Property Management Blog

[MARKET REPORT JANUARY 2025 Summary
Chris Knight and Mike Taylor from Red Door Property Management provide an in-depth market report for the Indianapolis metro area, discussing both rental and sales data for January 2025. The report covers various neighborhoods, including Fishers, Noblesville, Westfield, Greenwood, Anderson, Avon, Brownsburg, Plainfield, Whitestown, and Lebanon. Key insights include active home listings, average rental prices, days on market, and price per square foot. They also highlight significant economic developments impacting these areas. The session provides valuable information for real estate investors looking to buy or rent properties in these markets in the upcoming year. Let me know what you think.

Introduction and Market Overview [00:00:00] [01:21:16] Chris Knight: Welcome back real estate investors. My name is Chris Knight. I'm the business development manager here with Red Door Property Management. And I am super proud to be joined by Mike Taylor, broker owner here at Red Door. Mike, how are you? [01:21:36] Mike Taylor: Excellent, Chris. Super excited for this as well. We got a new layout here. [01:21:40] Mike Taylor: We got some new data points and new year. Like I'm just so pumped for this market report. [01:21:44] Chris Knight: Stay tuned. We've got a lot of changes that are happening this month. We've got everything from your sales data, from individual single family homes to your apartments, to your townhomes. And we have the same data on the rental side, everything separated from active homes, a single family. [01:22:01] Chris Knight: active apartments, as well as active townhomes. So you're not going to want to miss a second of this. But before we get into all that amazing data, we are first going to go over the market updates that are happening around the Indianapolis metro area so that you can stay informed on specific markets that maybe you want to pay attention to for your next real estate investment. [01:22:21] Chris Knight: Mike, if you're ready, thanks for joining me today. Let's jump into this. What do you got first for the [01:22:25] Mike Taylor: market update? Yeah, let's do it. So I got a couple, I got a couple of things I want to talk about. Fishers Market Insights [01:22:30] Mike Taylor: First, I want to talk about Fishers. To me, Fishers is I just keep hearing more and more about Fishers. [01:22:34] Mike Taylor: You feel like it's like a built out community, but I got three articles here I want to talk about one just real quick, but they're adding a second target in Fishers. Not a big deal, it just goes to show the amount of growth that we are experiencing in Fishers. You feel like. [01:22:48] Mike Taylor: It's built out and everything is, going towards McCordsville and Fortville and all the other areas, but there's still development, a lot of it happening in in the Fisher's area. So that is one thing that's going to be up near Hamilton town center. Which is cool. The other thing is also in that area, and this is a big thing. [01:23:03] Mike Taylor: This is. Fishers Event Center and Local Developments [01:23:04] Mike Taylor: The the Fishers Event Center, which has just come on my radar here over the last month or two they have we have a, we now have a pro volleyball team now that is so cool up in the Fishers Event Center. And they are now adding even more restaurants. They're just developing that area even more and more. [01:23:21] Mike Taylor: So that is exciting. If you don't know, the Fishers Event Center is a 7, 500 seat basically stadium, right? Like a an arena. And they play what hockey and volleyball there. I don't know what else they do there. I haven't been there yet [01:23:35] Chris Knight: So it's a multi use facility for sure as yeah In fact, I just learned yesterday that yeah, we have a local volleyball team. [01:23:42] Chris Knight: Let's go. But let me cool Let me go back though. The first thing you said that the new target and fishers is not a big deal I don't know who you think you are target being A new target being erected just down the street is incredible I just can't tell my wife about it because I may never see her again. [01:23:57] Chris Knight: All right, No that's awesome. I think it's being built just off of east one 36th street, if I'm not mistaken yeah. I just pulled that from memory, but that the leadership in Fishers has continued to just encourage growth so much expansion. I'm like, how much bigger, how much more can they squeeze in to Fishers? [01:24:15] Chris Knight: I'm not sure, but yeah, I thought that was awesome. And then the Fishers event center. So my son and I, we just recently attended one of the indie fuel games there. The the local hockey team. And it was my first experience there at the event center. It's awesome. It's a little mini stadium. We'll post a few pictures so that you guys can get an idea of what it currently looks like, but it's a mini stadium that's huge graphic screen on the outside. [01:24:39] Chris Knight: So you think you were walking up to Lucas oil stadium, but it's again, it's like this mini little thing, but plus it's, it's all fresh and brand new, so it's all spotless and clean inside, but it's really awesome. I think that's going to drive so much and it's also packed right in there where they have the Ikea and they have the golf place there. [01:24:56] Chris Knight: So there's so much to do that is going to continue to grow the Fishers area. It's exciting for me because it's only 20 minutes down the road and we can enjoy. A real, real awesome, engaging sporting event. So I'm super excited about that. Yeah. But the target though, I'm still, I'm really excited to go and get me some new plush pillows. [01:25:15] Chris Knight: Anytime I want it just on a whim. I'm looking forward to it. [01:25:20] Mike Taylor: I did not expect that out of you, Chris. I did not expect you to be a throw pillow guy. [01:25:24] Chris Knight: Yeah, it's my lower back. You got to have the right one. So that's what's going on at Fishers. What else we got? [01:25:31] Mike Taylor: The other one is, talk about leadership in Fishers. [01:25:33] Mike Taylor: So this one is, and this affects our investors directly. Fishers Rental Market Concerns [01:25:37] Mike Taylor: This is just an idea that they're talking about, but the mayor of Fishers is putting out a proposal to limit the amount of single family rentals to a total of 10%. Yeah. And so this is a. thing, at least for the local area. [01:25:52] Mike Taylor: I think there's only a couple of communities nationwide that have done it. But this is definitely something that we want to talk about because it could have an impact on our investors could have an impact on if you're thinking about purchasing a home in Fishers. There was there was another article in the indie star, which I mean, if I don't say so myself, we did get interviewed for in the indie star article about the single family [01:26:15] Chris Knight: rentals. [01:26:16] Chris Knight: That's right. You start recognize that they need to talk to the most prestigious management company here in the Indianapolis area. So they gave us a call. Yeah, [01:26:23] Mike Taylor: obviously. No, but there is like this growing trend of what that article was about and what this is about too, is that there's. [01:26:29] Mike Taylor: These big five or seven companies like progress residential A couple other ones who own they're these major corporations who own a ton of homes and so I think that's where this is coming from But anyway, it's translated into a proposal of limiting all single family homes. Sorry all single family rental homes in fissures To a max of 10%. [01:26:47] Mike Taylor: Now it's just talk right now. It's not going into law or anything like that, but it is getting kicked around. And so I just wanted to bring it up here and just talk about it. And just make our investors aware of it because it could, you could argue that actually could have a positive impact if you. [01:27:02] Mike Taylor: Are able to get one of those and are able to Have a rental at fishers if they're going to cap that at 10 percent Limit your competition. I mean you're driving your inventory down, right? Yeah, [01:27:12] Chris Knight: that's right Yeah, you will limit your competition. But yeah, I think it's important to discuss this when the word inflation became such a hot buzzword, you had, you still have, anyone who considers themselves a real estate investor or wants to foresee themselves as a future real estate investor is jumping into rental homes. [01:27:30] Chris Knight: And sometimes that being the case your individual landlords don't always take the best care of properties. And that's something that I think Fisher's is. Trying to resolve and even these major companies that you were talking about, they don't always have as much oversight over individual properties as they should. [01:27:47] Chris Knight: And sometimes they can become a little bit dilapidated. And so they're wanting to keep that from happening. Even that speaks to the reason why if you're an out of state landlord, even if you have one property, the importance of having a local property management company that can make sure that your property stays upkept and attractive and appealing. [01:28:04] Mike Taylor: So I think to the other part of it is it's this tight inventory that we have and that we have had for a long time. And the, a lot of people want to blame rentals and they say, Oh, investors are buying up all the homes. And now somebody who wants to buy a home can't buy a home. [01:28:16] Mike Taylor: So this may go away. If we see if we see a trend towards a buyer's market, this may go away, but it's definitely worth something talking about because it's a big deal. So I would argue, honestly, it's probably if you own a home in Fishers. And it's a rental. It's only going to do better for you because you're going to be grandfathered in So you're not actually going to be subject to that 10 percent and then like I said your inventory in fishers is going to be is going to go down I mean in a certain way It's a good regard if you already have a home in fishers if you're thinking about it in the future Maybe not. [01:28:44] Mike Taylor: But if you have an existing one, it might be a good thing for you. Yeah, so if you're thinking about it, you might want to get into the fishers market quick. Yep. And like we talked about, I think the west side, the older side of fishers is a right place to pick up a rental right now because they're doing a ton of development there as well. [01:28:59] Mike Taylor: Kind of like redevelopment really. All right, let's move on. Westfield Market Updates [01:29:01] Mike Taylor: Okay, so I got two. We always talk about Westfield because there's always so much going on in Westfield and there still is going on in Westfield. So I have two that I just want to touch on. One of them is a couple months back we talked about that Grand Universe is what it's called. [01:29:13] Mike Taylor: It's like a billion dollar it's like a space and science education center is what it is. And so we just mentioned it briefly. Didn't want to talk about it too much because there's a lot of talk about, things that could happen, but this is moving forward. It's going forward. [01:29:25] Mike Taylor: And so I don't think it's a hundred percent approved yet, but it is moving in that direction. And that's huge man, a billion dollar development in Westfield. So just wanted to mention that is more and more development, more and more progress, more and more investment dollars going into. into Westfield. [01:29:39] Mike Taylor: Yeah. Other thing. Go ahead. Other thing in Westfield, which is huge is have you heard of this thing, the Grand Park District? Have you heard of that? Yeah. Yeah. I just read about it just a few days ago. So I think it's going to be like that Fisher's Event Center is what they're trying to do because they're saying it's a 10, 000 seat stadium a sports technology incubator space and a park line with attractions, housing, office facilities, restaurants, and hotels. [01:30:00] Mike Taylor: According to a master plan unveiled by the city on Monday, it would be, 152 acres just south of 186th street, which how much more stuff can they get in there? [01:30:09] Chris Knight: Yeah, [01:30:09] Mike Taylor: exactly but it would be it would have eight million square feet of development four thousand residential units There would be seven thousand parking spaces I don't know just a massive thing so that again that's just talk right now But it's just goes to show like the scale and yeah, what the future that they're looking to do in westfield [01:30:27] Chris Knight: Yeah. [01:30:27] Chris Knight: A grand park is such a major driver for the Westfield area. I think it's been so great for that community. So great for families. And I know a tremendous amount of our investors have invested in condos and townhomes in those areas where in the short term here, it's become a bit saturated. [01:30:44] Chris Knight: This is great news for you. So over the longterm, your appreciation play is all but secured. So I think it's going to be amazing. Not only that, in addition to there are updates for the grand park area. Westfield has talked recently about wanting to get into a town center like a lot of these other suburban areas have. [01:31:01] Chris Knight: So there's going to be a ride along grand park. They're going to continue to build up a town center, which means restaurants, employment opportunities. So I think Westfield, honestly, I know some of the numbers as we go over the market reports haven't been, shiny and neat for a new investor, but. I think the future is super bright for the Westfield. [01:31:20] Mike Taylor: Yeah, just cause to show you the quality of the community that they're building up there. We've talked about it and we'll see it this month. The days on the market is atrocious right now. It's probably not a great time to buy a house in Westfield. Honestly, right now I wouldn't be putting my new dollars there, but if you have it there and, or if you have a longer time horizon, it's still a great community and that's why we continue to highlight it. [01:31:38] Mike Taylor: Couldn't agree more. Yeah. Cool. I got two more Chris, if you don't mind. And actually they're both developments. They're just so much going on here right now. And you know what? We didn't even talk about. I think we've mentioned it before, but Zillow came out and named Indianapolis what the number two hottest market in the U S correct. [01:31:53] Mike Taylor: That's right. That's right. I think [01:31:54] Chris Knight: that's correct me if I'm wrong here. I think that's up from five, number five, weren't we number five, just a few months ago. Yeah, I believe that's right. I believe that's right. Yeah. [01:32:02] Mike Taylor: Number two, we're moving up. Anyway, bonus material. We didn't even talk about that, but we forgot to mention it. [01:32:07] Mike Taylor: But that's gotta be what's fueling some of this stuff. There's that demand, both locally and nationally. Noblesville Market Developments [01:32:12] Mike Taylor: So here's another development that they announced in Noblesville. This is coming from Hanky development, which is the people who do, they do a lot of high end golf communities. [01:32:20] Mike Taylor: So they did Bridgewater club in Westfield. They did Chatham Hills up in Noblesville. They're doing I forget the name of it, but the big development there in Lebanon, they're doing one in Plainfield. And now they're announcing another one here in in Noblesville. And so this is going to be 1, 100 acres. [01:32:35] Mike Taylor: It's going to be like mixed use housing shops, restaurants, recreational amenities. It's going to be at 146th and Oleo and a total of about 2, 400 homes. And it's going to be a golf cart community. And so this is. Probably not something our investors would look to purchase necessarily. [01:32:53] Mike Taylor: But again, it just goes to show the quality of Noblesville. If you have an investment home in Noblesville, it's probably not going to be this one, but this only raises your prices and only secures the appreciation play in in Noblesville and just goes to show that there is still a ton of demand for housing in Noblesville. [01:33:11] Chris Knight: Yeah. Yeah. Noblesville is always one of those areas that I always tell it's a great market. To get into and it, you know what, it doesn't shock me now that, so the target you referred to earlier is on one 36th and now the community just spoke of is on one 46. So they were probably like, Oh, targets going in there. [01:33:27] Chris Knight: Let's get a community up pronto. [01:33:29] Mike Taylor: You're right. They are different ones in Noblesville, ones efficient, but they're super, super close, right? Probably a couple of miles away from each other. So yeah, that whole area is really developing. And that honestly, that just bleeds into what your area McCordsville Fortville. [01:33:40] Mike Taylor: It just bleeds into all of them and then ultimately into Anderson, like we've been talking about. So it just. I don't know. Just keeps creeping North. Yeah. One last one. And it is again, it's another development, but they're planning another development at 262 acre development in the North side of Whitestown, which, we've been talking a lot about Lebanon. [01:33:57] Mike Taylor: And I think this is just bleed over from just the craziness that's happening in Lebanon. So this is a they want to build a Beckman park on agricultural land on a South County road, six 50. It's going to be public park. It's going to be again, like a mixed use development. So again, just more development pushing out West and up North into the kind of that corridor up there that I keep talking about with the Whitestown and Lebanon, there's just so much activity going out there as well. [01:34:28] Chris Knight: Yeah, it's incredible. We're going to have to focus on market updates on the south side of Indianapolis next month because we've definitely covered the north side. That's so much money being poured into the local community. It's no wonder Indianapolis was touted number two by Zillow. [01:34:42] Chris Knight: And I'm talking to new investors all the time who are reading articles just like we are. Yeah. Yeah. And it's just driving them here in droves. [01:34:49] Mike Taylor: I love it. That's all I've got for kind of market updates. Indianapolis Market Reports [01:34:51] Mike Taylor: You want to I'm really excited to jump into our new market reports. [01:34:55] Mike Taylor: We got a new layout. We got some new stats. I'm really excited to unveil this. [01:35:00] Chris Knight: I can't wait. I know we're going to fumble through a lot of it today, but I know that it's tremendously valuable information specifically to new investors. Also just as much so really too, if you own a property in these areas, if you're a new investor. [01:35:12] Chris Knight: Looking to get into the Indianapolis metro area. This is going to be extremely valuable content that you're going to want to check out, which you can find on all of our social media channels. And and if you are new to the market, reach out. We'll be happy to assist you in building a team. We have all the connections necessary, whether it be on the lending side, on the real estate side, whether you're looking for someone who can help navigate and scout a potential investment opportunity here in the area. [01:35:37] Chris Knight: Happy to help put those connections together or assist you in doing so so that you can build a strong portfolio here in the Indianapolis metro area. So be sure to check check out our market reports, check out all the content we're we're producing on a monthly basis. Welcome back Red Door investors. [01:35:53] Chris Knight: Here we are. We are about to jump into January 2025 market reports as well as market updates. So without further ado, I say we jump in. Let's start with Indianapolis, the the inner city Indianapolis markets. Mike, I'll let you take over. Let's rock. [01:36:10] Mike Taylor: Yeah, let's do it. So this is January. One thing just to mention on this new layout is that we have broken it out a little bit differently in the past. [01:36:19] Mike Taylor: And so we're not going to have some historical numbers like we had before, like number of active homes. This is a we're we're teasing the information out a little bit more. And so the numbers might change from last month or last year, if you continue to watch these market reports. And just wanted to take a note of that. [01:36:34] Mike Taylor: And so what we're doing is we're breaking it down into single family home data. We're also going to include condos and townhomes, and then we're also going to include apartments because there is a really big difference. We'll, and we'll go through it here just so you can see, but and then we're also excited to, I think probably have a little bit more accurate data on the days on the market. [01:36:54] Mike Taylor: Last year we struggled a little bit with that and some, we couldn't even report because there wasn't a ton of data. So we've got a new a new data set and feel real good about having that days on the market there. Have it be more accurate this year. Super, super excited about that, but without further ado, let's jump into it. [01:37:11] Mike Taylor: Number of active homes, and this is rentals, okay? We're gonna do rentals, rental data, and then sales data. Starting off with the rental data, there's 1, 086 homes. On the market again, we don't have year over year data but that is down slightly month over month 2% just from our knowledge of last last market reports. [01:37:28] Mike Taylor: The number of active homes has remained pretty steady and pretty consistent with last year. So no huge change there. Average rental price in Indianapolis is 1610. And year over year, that's about a 4 percent increase. So that's pretty decent. And then month over month, that's a, just under a 1 percent increase there. [01:37:45] Mike Taylor: Days on the market 57. So that's not awesome, but it is January. So it's not unheard of. It's it just is what it is. January is a tough time to, or December really is a tough time to lease your home. I'd like to see that go down. I would think that we wouldn't see that go down as we get into the spring season. [01:38:02] Mike Taylor: But it is what it is 57 days right now. And then this is a data point where sometimes we get this. And so we started to include this as this is the price per square foot for a rental. And I think you see this more on multifamily. Then you do on single family, but I think it's definitely a data point worth following and worth looking at. [01:38:20] Mike Taylor: You can see month over month that jumped, geez, almost 12%. So we don't have historicals yet on this, but we will keep an eye on it. So the average price per square foot for single family homes in Indianapolis is a dollar 15. So just something interesting to watch. And then, as I mentioned we broke out and we have we have data now on apartments and townhomes. [01:38:38] Mike Taylor: So the top graph that you're going to see there in between is for apartments the apartments, there's 793 apartments in Indianapolis for rent right now with an average. Rental price of 10 84. So this is one of the reasons that we broke it down is what a big price difference between average rental price or single family and average rental price for. [01:39:02] Mike Taylor: Apartments. So 1610 for single family, 1084 for for apartments, but then your price per square foot, obviously typically apartments are going to be smaller and you're going to get more price per square foot. So a dollar 50 in the price per square foot for apartments. And the next graph is is townhomes. [01:39:17] Mike Taylor: So we've got 128 townhomes and average rental price there for a townhome, Indianapolis 1595. And then average days on the market for a townhome is very similar to very similar to single family 54. And then not surprisingly the price per square foot is in the middle at a 1. 24 price per square foot for townhomes for Indianapolis. [01:39:38] Mike Taylor: I don't want to go over all three of these graphs, but they are just available for your guys's consumption, but you can see. On almost all three single family and apartments and townhomes is held even, but the average rent is up year over year, which is super, super good. [01:39:54] Mike Taylor: And then the only other thing I want to comment on these on these graphs down here is on the single family homes. It looks like it's returning to normal. That's a relatively normal graph where we see the increase in the summer and then it dips off in terms of average rental price for the winter season. [01:40:09] Mike Taylor: Last couple of years, we've been doing it for a couple of years now, Chris, we've seen spikes and peaks and valleys and it's been wild. This is a return to normal. So that's cool to see. [01:40:18] Chris Knight: Yeah, the real estate market has been trying to find a quote unquote normalcy here for a couple years and I think to your point, I think we're finally starting to see it here. [01:40:27] Chris Knight: One thing I just wanted to mention there on number of active homes, you'll probably notice the year over year is currently in a which we do. Intend on building that data over time. And then again, just reiterating Mike's point. The graphs there at the bottom are just primarily for your consumption, but over time it is for us to highlight trends that are happening in each individual market. [01:40:48] Chris Knight: And in addition to this we will have a graphic that you'll be able to find on all of our social media channels, which if you're looking for where you might be able to find those, you can see those there at the bottom of this graphic. So go take a look and we will include a special graphic, which will include these average rent price trends over time. [01:41:07] Chris Knight: These graphics here at the bottom, they will include all of the sub markets as well. So you can really get a snapshot of the entire Indianapolis and surrounding markets all in one. Nice, neat graphics. So I think it's going to be sweet. We are looking forward to your feedback as you begin to digest this information and we'd love to bring you more information that you feel would be helpful to your specific search here as you're looking for a new real estate investment property. [01:41:30] Chris Knight: I think that does it for the Indianapolis rental data. You want to jump over to sales? Yeah, let's do it. All right, here we go. So this is also something new for us that we've, we talked a little bit about sales data. We had, I think average sales price and then number of homes sold. But didn't really dive too deep into it. [01:41:45] Mike Taylor: And we work with investors all the time and this is a big piece of the puzzle. If you're looking to purchase a home, you need to know what's going on with. The buying of it. And so we've decided to expand the sales data a little bit with its own kind of graphic and a few more pieces of information here for you. [01:42:03] Mike Taylor: We're going to look at the average sales price. And again, this is when we do these, we look at it from an investor point of view of under 500, 000. We cap this at 500, 000. So if you're looking for a home under 500, 000, the average sales price in Indy is 241, 269, which is, I tell, I say this every month, but it's just so incredibly affordable. [01:42:21] Chris Knight: Yeah. [01:42:21] Mike Taylor: Nationwide it's just even locally here it's so affordable, 240, super, super affordable. Average days on the market is 53. And be curious to see. We haven't priced that or we haven't done the trend on that. So I'll be curious to see how that trends over time. [01:42:36] Mike Taylor: And see how that goes with the spring. I, it should trend down just like the rental market as well. The days on the market should go down as we get into spring and summer, but be curious to see. It's been a. Weird sales couple of years really. And so we were just having this discussion. [01:42:52] Mike Taylor: Chris is what's happening with the market. Are we at an inflection point? We had a bit of a disagreement. You're seeing on the ground that what it's softening. [01:43:00] Chris Knight: Yeah. So look, if you're watching this here's a quick little peek inside of what it's like for us boots on the ground, real estate professionals, boots on the ground, the data that's coming out from even the local listing service here in the Indianapolis area. [01:43:16] Chris Knight: I, I argue all the time that by the time that data makes it to the consumer it's already outdated, which again is a huge reason why you should be tuned in to this right here, because this is information I would argue that you're getting even ahead of the big services like the multiple multi listening service. [01:43:34] Chris Knight: Excuse me. So the, what I'm seeing here on the ground is that the sales market is absolutely slowing. And I think that's indicated here. When you're looking at the average days on market, year over year, you're up 26%. Month over month, you're up over 8%. And then if you jump all the way over to the number of homes sold month over month, you're down 27%. [01:43:57] Chris Knight: So I think that. I'm a little bit hesitant to mention it, but I do think that we are going to be entering much more of a buyer's market here in the short term. Now do I think that there's anything indicating that home prices are going to plummet? No not by any stretch of the imagination, but right now there's no indication that there's anything that's going to be happening to interest rates. [01:44:18] Chris Knight: They're going to remain high. I think the other 8. 1 percent for a 30 year fixed mortgage. So if that stays where it's at, without a doubt, the slow on the buyer side is going to continue. And I think it's, yeah it's going to slow. So hopefully that adjusts things to more of a buyer's market in the longterm. [01:44:35] Mike Taylor: Yeah. I think the only, my only counter to that Chris is that we're still not seeing the inventories that would be needed to slow that down. So we might be, we might see more and more, but people still have those low interest rates that they're hanging onto. They don't want to sell their house. [01:44:47] Mike Taylor: I don't know. I don't know. I think it's going to be more of a balanced market then. Then a buyer's market, but we'll see. [01:44:53] Chris Knight: I know that the numbers do indicate that there's inventory is still low. And I do feel like it's probably still on the low side, but I don't know that those numbers have updated to where, it's real time data. [01:45:03] Chris Knight: I have, we have home builders here, even in this area, in this market, at the local market, I would say it's still doing quite well and they have. New build homes that are continuing to sit there longer than they have over the short term here recently. Yeah. [01:45:16] Mike Taylor: Yeah. You can see it. [01:45:17] Mike Taylor: Average days on the market is 53 be curious to see, again, we haven't pulled this historical data, but right. I would think if we looked at that a year or two ago, that would be a lot less than 53 days on the market. 53 is reasonable. That's a reasonable time on the market in terms of sales, in terms of sales data. [01:45:31] Chris Knight: Yeah, exactly. Gosh, it wasn't long ago where I swear that average days on market would probably be like nine, three. Yeah, exactly. Exactly. Okay. All right. All right. Enough of that. Let's let's jump into our next market report. Are you ready? Yeah, let's do it. All right, let's go. All right. [01:45:46] Chris Knight: Fishers. Now, if you haven't already checked out our just market updates which is much different than our rental and sales market insights, our market updates just goes over some overgeneralized market changes that are happening that might affect your investment dollars if you were to enter the market. [01:46:04] Chris Knight: Fixtures is one of those areas we did highlight. Mike, something you want to add there? I think we're calling them economic insights. It sounds way, way more intelligent. Oh my God. That's so much better. That's so much better. I don't know if they're titled that way. If they're not, we need to economic updates. [01:46:16] Chris Knight: So big changes happening to the Fisher's area. So check that out if you haven't already. Now let's jump into the data here. Number of active homes. Currently in the Fisher's market, we have 86 homes. And just like Mike alluded to on the previous market report the Indianapolis market report, this is only single family homes. [01:46:33] Chris Knight: And then just below that, you'll see our little apartment indicator graphic, and then our townhome graphic there just below that. Important to, to understand that this first information box is all single family homes. Average rental price here in the Fishers Market 2100, which is down 2. 3 percent month over month, but it's up almost two and a half percent year over year. [01:46:56] Chris Knight: Average days on market now. This data is going to be much different than what we've reported previous year because the previous year included all of these residential units, single family apartments and townhomes. Now we're breaking them out just to appeal to the different types of investor that you may be. [01:47:14] Chris Knight: So the average days on market, although that is pretty close to where we have been in the fishers market. It's closer to a more acceptable level. I prefer it to be closer to the 30 day days on market, but who wouldn't. Average price per square foot, which is another new informative data point that we're going to be adding. [01:47:32] Chris Knight: Month over month, you're up 1 percent and it's just over a dollar, which is a little bit surprising to me. It's just over a dollar because I believe in the Indianapolis market report, man, it was yeah, it's a dollar three. Wow. You get more per square foot in the Indianapolis area than you do in Fishers. [01:47:47] Chris Knight: Does that not surprise you even a little, [01:47:50] Mike Taylor: maybe two cents following that. So to me, it's a new data point. I don't have a ton of insight into that yet. I'm really curious to see how this plays out over over the different areas and over time. So I don't know. [01:48:01] Chris Knight: Okay. Yeah. Yeah. That'll be interesting. [01:48:03] Chris Knight: So let's jump into apartments. We have 18 apartment units on the market at 1681 average monthly rents with your square foot at 1. 43. And then at townhomes, 22 active townhomes in the Fisher's area. at 22. 95 with those average days on market averaging out at 66 with an average price per square foot at 1. [01:48:25] Chris Knight: 28. The graphics there at the bottom is only to track trends over time. It's only for your individual consumption. And then again, I want to reiterate, we will include all of our suburban market areas as well as Indianapolis. In its own individual graphic that you can find on all of our social media channels. [01:48:43] Chris Knight: They're listed for your convenience there at the bottom of this graphic. Mike, anything you want to add about Fishers? [01:48:48] Mike Taylor: No the only thing is, the, again the single family homes price over time. It's cool to see the whole year at once of 2024, similar to Indy where it has, what I say is leveled out. [01:49:01] Mike Taylor: This is a normal market where we see the, we see a peak in the summer and then dip in the. Dip in the winter. So I don't know, just noticing that trend here of all of 2024 kind of. Normalizing quote unquote. [01:49:12] Chris Knight: Yeah. It's going to be exciting to watch that especially as it's broken down in between apartments and townhomes as well, and to see how those kind of correlate with single family homes all that broken down Dana townhomes over there is a little bit squirrely, a little wild ride over there. [01:49:24] Chris Knight: Yeah. Yeah. We'll see if that continues. All right, let's get into the sales data. Fishers Sales Data Analysis [01:49:28] Chris Knight: So if you're thinking about putting dollars in the Fisher's market, this is exactly what you want to be tuned into. So your average days on market here in the Fisher's area. Here you go back to my original point and I'm, you know what, I'm going to continue to point this out. [01:49:40] Chris Knight: And when my future insights, when, after looking at my crystal ball turned out to be true, I'm going to make sure everyone. Everyone knows I was right. So 54 average days on the market here in Fishers month over month. You're up 31 percent year over year. Mike, you're up 50%. [01:50:00] Mike Taylor: That's crazy. [01:50:01] Chris Knight: Yes. Yes. [01:50:02] Chris Knight: Absolutely. If that doesn't scream that I'm right, I don't know what does alright average price 100. Let's see average price per square foot on the sales data 184 for your average price per square foot average sales price. Keep in mind this is guided by our investor point of view price points, which is anything from zero to five hundred thousand dollars which we which we See being really that investor point of view price points. [01:50:28] Chris Knight: So within that data set your average sales price is 345 902 which is down month over month but up year over year as we have all seen in the news homes sold 51 homes sold which again this number is obviously going to Correlate with our average days on market average sold Month over month, you're down 27 percent year over year. [01:50:52] Chris Knight: Oh, you year over year, you're up 10%. It's not going to correlate every time. Average sales price over time. As we all know, home prices have ticked up over the previous year. We see that indicated there in the graph. And we'll see how that averages out over the over the year to come. Number of homes sold. [01:51:10] Chris Knight: That's just a sweet little graphic over there for your individual consumption. Mike, anything you want to add about any of those graphics? [01:51:15] Mike Taylor: No the only thing I do want to add is it is curious to see those are some crazy numbers, month over month numbers up 31 percent days in the market and down a 27 percent number of homes sold. [01:51:26] Mike Taylor: So again, we don't have the historical because we haven't been pulling this data to see if that's maybe a blip, but gosh, if that continues, that is, that's big. That's big news. [01:51:35] Chris Knight: Yeah, that home sold. You're still up 10 percent year over year. That one caught me. All right, let's jump in. Just lack of inventory last year. [01:51:43] Chris Knight: Yeah, let's jump into Noblesville, shall we? All right, market insights on the rental side for your Noblesville market. This is the market that, that I love as everyone is currently aware. So number of active homes in the area. We have 73 Currently active single family homes in the Noblesville market. [01:52:04] Chris Knight: Average rental price at 2023, which is up one, just over 1 percent month over month, but down almost 8 percent year over year, which again, is a little bit surprising. So surprising. I think in our previous market reports for 2024, I'm pretty sure consistently that number was positive. And I'm wondering now looking, just taking a sneak peek there at the town homes if that was driven by townhome activity at 2, 400. [01:52:32] Chris Knight: So your average single family home, 2023 average days on market is 47. Of course that's higher than we prefer. If you're with red door, it's probably closer to 30 average price per square foot in the noblesville areas. at 1 and 6 cents. Now this even beats Fisher's as well as the Indianapolis Indianapolis market apartments coming up first 25 active apartments in the Noblesville area at 1558 as your average rent, a dollar 55 average square foot. [01:53:02] Chris Knight: And then excuse me, that's apartments townhomes coming up next 18 active townhomes in the Noblesville market at 2, 400 with your average days on market at 67, I guess people in Noblesville are. Preferring the single family home without a doubt [01:53:17] Mike Taylor: seems like a, but gosh, that, that price point is a lot higher for the townhomes. [01:53:21] Mike Taylor: That means they're building some high end townhomes and they're sitting around on the market a little bit longer. [01:53:26] Chris Knight: Yeah. I don't even know where those would be, where are they building new? Townhomes in the Noblesville area. Anyway you're grabbing townhomes [01:53:34] Mike Taylor: in Noblesville. I can't think of it off the top of my head. [01:53:36] Chris Knight: The only ones I know are on Oleo here in McCordsville. And then they have, I've seen some going up in the Fisher's market, but checking out those graphics down below, we're going to be able to track trends over time. So your single family homes, apartments and condos, and then your townhomes and how those average rental prices are going to fluctuate over time. [01:53:53] Chris Knight: So that's going to be exciting to see over the coming year. [01:53:57] Mike Taylor: Yeah. Just one piece to add to that, Chris, the average rental price year over year down almost 8%. The only thing I do notice on that is if you look at that graph in the bottom left, for some reason in January, there was a big bump. If you look from December to January, a huge bump in January for some reason. [01:54:15] Mike Taylor: So it seems like January was a off month in a good way last year. I don't know. I just, we'll keep an eye on it of course over time, but it seemed like January of 24 was a bit of a blip. [01:54:24] Chris Knight: Yeah. Yeah. You're probably right. I wonder if that's going to correlate with inventory or anything like that. [01:54:30] Chris Knight: Yeah. We'll have to keep an eye on it. Okay. Jumping into the sales data for Noblesville, your market insights, average days on market for a home. In the Noblesville area is 35 days, man. That's, that seems pretty good. It seems stable 30 days on the market for, yeah. Average price, 175 per square foot, average sales price in your investor point of view, which is zero to 500, 000 is coming in at three 44 to 91. [01:54:58] Chris Knight: And your av, excuse me, your home sold which is down. 17%, but up 54%. God, those numbers are just huge. So your number of homes sold in the Noblesville areas at 57 average sales price over time is going to be super fun to watch. And you have all of your info there and the number of homes sold. [01:55:20] Chris Knight: How many within an individual 50, 000 block so take a look at that Whatever fits in your budget you're going to know you're going to have a better insight into where you should be looking. [01:55:33] Mike Taylor: Yeah one thing and I know we just gloss over this and probably won't mention it too much, but In that bottom right graph number of homes sold. [01:55:41] Mike Taylor: One of the reasons that we wanted to include this was to highlight That, so the average sales price is 91. But what I think that this bottom right graph highlights is if you look at that, there's a hundred and. Seven homes that sold under $250,000 in the Noblesville area. So even though the average sales price is 3 44, there are still homes under 300, even under two 50, that are available for investors. [01:56:07] Mike Taylor: Most investors are going to want to purchase. I won't wanna say on the lower end, certainly certainly wanna be smart about the purchase. That's why we limit it to 500, 000. You're not going to buy a 700, 000 rental home is the return. It's just not going to be there. [01:56:19] Mike Taylor: Typically the return is on the more affordable homes. And so I just want to highlight that, that there's over a hundred homes that sold last year in Noblesville under two 50. And I think that's why we wanted to include that graph there to show you what is truly available. [01:56:31] Chris Knight: Yeah that's interesting. [01:56:32] Chris Knight: Yeah. I would assume a lot of those are going to be value add opportunities as well. Yeah. [01:56:38] Mike Taylor: Or small. Of course, they're going to be small little homes or maybe a little a little townhome, something like that. Yes, of course. But they're there. [01:56:44] Chris Knight: Yeah. Yeah, absolutely. All right. [01:56:47] Chris Knight: Jumping over to Westfield, more your neck of the woods. [01:56:50] Mike Taylor: Yeah, Westfield, I love it, it's it's, I don't know. I have mixed emotions about Westfield. If you caught our economic insights, there's still so much going on at Westfield, so much development, so much growth that part is super, super exciting. [01:57:04] Mike Taylor: It's going to be, it is a amazing community. It's just going to get better. continue to grow. But in the short term purchasing a brand new rental in Westfield is going to be tough. And it's going to be shown by these numbers here. So there's 66 homes active homes on the market. Average rental price is 2, 400. [01:57:23] Mike Taylor: And look at that. That's down 10 percent every year and 1. 6 percent month over month. So we're feeling that with the the vacancy that we have in Westfield, they are a little bit tougher to fill just because there is I think increased competition there right now. And I think maybe some unrealistic pricing going on that, that I think is, we're seeing a bit of a correction here. [01:57:46] Mike Taylor: So yeah just a word of caution for people who have a vacancy in Westfield right now is that it's I don't know if it's a reset or what you want to call it, but. Pricing is heading in the wrong direction at the current moment. [01:57:56] Chris Knight: Yeah. I don't know that I call it a reset, but it's definitely a saturation issue. [01:57:59] Chris Knight: And I have to highlight this because it does speak to the accuracy of our previous market reports where we were indicating in the based on again, on boots on the ground, based on the investor activity that was happening in the Westfield area, we were suggesting to our owners that we get ahead of price reductions to stay ahead of the competition. [01:58:17] Chris Knight: We were. We were running a rental analysis for your standard condo that is going up in Westfield and they were indicating close to 2, 200 a month as a rental analysis, which if you're expecting to get into this market, you're going to pull one of those very similar rental analysis, and it's going to indicate 2, 200. [01:58:32] Chris Knight: Hopefully you're paying attention to this market report because guess what? You're not going to get 2, 200 for a townhome. Now the data is starting to reflect that here in front of us. You'll see there in townhomes, the average monthly rent being at 2, 025. That's what were we saying two months ago in the previous market reports that we were suggesting if it indicates 2, 200 you should be at 1995 well there you go I hope that you have somebody in your other markets that you're investing in that's relaying data Like we are here at red door because that's so valuable because guess what all of our owners now have tenants sitting in them right now But guess what their competitors are Still holding onto that 2195 that they're trying to achieve with their vacant property. [01:59:11] Chris Knight: So there you go. [01:59:13] Mike Taylor: Absolutely. Westfield Market Struggles [01:59:14] Mike Taylor: And we continue to see it look at days on the market is, and we've seen this for the last, I don't even know how many months, but we've been highlighting this in Westfield. It's a struggle right now, 74 days on the market. That is a long time to be vacant. And that's to Chris's point is you've got to get that vacancy filled. [01:59:27] Mike Taylor: You can't afford to have a vacant home for 74 mark, 74 days. You gotta be realistic about your price. And again, have that closer to less. Average price per square foot is a dollar 16. I think it's the highest that we've seen so far here. A dollar 16. In in Westfield, which is weird, is up 23 percent month over month. [01:59:47] Mike Taylor: That seems strange to me. We'll have to keep an eye on that. Just an influx of inventory, I would suspect. So again, these investors are trying to achieve higher price points, driving up these numbers, but I wonder if they're actually achieving them. Sorry to interrupt. Go ahead. [01:59:59] Mike Taylor: No. [02:00:00] Mike Taylor: And we, again, we see that on the days on the market and you're striving to get that 2, 400 or 2, 500 and it's just not going to happen. Again, we break down apartments. So there's 23 apartments in Westfield. Average rents on the apartments is 1817. Average price per square foot for an apartment in 68. Townhomes vs Single Family Homes [02:00:17] Mike Taylor: And then townhomes we have seen. What's interesting to me is look at the number of townhomes versus the number of homes for sale. They're almost townhomes in 66. Single family homes. That's a lot of townhomes on the market. But honestly, what's curious to me is the days on the market is less on the townhomes than it is on the On the single family homes average rental price. [02:00:38] Mike Taylor: Chris already mentioned this for a townhome in Westfield, 2, 025. Average price per square foot for a townhome is a dollar 35. So there's a good amount of townhomes on the market. And I know what those are. They're building a lot of them. Curious. We've got the three graphs down here at the bottom in terms of price over time. [02:00:54] Mike Taylor: It is a pretty big dip from that January data in 2025 versus 2024. Look at that. Geez, that peaked out at almost 2, 700. Yeah. That's a pretty big dip from last year. That is. That is huge. But you can see the price trend is down. Yeah. And we've been talking about it all year last year. And as I mentioned, if I'm an investor, I'm not buying a new home in Westfield. [02:01:17] Mike Taylor: I have several. I'm glad that I do. I'm glad I bought them when I did, but I'm not putting new dollars in here right now. Yeah. And so just as we're closing out the rental market insights here just want to make sure. That if you didn't already catch our economic market updates on the front end of all of this You want to go back and check that out? [02:01:37] Chris Knight: There is valuable data there, information that is concerning the westfield market So all that to say if you currently own or in the process of closing on a Potential property here in the Westfield area. It's not all doom and gloom. In fact, I'd say it's quite a rosy outlook for the Westfield area. [02:01:52] Chris Knight: So yeah if if I was in your shoes, Mike had a couple of already under my ownership, that's a good place to be for sure. [02:01:59] Mike Taylor: No, Chris, you're right. And it's not all doom and gloom. But it is a little bit rocky in the short term if if you're looking for cash flow that, that was my point, but no, you're right. [02:02:07] Mike Taylor: I'm super bullish on Westfield. I think it's a great area. I think it's a great area to continue to invest in, but a lot of our investors are looking forward that cashflow. And if so, this is definitely not the play but it is a good long term. A long term play in a extremely stable and high quality area. [02:02:26] Mike Taylor: Sounds great. Sales Data Overview [02:02:27] Mike Taylor: Ready for sales? Yeah, let's do sales data. All right. All right. Days on the market, 35. That's about what we've been seeing everywhere else, but that's, so that's it's good. Seems like a balanced market. That is down month over month, 8%. We don't have the historical for year over year quite yet. [02:02:43] Mike Taylor: Average price per square foot is 191. That is up both month over month and year over year and average sales price 374, 478. That is up almost 5 percent month over month. Pretty much flat year over year. And then number of homes sold is 53. That is down 22 percent month over month and down 11% Year over year. [02:03:06] Mike Taylor: So we're getting a little bit of mixed signals here, but that is a trend that we're seeing is number of homes sold is down in most of these submarkets. We might be, we might, Chris might be right. We might be at a bit of a turning point in the market where the demand is going down a little bit. [02:03:20] Chris Knight: Yeah, the more we go through these numbers as we're actually reporting them here now, even more I feel even more strongly about my specific sentiment on the market. [02:03:30] Mike Taylor: Average price over time. We'll take a look at that and see how that develops over 2025 and the number of homes sold bottom, just to highlight, where these homes are available in that again, when we do these sales prices, it's under 500, 000. What's curious to me is there's a lot of homes that are available under 300, 000 in Westfield. I get alerts on them all the time. There's actually pretty good homes that are available that would make great rentals under 300, 000. [02:03:53] Mike Taylor: So they are still there. You don't have to spend 370 or 400. There are still some really affordable good homes in the Westfield market for rentals. [02:04:02] Chris Knight: Yeah, it's interesting. It's good stuff. If, and if you're not already tuned in to all of our social media channels, you can conveniently find them here on the bottom of this info graphic bottle of all these info graphics where you can find all these market updates in real time information as, as again, we're discovering here as we're we're on the ground. Greenwood Market Insights [02:04:20] Chris Knight: All right, Greenwood, this is. I love Greenwood. This is another area that I relate. It's like the brother, sister, what have you of the Noblesville area. I think it's a great market to, to be looking at. Let's see if some of the numbers would indicate the same. So number of active homes currently, man, that is surprising to me. [02:04:39] Chris Knight: So this is all your rental information. We'll get into sales information in just a moment, but single family homes currently active in the Greenwood market is a hundred. A hundred. Okay. That's, it's down from 113 month over month. But it's for some reason, it's catching me off guard here. [02:04:54] Chris Knight: So average rental price at 1850, which is flat month over month, but you're up year over year by almost five and a half percent. Average days on market. And this is one of the clear indicators that that indicate a good market for me Noblesville and Greenwood both consistently hover around the 30 day days on market. [02:05:13] Chris Knight: So here smack in the middle of winter, we're at 45. It's not concerning even a little we're up for just over four and a half percent month over month. And we'll hopefully we'll track the days on market year over year. As we continue to accumulate that data average price per square foot one penny over your Indianapolis market report So a dollar four is your average price per square foot, which is just up just under one percent month over month Now getting into apartments Again, yeah, this seems like much less of an apartment Noblesville market, but Apartments currently active in Greenwood is at 43 And your your average rental price over time for your apartments is at 1262 with an average square foot price of a dollar 40 townhomes. [02:06:02] Chris Knight: Yeah. Even more. So here you have three townhomes currently on the market here in Greenwood, 1200 average rental price days on market at 28. Hey. Pretty low average days on market. So if , maybe there's a market there, huh? Underserved town. Homes in Greenwood. Yeah. Forget Westfield. Buy a town home in Greenwood [02:06:21] Chris Knight: Average, average price per square foot at a dollar eight. And your averag