Noblesville Indiana Rental Market Update March 2023
All right, guys, we're getting into the spring and summer weather, which means we should be seeing an uptick in our average market rent rates. I think we're going to be seeing that. Not only that, as we get into this Noblesville March 2023 market report. One of the weirdest things I've seen since we started developing these market reports is our average days on market. In this particular market, we're going to see a very large increase in our average days on market. But what's even weirder, we're going to see an increase on our average median rental prices, at least in our sneak peek going into April. So be sure to tune in this month, next month as well. These numbers are going to be wild. So let's take a look at these together, see where this is going to lead us as we get into the hot real estate market of the spring and summer. And be sure to let us know in the comments section. Any other areas of interest you would like us to follow, and we'd be happy to update these market reports on data that would interest you specifically. Again. My name is Chris Knight here, business development manager with Red door Property Management. And we're going to dive into Noblesville March 2023.
Active Homes
All right. My second favorite investment area showing some kind of strange data here, without a doubt. Nonetheless, it's still number two in my investment area. Recommendation jumping in active homes on the market, 76. In my opinion, that's a healthy market. I believe it was in the Fishers area. We've currently got around 81 in Noblesville. It merges together with the Fishers market, but as far as actual geolocation, they're very close together, the Noblesville and Fishers areas. So 76 homes on the market, that's a good number to have. That's a healthy, stable market. Noblesville is continuing to expand, a lot of new construction happening, and it's an affordable investment area to get in. Right.
Who doesn't love to see an average sale price of 225 garnering an $800 average monthly rent? I mean, these are good numbers to see, without a doubt, as far as the investor mindset. But the one number here that kind of confuses me a little bit is our average days on the market.
Median Rental Price Over Time
So here in our medium rental graph here of median rental price, rather, we're going to see an uptick, right, which is standard in all of our market reports. We're heading into the spring summer market.Things are heating up, but you don't typically see this type of an incline when you're looking at your average days on the market has increased by 91% from the prior month. Right. That's weird.If your average days on the market is expanding at such a high day rate, how can you explain an increase in your average market rents, month over month? Keep in mind, we are only showing March number figures here, so we're just getting a sneak peek into April. But what's concerning here, if we're flattened out and we're seeing a 91% increase from February, what's going to show in April that's going to defend or justify such an increase as we get into April numbers? Well, we're going to have to wait until the April Market report until we figure that out, but very strange nonetheless, I'm sure you would agree.
Average Rents
Just going through and continuing on our boxes here, average rents, 1800. It's flat from the prior month, which would make sense.The average days on the market were very healthy the previous month, right around 40 some days.I think that's a fine average days on the market, although you'd like to see a little bit lower, of course. But it's a fine, healthy market to be in, certainly coming off of February. But average market rents stayed stagnant at 1800.
Average Sales Price
And then going into our new box, our average sale price, average sale price in the Noblesville area, 225.What? That looks amazing. That's a great average sale price. Now what we're going to get into as we continue to update these market reports, we're going to have a little additional information in that average sale price box. If you've watched any of my previous videos, I've kind of indicated this as well. So this is repeat information, but it's going to have a low end of your average sale price as well as what your high end average sale price is in the Noblesville market. So if you're new to our market reports here at Red Door Property Management, this independent market report is probably going to excite you a little bit.
Average days on the market
You may have to block out the 86 average days on the market. Weird. But yeah, aside from that, these numbers are looking quite healthy. So obviously you're definitely going to want to tune in next month, see what changes in our average days on market. I can only assume that this number is going to go down without a doubt because why? Our average market rents are on their way up. So we certainly can't see average days on the market go up as well as our markets. Those will contradict each other without a doubt.
So I appreciate you guys tuning in. I love putting these together. I've had tremendous feedback on these market reports. You guys are really enjoying them. That's awesome. And we're going to continue to try to upgrade these to bring you some additional information, please, if there's other data that you're interested in seeing on a monthly basis, please let us know. Let us know in some of the comments section. And we'll try to accommodate. We'll do our best to make these fit all of your investor needs.
