this. But this is going to completely make sense. And honestly, if you watched my last month's video, I was expecting to see this even in last month with our days on markets already expanding.
Average days on the market
But let's go ahead and jump over average days on the market, 58.That's up 38% from the previous month. And honestly, I'm not surprised because if we look back at April's median rental price overtime, we were still trending up. So actually, you'll see it down here. I mean, this would indicate, as in April, we were still trending up 1%.So that would have been right here. And then here we are with our sneak peek into May. We are seeing a downtrend. And of course we are right. I mean, we are trending up 38% on our average days on market. There has to be a correction coming. And I got to tell you, this is unusual for the spring and summer months. Typically, you're going to see a tick up as the market heats up during that time frame, right? But based on the data from the previous months, honestly, it's about time, because Fishers, I love the Fishers market, and I really hated seeing last month. I think we were at 40 somedays as the average days on market. And I really hate to see that. I really like to see a healthy market of closer to 30 days as your average, really just under. That is what I prefer to see, obviously, right, everyone wants to see a lower average days on market if you're an investor in the area. But with 50 to eight days being our average and ticking up 38% from just the prior month of March, we are going to see a tick down in the average monthly rental price .And here we are just looking at our sneak peek into May. We'll have to see where this looks. Very curious to see what that's going to look like when we get into our sneak peak of June. But with this type of increase, I would only expect it to continue to decline there. So it can get confusing because you have to remember that this graph is just that, a sneak peek into the next month's market report because right now we're reporting on data that's right here.
Average rent
So the average monthly rent, we're seeing a tick up 1%.That's why we are still here at the peak. So this would be the peak could be very well, the peak that we'll see over this hot spring summer season. Because with average days on market, we're going to see this continue to tick down. So we will see this slightly lower as we get into next month's market report. But we're talking about April, right? So we're seeing uptick 1%, up to 2129 as our average market rental price.
Average Sales Price
And then what I'm most excited to share with you here really quick is our average sale price. So this box I call the investor point of view. This is if you're wanting to enter the market, what does it look like, what am I planning to have as an initial investment? And then what am I going to see as an average rental price based on that average sale price or average initial investment? So when we talk about the investor point of view, what we are talking about is homes that are selling under $500,000 as a max price point. So are there homes that are selling above $500,000 in the Fisher's area? Absolutely. But that is not going to be included in this data because we are only looking at a data set that is going to be an investor point of view. If you're wanting to invest in this market, you're probably not likely to look at homes priced above the $500,000 price point. So we're going to include homes that are $500,000 or less. And that is, again, what I call the investor point of view. So the average home sale price of $500,000 or less averaged out to around 359, 368. So your average investor point of view price point is going to be 359. And that's made up of a data subset of 79 homes that sold within that $500,000 or less during the month of April.
So I hope that you find this information as helpful as I do, as you continue to look to expand your portfolio. Of course, I'm always here for you to reach out to should you have any questions on furthering your investments, whether it be in the Fisher's area or other, for that matter. But continue to tune in. This is amazing data. I'm always surprised by the data that's shown in these market reports every single month that goes by. And I'm going to say it again I cannot wait to see what looks like in our sneak peek for June. I personally expect this to continue to tick down a little bit since we're up 38%, but who knows? We'll see what's going to happen, especially during the hot spring and summer months that we find ourselves in now. So if you haven't already, be sure to like and subscribe and let me know if you're finding this information helpful or not in the comments section. I'd love to see what kind of feedback you guys have. And of course, I'll be there to respond to any of those comments should they come up. Thanks for tuning in.
