Greenwood Indiana Rental Market Update November 2022
Hi guys. Mike Taylor, broker owner, Red Door Property Management. Today we're going to be taking a look at the rental statistics for Greenwood, Indiana, for November of 2022.So we're getting a little bit of mixed signals. We have seen over the past couple of months, a huge influx of, of listings hit the market this month is a little bit of mixed signals. We got some good news, some bad news. So, without further ado, let's take a look at the numbers.
New Listing | Active Homes
Okay, let's take a look at the numbers for Greenwood, Indiana rental activity for November of 2022.Starting up here in the top left, we have two different stats here. New listings to hit the market in November and number of active homes. So, 16 new listings hit the marketing our local multiple listing service. And as of today, there is 29 homes on the market. So what does that look like? Or in relation to everything else? So that is actually 100% increase from November of 2021.So there were only eight new listings last year at this time. So small sample set, but still double the amount of listings hitting the market this year. And that's actually a little bit less than hit the market last month. So big increase year over year, small decrease month over month.
Rented Homes
How many homes rented? Ten homes rented in Greenwood in November of 2022.That actually represents a pretty big decrease from2021 and 11% increase from last month.
Average Days on Market
The average days on the market was 32days on the market for November of 2022.That is actually a pretty big increase both year ov er year and month over month. So, something to keep an eye on there.32 days on the market is not bad. It's kind of average, but it's more than what Greenwood has seen in the past.
Average Rent
Average rent in Greenwood, $1,637 is the average rent. That is a 3% increase from last year and a 14% increase from last month. Small little note on that. Last month seemed to be a blip. It's kind of been at the 1600 and then it just dipped down really quick for one month and then looks like we're right back up. So, I think that w as just an anomaly. Maybe a couple of lower end homes renting dragged that average down. So, looks like we're back up on track. I wouldn't put too much attention for that 14% increase.
Price Point
This slide here is just meant to show you where things are, where the activity is in the market. So, this is over the past twelve months where homes are renting at the price point. So you can see obviously it makes sense if the average home is 1637, that's where you're going to see your most activity. So, if I was looking at a rental home, I would try to stay in between this 1000and 52,001, 500 marks in the Greenwood market.
Absorption Rate
And then the last one we want to talk about is absorption rate. So that is the number of months it would take to run through the current inventory if we stopped putting homes in the market. So, in Greenwood, that is 2.9.So that's a little bit high. We've seen them as low as one. High is four. So, we're kind of in the middle here, but it's creeping up, so we're definitely going to want to keep an eye on that number to keep an eye on the health of the market.
So those are the numbers for Greenwood, Indiana, rental market report for November of 2022.
