Fishers Indiana Rental Market Update March 2023

All right, guys, so I tried something a little bit different. We're about to jump into the Fishers March 2023 market report. By the way, my name is Chris Knight, business development manager with Red Door Property Management. And as we jump into this report again, like I said, I tried something a little bit different. I wanted to review this data right alongside you. So I didn't review anything prior to jumping into the report. But some very exciting stuff here. I think we are clearly seeing signs of a stabilized market, certainly indicated in the Fishers market, which, again, if you ever watch any of these videos, you'll quickly realize you love the Fishers market. I do. I love the East Side Fishers market, the McCordsville market, and it's a very expansive market. I also love the west side, too. The Brownsburg, avon. You hear me say it all the time. It's driven by the school systems, right? Just good quality tenants in these areas. And then, of course, I wouldn't shy away from the downtown area. I'm getting off point here. But my point is I love the Fishers area. Jump into this report with me. We're going to review this together. 

All right, let's jump in here. So I wanted to try something new. I'm going to review this data right along with you. I haven't looked at anything prior to shooting this video, so we're going to review this together. And you know what? We're going to see how it goes. Who doesn't love the Fisher's investment market? I do. I love this area. Investment properties in this market lease very well,  good quality tenants, low vacancy rates, and typically extremely low turnover costs. So again, driven by the school market, no doubt. So let's jump in here. Got a few minutes. Let's go.

Active Homes

Active homes. 86 active homes in the market. That looks good. That looks great. Love seeing 86 homes. That to me indicates a healthy Fishers market, especially as that market continues to expand. A lot of new construction is going on all around the Indianapolis area, but a whole lot of growth is going on on the Fishers and East Side McCordsville markets, without a doubt. So if you're looking at investing right now, I think it'd be crazy not to consider the East Side Fishers McCordsville areas as they are continuing to expand their town centers, primarily in McCordsville. And then Fishers are just growing like wildfire. But anyway, getting distracted here. Again, this is why I review these prior to jumping into a video.

Median Rental Price Over Time

But we're going to jump over to the median rental price over time here.This is going to be a little bit different. If you haven't copied the Brownsburg market report. I just completed that a few minutes ago. 

You want to take a look at that and you'll notice a big difference there in Brownsburg. You were noticing a dip in the March, primarily driven by an overgrowing average days on the market. So prices were being driven down in March. And then just like a basketball, it bounced right off the ground and started spiking right back up. I mean, it was like a mountain valley, if you will. But this is a little different. Obviously, Fishers was a little bit ahead of the curve and was already starting to trend upwards going into the spring and summer hot season, although it's beginning to level out, which is not ever a bad sign in my opinion. That does indicate a healthy market.

And that's going to be even more indicative as we go over our average days on market. We're down 49% of our average days on market. Healthy market. Let's go. I  mean, being down 50% on our average days on market is also indicative that we're getting into the great spring and summer months. Without a doubt, we'll see a big decrease as we get into just before school starts in the August time frame as well. But let's not get ahead of ourselves.

Average days on the market

Average rent, 2093, that's up 4%.That is an extremely healthy indicator, market going into the spring and summer cycle. So nothing off key there. Man, this is much different than our previous market reports, right? Bouncing all over the place.cI mean, look here at this last year's graph, just all over the place. And now we seem to be stabbing out a little bit, at least I hope so. 

Average Sales Price

And then going over to our average sales price. Now this is a little bit different. New box for us. Right now, we're indicating the average sales price of a home. If you're a new investor or investor, active investor rather, going into the Fisher's market, you're probably wanting to come in under the average sales price, right? So we're going to improve that box a little bit as we move forward. We're going to start creating a little bit of an average sales price range. So we are going to have what's on the low end of that sales price average and then what's on the high end of that sales price average so that you have a pretty good idea of the market before you start diving in. 

So I know I ran through some information pretty quickly there. Fishers always gets me excited, so I'm always ready to rattle it off. And I was reviewing that right along with you at the same time. So real time, if you will. 

So be sure to check back with us. We do Fishers every single month, so this information is always fresh and updated on a monthly basis, so be sure to check in. Thanks.